First-Time Homebuyers Savings

This special high-interest program enables Iowans to save for up to 10 years to buy their first homes. It enables individuals, including those who already own a home, to make state of Iowa tax-deductible contributions into an account to be used by a designated person to purchase a first home.

Summary
  • Super-high interest on balances up to $20,000; standard savings beyond
  • Unlimited deposits
  • No withdrawals; first withdrawal closes the account
  • $50 opening deposit required
  • No service charges
  • $500 origination discount on American Trust mortgage