Did you know, effective January 1, 2013, The Iowa Finance Authority announced a new Mortgage Credit Certificate Program? Eligible home buyers may reduce their household's federal tax liability every year for the life of their mortgage.
A percentage of the homeowners' mortgage interest becomes a tax credit that can be deducted dollar-for-dollar from federal income tax liability, up to a maximum of $2,000 annually.
- Applicants must meet Iowa Finance Authority income limits, which vary by county.
- The purchase price of the home may not exceed $305,000 if located in a Targeted Area or $250,000 if located in a Non-Targeted Area.
- The home must be located in Iowa
- The home buyer must meet one of the following; be a first-time home buyer, purchase a home in a Targeted Area, or be a military veteran who has not previously used a mortgage revenue bond program.
Contact your financial institution for more details.