Proposal For a Privately-Based First-time home buyer Savings Account Program: The core player in this proposal is a depository institution offering a new type of account – call it a down payment account or DPA. A DPA would differ from all other accounts in that interest would accrue but not be paid except as part of a home purchase, where both principal and accrued interest could be used for the down.
If you are not considered a first-time buyer now, you may be considered a first-time home buyer later, once the four-year period has passed. For example , if in 2013 you sold the home you lived in before, you may be able to participate in 2018 or if you sold the home in.
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The first-time homebuyers savings account (FTHSA) is a special type of savings account that helps Iowans save for a first home. As described in Senate File 505, it includes provisions that allow individuals, including those who already own a home, to make tax deductible contributions into an account to be used by a designated person for certain expenses related to purchasing a first home.
*Members must meet qualification requirements and be a first-time home buyer. The First Home Clubsm provides down payment and closing cost assistance by granting $4 in matching funds for each $1 saved in a dedicated account (up to $7,500 in matching funds) to an eligible first-time homebuyer.
Limited Availability – First Home Club. You will need at least $1,875 to qualify for the maximum grant amount of $7,500. You will save for at least 10 months and will need to complete the savings period in time to close on your property within 24 months of enrolling in the First Home Club program.
Iowa first-time homebuyer programs. The state’s first-time homebuyer programs are available through the Iowa Finance Authority (IFA), which provides a number of financial services and assistance programs for Iowa residents. The Iowa Department of Revenue also offers a specialized savings account for first-time buyers.
The City of Henderson’s First Time Homebuyer Program was designed to assist low-income families in the purchase of a home. The City of Henderson will assist with an interest-free deferred loan not to exceed 6% of the purchase price or $10,000, whichever is less, for down payment and closing costs.