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Home$tart Grant | IFA Grants | Military Assistance | CR 1st-Time Homebuyers | Apply Now | Rates |
IFA Grants
Military Homeownership Assistance Program
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City of Cedar Rapids Down Payment and Closing Cost AssistanceThe City of Cedar Rapids’ First-Time Homebuyer (FTHB) Program provides a $1,000—$5,000 forgivable loan to eligible households to assist with down payment costs. To be eligible, participants must meet four main requirements:
Income EligibilityIncome maximums, based on household size, are shown in this chart. Additionally, asset amounts and debt to income calculations must be acceptable. Households must meet maximum housing and debt to income ratios of 31% and 43% respectively. Asset EligibilityThere are several requirements regarding assets (checking, savings, etc.). Maximum: Assets may not exceed $25,000 in non-retirement funds. Minimum: Applicants must have at least $1,000 in assets at pre-qualification. Down Payment: In addition to the asset minimum of $1,000, participants are required to contribute their own down payment, which must be available in assets. The minimum down payment varies based upon the total non-retirement assets:
Property Eligibility
The purchase price of homes may not exceed $135,000 for a single-family dwelling. Additional program guidelines apply. More information can be found at www.CityofCR.com/FTHB. Apply Now |