The Iowa Finance Authority (IFA) is pleased to announce the launch of the 2014 Take Credit! Mortgage Credit Certificate (MCC) Program. The IFA Board of Directors has approved an allocation of approximately $75 million of private activity bond volume cap to be used for issuing MCCs in calendar year 2014, which is estimated to assist 585 new home buyers through the program.
Funds will be available for reservation by Take Credit! Participating Lenders starting on February 3, 2014. At that time, funds may be reserved on behalf of qualified borrowers making new purchases. Only borrowers with a written Commitment Notice from IFA prior to closing will be eligible to receive an MCC.
2014 Take Credit Program Overview
- Take Credit! allows a participating home buyer to claim 30% of their mortgage interest, up to a maximum of $2,000 as a federal income tax credit each year for the life of the mortgage, up to a maximum of 30 years.
- Eligible financing is limited to 30-year, fixed-rate, fully amortizing mortgage loans.
- Applicants must meet applicable federal income limits for Iowa, which vary by county.
- Applicants must meet ONE of the following: be a first-time home buyer OR purchase a home in a Targeted Area OR be a military veteran.
- The purchase price of the home may not exceed $305,000, if located in a Targeted Area or $250,000, if located in a Non-Targeted Area.
- The property must be a newly financed purchase closing after the effective date of the 2014 Program.
- The property must be purchased as a primary residence and intended for occupancy by the applicant immediately following closing.
The full 2014 Take Credit! Program Guide is now available on the IFA web site. |
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