The city of Cedar Rapids’ First Time Homebuyer Program will begin accepting applications at 8 a.m. March 7. The program provides eligible buyers up to $14,999 in down-payment/closing-cost assistance through a forgivable loan program.
To qualify for assistance, participants must be first-time buyers, meet the income requirements, purchase an eligible property, and meet debt and mortgage criteria. To meet the income requirements, buyers must fall below 80% of the Area Median Income, or $71,500 for a family of four.
“One of the barriers many first-time homebuyers face is needing to save for a down payment while paying rent,” said Sara Buck, housing services manager for the City of Cedar Rapids. “This program provides a substantial down payment, reducing monthly payment amounts and ensuring long-term affordability for the household.”
Assistance through the program is secured by a lien, which is completely forgivable after five years. Funding for this program was made available through the City’s annual HOME Investment Partnership Program (HOME) grant. The program is made available annually and was first offered in 1998. Funds are available on a first-come, first-served basis. Applications will be reviewed in the order they are received.
Those seeking assistance through the program may apply online on the city’s website at https://www.cedar-rapids.org/local_government/departments_a_-_f/community_development/housing_programs/first_time_home_buyer_program.php beginning March 7.