First-Time Homebuyers Savings Account

The first-time homebuyers savings account (FTHSA) is a special type of savings account that helps Iowans save for a first home. As described in Senate File 505, it includes provisions that allow individuals, including those who already own a home, to make tax deductible contributions into an account to be used by a designated person for certain expenses related to purchasing a first home. The account must be opened at a financial institution in Iowa.