First Time Homebuyer Savings Account

 

First Time Homebuyer Savings Account

Buying your first home is very exciting and we are here to help you get started! With our First Time Homebuyers Savings Account, you can save for your down payment, receive tax benefits, and, best of all, you’ll earn a higher rate than a regular savings account!

Here's How It Works
  • First time home buyers, and parents and grandparents of future new home owners, may open this new savings account to save money for a down payment to purchase a home. Home buyers re-entering the market, if they have not owned a home in the last three years, would also qualify.
  • It may be an individual account or a joint account between a married couple filing a joint return.

 

  • Amounts up to $2,000 for individuals and up to $4,000 for married tax payers filing a joint return may be deducted from the account holder’s income on their state tax return.
  • The funds need to be used for eligible costs associated with a first-time home purchase within 10 years after the account is opened.
  • The residence being purchased must be within the state of Iowa.

This is the perfect opportunity to get started on saving for your first home. Parents and grandparents – open this account and help the next generation purchase their first home, while getting a great rate and a tax benefit.

Contact your local UBI office today to learn more.