| To Log in to Personal Shopper or Sign Up for a New Account click here |
The City of Cedar Rapids' First Time Home Buyer (FTHB) Program The city of Cedar Rapids is providing a $6,000 forgivable loan to eligible households to increase the overall homeownership rate, create greater opportunity for home ownership among lower income and underserved households, and revitalize and stabilize communities. Funds may be used to pay the down payment and/or closing costs associated with the acquisition. Eligible participants must have gross annual incomes at or below 80% of the median area income for the City of Cedar Rapids, adjusted for family size. Household incomes must include all forms of income from those age 18 or above who currently reside or will reside in the home. Eligible participants (both applicant and co-applicant) must meet one of the definitions of a FTHB as described below: 1. Applicant(s) shall not have owned a home within the last three years prior to application for the program. 3. A single parent who, while married, owned a home with his or her spouse or resided in a home owned by the spouse. A single parent is an individual who is unmarried or legally separated and has one or more minor children for whom the individual has custody, or is pregnant. Additional Requirements 1. Eligible applicants will be required to provide a minimum of 1% down payment, which cannot be a loan. 2. Eligible applicants will be required to provide a certificate of completion for a HUD-approved home buyer education course. 3. Home must be located within the City limits of Cedar Rapids. 4. The purchase price of the home may not exceed $190,152 for a single family dwelling. 5. Applicant will be responsible for obtaining their own mortgage financing. For more information and application click here. |
