Iowa’s First-Time Homebuyers Savings Account

Posted at 3:07 pm on January 22, 2018

Exciting news for first-time homebuyers!

In May of 2017 the Iowa Legislature approved into law the First-Time Homebuyer Savings Accounts (FTHSA) and they are now available to take advantage of, as of January 1, 2018.  This account is a great way to help save for that downpayment and for closing costs on your new home – which we all know is not always the easiest thing to do. Here is a run down of what a FTHSA is and why it is a great thing to consider if homeownership is on your list.

What is a FTHSA?
It is a dedicated, tax-free savings account program that allows first-time homebuyers the chance to save for there downpayment on their home as well as closing costs.

FTHSA details (as stated by the Iowa Association of Realtors): 

 

For full details on the FTHSA visit https://tax.iowa.gov/legislative-summaries/first-time-homebuyer-savings-accounts

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