Posts from May 17th, 2017
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17
First-Time Homebuyers Savings Program and What it Means for You
Beginning January 1 of 2018, those looking to become first-time homebuyers in Iowa will have a new resource available to them. Governor Terry Branstad signed the legislation to make the First Time Homebuyers Savings Program official. This program authorizes tax-preferred First Time Homebuyer Savings Accounts.
This account has to be in the name of a sole individual who is a first-time homebuyer. According to the code, you are a "first-time homebuyer" if you have not owned a single-family or multifamily residence for the prior three years. You must also meet this criteria when named as a beneficiary of an account and when applying the money towards a qualifying purchase. This definition means this program will benefit those who do not currently own a home, but for people who are looking to be first-time homebuyers.
An individual can be named as the beneficiary of mult...
