This program was temporarily suspended in March 2020 due to the COVID-19 pandemic. As of this writing, there is no announcement of when the program will resume.
Access to the Cedar Rapids First Time Home Buyer Program down payment assistance is available first-come, first serve. Applications are examined in the order that they are received.
Between $1,000 and $14,999 is offered in down payment and closing cost assistance. This is a forgivable loan with a five-year term. Individuals who have owned a house in the prior three years, who have non-occupying coborrowers or cosigners, or who have an ARM with a fixed term for less than 10 years are not eligible.
The first time homebuyer requirement can be disregarded in the event that the applicant is a displaced homemaker following a divorce or a single parent following a divorce.
Applicants must fall within certain DTI and housing income limits in order to qualify. Applicants must also have no less than $1,000 and no more than $25,000 in non-retirement assets. In the event that an applicant has more than $25,000 in assets, the amount above the limit must be used for the down payment. The amount of assets will determine how much the borrower must put towards the down payment. This amount will be between $500 and $3,000.
In order for a property to be eligible, it must be in the city of Cedar Rapids, not in the 100-year flood plain, not be a current rental property, and cannot have a sales price higher than $164,000 as of 2020. Mobile homes are not allowed, but single-family and condo units are. All houses will be inspected by City staff.
Other programs in Iowa:
- Home$tart and Home$tart Plus Programs
- Military Homeownership Assistance Program
- Waterloo Down Payment Assistance Program
- Dubuque First-Time Homebuyer Loan Program