First Time Home Buyer Program

The First Time Home Buyer Program is back – or at least another version of it.  The City of Cedar Rapids is offering another round of first time home buyer assistance.  While the additional funds have been approved for this program the timing is still unknown but is expected to be available in August or September.

Program Overview:

The purpose of the program is to increase home ownership by creating opportunities among lower income and underserved households.  As a result, revitalizing neighborhoods in the Cedar Rapids area.  $5000 will be provided as down payment and/or closing cost assistance in the form of a five-year forgivable loan.  The sale price of the single family home is not to exceed $135,000.

Are you Eligible?

  • Income requirements do apply.  Participants must have a gross annual income at or below 80% of media area income depending on the number of people in the household
  • Applicants must not have owned a home within the last three years
  • A HUB-approved home buyer education class is required for all eligable applicants
  • Eligable applicants must be able to obtain their own mortgage financing
  • A minimum of a 1% downpayment will be required by applicants, which cannot be a loan
  • Must close on the home within 6 months of City approval

Once the funding is made available – What are the next steps?

  • Find a lender to finance your mortgage and a real estate agent to help you find the home.
  • Once you have an accepted offer, submit the FTHB application to the City of Cedar Rapids.
  • The funds, if granted, are dispersed at closing.

First time home buyers brochure.

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