FIRST-TIME HOMEBUYER SAVINGS ACCOUNTS
The State of Iowa has established an Iowa First-Time Homebuyer Savings Account program, which may offer tax advantages on savings for qualified home purchases in Iowa. Accounts may be established by qualifying first-time homebuyers or by others on behalf of qualifying first-time homebuyers. It is important to understand the requirements of the program and you may want to consult your tax advisor.
Home Buyer Savings Includes*:
- No minimum to open.
- Earn variable interest rates.
- May claim a deduction for Iowa individual income.
You can learn more about this program by visiting https://tax.iowa.gov/ and searching First-Time Homebuyer Savings Account.
*Avoid the $3.33 monthly maintenance fee by maintaining a $100 minimum daily balance