A new program could help Iowa home buyers save up to $2,000 yearly in federal tax credits.
The program was announced Monday and is through the Iowa Finance Authority, which has partnered with the Iowa Association of Realtors, Gov. Terry Branstad, and Lt. Gov. Kim Reynolds.
The 2014 Take Credit Mortgage Credit Certificate program gives eligible home buyers a tax credit against their federal income tax liability every year for the life of the mortgage, up to 30 years.
“This program is a win-win for Iowa as it will help to fuel an already health Iowa real estate market and help hundreds of Iowa families realize a reduction in their federal income taxes,” says Iowa Finance Authority Executive Director Dave Jamison.
Closing for eligible purchases must be made after February 3, 2014.
Find out more about the requirements for eligibility here.