If you are a first time home buyer (which means you have not owned a home in the last three years) and you meet the income guidelines and are purchasing a home that meets the appropriate value guidelines you probably qualify for the Iowa Finance Authority tax credit program. If you would qualify for the maximum benefit and you had a 30 year loan you could save up to $60,000.00 over the 30 year period. WOW!!!!!!!!!! That’s a lot of money.
Here are some of the eligibility requirements:
1. You must meet the income limits. These vary by county so you would need to check those numbers out with the IFA.
2. The purchase price of the home can not exceed $305,000.00 if located in a targeted area or $250,000.00 if located in a non targeted area.
3. Buyer must meet one of the following:
a. Be a first time home buyer – not owned a home in the last 3 years.
b. Purchase a home in a targeted area
c. Be a military veteran – certain conditions apply.
You cannot use this program if refinancing your existing mortgage. Also, the property you purchase must be a single family and you must agree to occupy the property as your residence.
This is a tremendous opportunity for you or possibly someone you know who is planning on buying a house. It will not last forever so don’t wait too long to see if you or someone you know qualifies.
IF YOU ARE INTERESTED PLESE CONTACT US OR THE IOWA FINANCE AUTHORITY FOR MORE DETIALS. REMEMBER, YOU MUST MEET THE QUALIFYING GUIDELINES TO QUALIFY FOR THIS PROGRAM. IT’S TOO GOOD A DEAL TO PASS UP!!!!!!!!!!!!!!!!!