Iowa Finance Authority has announced a new program available in February 2014
An annual federal tax credit for the life of the loan ( max 30 years) up to $2000 per year. The credit is 30 percent of your mortgage interest each year up to $2000. This is a CREDIT not a deduction...if your federal income tax refund is $500 it will increase to $2500 after you take the credit.
The buyer must qualify for ONE of the following:
- First-time home buyer defined as not owning your primary residence in the last 3 years
- OR Military veteran with discharge of other than dishonorable and has not used a Mortgage Revenue Bond program previously
- OR Purchasing a home in a Targeted Area
There are MAXIMUM family incomes ranging from $66,809 to $90,580 in Scott county. The Maximum sales price is $250,000 to $305,000 depending on the area.
More information is available at Iowa Finance Authority
There are other programs available as well. Call Michelle Rottach with RE/MAX River Cities for a free consultation. 563 499-5700 or firstname.lastname@example.org I specialize in helping first time buyers find the best programs and homes available. I'll take the time to provide you with all the information you need to make wise and informed decisions.
Michelle Rottach ....helping people buy and sell houses since 1991