SPENCER, Iowa – Northwest Bank of Spencer is launching a first-time homebuyer savings account.
This new program aims to help turn the American dream of homeownership into a reality. Starting Jan. 1, the bank will offer qualifying Iowa residents this special savings account that earns interest and provides tax benefits.
The first-time homebuyer savings account is specifically designed for individuals who are preparing to purchase their first home, and it allows parents, grandparents or anyone to help save for the purchase or down payment of a new home. This special account offers benefits including a tax deduction for the account holder on their state income taxes up to $2,000 individually or $4,000 for married taxpayers filing a joint return. And, the interest grows tax-free.
For more details about the first-time homebuyer savings account, visit www.Bank-Northwest.com/FirstHome. Contact your tax preparer for details on tax benefits.