Last month Governor Branstad announced the Take Credit program. Through this program eligible Iowans can buy a home and reduce their federal income tax liability by up to $2,000 a year for the life of their mortgage. The program is administered by Iowa Finance Authority and is now available for new purchases through a network of lenders throughout the state including Ruhl Mortgage.
From the Governor’s Office press release:
“The program provides eligible home buyers with a tax credit against their federal income tax liability every year for the life of their mortgage. Eligible homeowners may take fifty percent of their annual interest paid on the mortgage loan, up to a maximum of $2,000 per year, for up to 30 years. The remaining mortgage interest may be taken as a deduction from taxable income if the home buyer itemizes.”
Eligibility for the Take Credit Program requires home buyers to meet certain income and purchase price limitations and meet the definition of a first-time home buyer. See more details on the Take Credit page on the Iowa Finance Authority website.
Melanie Hinman, Mortgage Loan Officer with Ruhl Mortgage had this to say about the program:
“This is a program that we, as a participating lender of the IFA programs, have had in the past that just got funded again. First time homebuyers might also be eligible to use this mortgage credit program in conjunction with the First Home Plus grant of $2500, as well as the $5000 military grant for veterans, at closing to save initially, then continue to save over the life of the loan. Definitely something for first time homebuyers to discuss with a participating lender!”
If you think you qualify for this program give me a call and we’ll talk it over.