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Iowa Homebuyer Credit

Iowa Homebuyer Credit

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Des Moines, IA (RI) — The Iowa Finance Authority is now offering some first-time Iowa home buyers a tax credit.

 The credit is up to two-thousand dollars a year, for the life of their 30-year mortgage. Twenty years ago congress passed a law allowing states to set up this kind of a program and Iowa is doing it for the first time in 2014. Iowa Finance Authority director Dave Jamison (JAY-muh-sun) says his agency will issue a certificate for that tax credit on mortgages that are handled by a lender participating in the program…

Home sales that closed after February 3rd of this year are eligible. There are income limits as to which first-time home buyers are eligible, as well as limits on the price of homes they buy, but Jamison estimates five-hundred-85 (585_ Iowa home buyers will be eligible in 2014. Iowa Association of Realtors C-E-O Dave Bert says this “Take Credit” program should encourage more Iowans to buy a home…

The Iowa Finance Authority was created in the mid-70s to administer programs that help low- and moderate-income Iowans buy their first home.

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