First-Time Home Buyer Savings Account
Your home is one of the largest investments you'll ever make. Save the smart way - with a CRBT first-time home buyer savings account. Not only does it help you save, but you may be eligible for a state tax deduction.
First-Time Home Buyer1 Savings Account Key Features:
- A deposit account created to save for a down payment for a single-family, primary residence in the state of Iowa
- Individual savings account may be eligible for a state tax deduction2
- Joint savings account and filing taxes jointly, may be eligible for a state tax deduction2
- Interest earned not taxable
Contact a CRBT Relationship Banker at 319.862.2728 to learn more!
1 Iowa Senate File 505 defines a first-time home buyer as an individual who is a resident of Iowa and who does not own, either individually or jointly, a single-family or multi-family residence for a period of three years prior to the date on which the individual is named as a designated beneficiary of a first-time home buyer savings account and the date of the qualified home purchase for which the eligible home costs are paid or reimbursed from a first-time home buyer savings account.
2 You may be eligible for an annual tax deduction up to 10 times a maximum of 10 years. These tax deductions are state only and cannot be claimed on a federal tax return. Please consult your tax advisor, prior to opening a First-Time Home Buyer Savings Account, as we do not provide tax or legal advice.
Funds will be available to use towards a qualified home purchase 90 days after first deposit in the the First-Time Home Buyer Savings Account. The funds should be used by January 1 of the 10th year following the year they opened the account.
