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:
- 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 of $2,000.
- Joint savings account and filing taxes jointly, may be eligible for a $4,000 state tax deduction2
- Interest earned not taxable
Contact a CRBT Account Executive at 319.862.2728 to learn more!
1Iowa 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.
The First-Time Home Buyer Savings Account must be open a minimum of 90 days before funds can be used toward a qualified home purchase. The funds should be used by January 1 of the 10th year following the year they opened the account.
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