Mortgage Credit Certificate

The Iowa Finance Authority is offering a new Mortgage Credit Certificate Program that allows eligible home buyers to reduce their households federal tax liability every year for the life of their mortgage.  

The tax credit may be up to 50% of the homeowners annual interest paid on the mortgage - up to $2,000 per year.   


  • Applicants must meet Iowa Finance Authority income limits, which vary by county.
  • 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 single-family, located in Iowa and be the primary residence.
  • The home buyer must meet one of the following:
    • Be a first-time home buyer
    • Purchase a home in a Targeted Area
    • Be a military veteran who has not previously used a mortgage revenue bond program.

How to Apply: 

1. Visit an Iowa Finance Authority Take Credit! Participating Lender and apply for the Take Credit! program when applying for your mortgage.
2. Pay the Take Credit! application fee of $200.
3. Upon approval, you will receive the Mortgage Credit Certificate in the mail after closing.
4. Submit a copy of the Mortgage Credit Certificate with your tax documents each year to claim the tax credit.


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