BRANSTAD TOUTS MORTGAGE TAX CREDIT

Rod Boshart
Published: February 10 2014 | 5:19 pm - Updated: 29 March 2014 | 3:27 am in

New Iowa home buyers may be eligible to reduce their federal income tax liability by up to $2,000 a year for the life of their mortgage through the 2014 Take Credit Mortgage Credit Certificate program. The program is estimated to assist 585 home buyers and is administered by the Iowa Finance Authority. It provides eligible home buyers with a tax credit against their federal income tax liability every year for the life of their mortgage, as long as the home is used as their primary residence, up to a maximum of 30 years. The program is available only for IFA-approved new purchases closing after Feb. 3, 2014. Eligible financing is limited to 30-year, fixed-rate, fully amortizing loans. The amount of the tax credit is based on a percentage of the homeowners’ mortgage interest. For the 2014 Take Credit Program, the credit rate is set at 30 percent of the annual interest paid on the mortgage loan, up to a maximum of $2,000 per year. To take advantage of the program home buyers must be approved for a mortgage and meet federal eligibility requirements detailed at IowaFinanceAuthority.gov/TakeCredit.

 

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