First Time Homebuyer Savings Account

First Time Homebuyer Savings Account

Helping you
save for your Dream Home

Good news for Iowans looking to purchase their first home.

Iowa, the “Fields of Opportunity” state has signed into law a new savings account program supporting first time homebuyers, known as the First-Time Homebuyers Savings Account. Iowa is taking proactive measures to help state residents realize the dream of home ownership.

Who?

This is a great account for any Iowan who has never purchased, owned, or part-owned a home in Iowa or any other state for 3 years prior to account opening. We strongly recommend you seek the guidance of a tax or legal professional to ensure you revive the full tax benefits available to First-Time Homebuyer Savings Account holders.

What?

A special type of savings account created by the Iowa legislature to help Iowans save for their first homes. This account offers tax advantages for individuals up to $2,000 a year and up to $4,000 a year for married taxpayers who file a joint return.

First-Time Homebuyer Savings Account* 
at Iowa Falls State Bank
WILL EARN 2.01% APY*
with a $100 Minimum Balance

When?

You can open a First-Time Homebuyer Savings Account at Iowa Falls State Bank and start saving today. You can start a tax deduction beginning in the 2018 tax year.

Where?

Iowa Falls State Bank is leading the way in providing a specific savings account that offers a high interest rate to future First-Time Homebuyers.

Savings from a First-Time Homebuyer Savings Account can be used towards:

Down Payments
Loan Origination Charges
Appraisal Fees

Flood Certifications
Title Charges
Deed Charges

And other closing costs listed on the closing disclosure.

Is this account right for me?

This is a great account for any Iowan who has never purchased, owned, or part-owned a home in Iowa or any other state for 3 years prior to account opening.

Can I open an account for a child or grandchild?

Yes, as an “account holder” who established a savings account, you can choose a qualified beneficiary. If you are an Iowa taxpayer, you can also benefit from the state deduction.

We strongly recommend you seek the guidance of a tax or legal professional to ensure you receive the full tax benefits available to First-Time Homebuyer Savings Account holders.

*APY= Annual Percentage Yield is accurate as of 04/28/2020. Variable interest rate, interest will compound and credited back to account every 6 months. At our discretion, we may charge the interest rate on your account. To open the account and avoid maintenance charge you must deposit and maintain at least a $100 balance. An excess withdrawal fee of $1.00 will be charged for each debit transaction (withdrawal, check paid, automatic transfer, or payment out of this account) in excess of 6 during a calendar month.

How Can We Help?

This is general information regarding our First-time Homebuyer Savings Account.

Please read our FAQ for more details, or please refer to 2017 Iowa Acts Senate File 505 for definitive legal guidelines and instructions.