We have amazing news! In a twist of fate, the City of Cedar Rapids has received a substantial reallocation of funding for the First Time Home Buyer program, effective immediately. There are funds for 58 additional buyers that we can start to assist right away, and will still be receiving our normal batch of funding in the fall.
- Non-Retirement Assets capped at $15,000. If assets (including checking, savings, stocks, bonds, etc.), excluding retirement savings, are greater than this amount, applicant would not be eligible for the program.
- Buyers must show at minimum 1% of the purchase price is available in assets, in addition to the current requirement for a 1% down payment.
- Loans must meet “Qualified Mortgage” and “Ability to Repay” requirements as defined by the Consumer Financial Protection Bureau, including:
- No interest-only periods
- No negative amortization
- No balloon payments
- Loan term 30 year maximum
- Maximum Debt to Income ratio of 43%
- Loans insured or guaranteed by a government program, including FHA, Fannie Mae, Freddie Mac, VA, USDA, etc., are considered qualified mortgages
- No Non-Occupying Co-Signers or Co-Borrowers allowed.
- Adjustable Rate Mortgages acceptable, minimum of 10 year fixed term, other Qualified Mortgage requirements apply.
Want more information? Please contact a Coldwell Banker Hedges Real Estate agent to help you navigate the purchase of your first home! 319-378-8760 or click here: Coldwell Banker Hedges Real Estate Agent