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.