The Iowa Finance Authority today announced that eligible first-time Iowa home buyers are eligible for a federal income tax break of up to $2,000 per year for the life of their mortgage. Approximately 400 Iowa home buyers are expected to benefit from the program, available through a network of lenders. The amount of the tax credit for the 2015 program is set at 50 percent of the mortgage interest paid, up to a maximum of $2,000 per year, for up to 30 years. The remaining mortgage interest may be taken as a deduction from taxable income if the home buyer itemizes. Eligibility for the Take Credit Program requires home buyers to meet household income and purchase price limitations and meet the definition of a first-time home buyer.