Grants and Exclusive Programs for First-Time Home Buyers

Community Lending Program available!

30-YEAR FIXED - 97% LTV WITH 5.49% FIXED RATE

No Private Mortgage Insurance is required with these conditions

Credit Score Requirements:

  • Must meet all Underwriting conditions

  • Minimum Credit Score 680

  • All applicants must have 3 open and active accounts with a 12-month history for a valid Credit Score

  • Verification of 12 months housing payment history preferred

  • *Rates subject to change


Alternative Credit Guidelines:

  • Alternative Credit Guidelines May use alternative credit when valid credit scores are unavailable

  • Alternative credit history must have a minimum of 3 accounts per borrower with 12 months reviewed - 12 months housing preferred

  • Derogatory information from Credit Report must be satisfactorily explained and documented

Other Community Lending requirement details:

  • 1% borrower own funds for down payment requirement - Balance of down payment may be a gift from acceptable donor

  • Property must be in at least average condition by appraisal **(**C4 or better)

  • Property inspection may be required and subject to additional guideline requirements

  • Liquid cash reserves 2 months PITI required, must be borrowers own funds

  • Ratios 38/40

  • Closing costs and prepaids may be paid by the seller (limit 3%) - Down payment assistance programs, gifts and/or a secured loan are accepted**.** (No seller funded down payments allowed)

  • Owner occupied - single family, townhomes and condos (no duplexes or other multi families properties)

  • Cannot own other real estate at time of closing - Does not have to be a first-time home buyer

  • Termite inspection required on purchase transaction

  • Property to be in Linn County, lowa

  • No maximum purchase price

  • 2 years employment history must be verified. Recent college or trade school can be used as part of the 2 year history

  • Income not to exceed 80% of AMI or 120% AMI if property is located in a low- or **moderate-**income census tract (refer to chart below)

  • Home buyer education class required prior to closing; speak to your loan originator**. Class** may be waived with successful previous homeownership.

  • Non U.S. Citizens must present permanent resident card and social security card, or employment authorization card and social security card

  • No cash back - any credits at closing will be applied to borrower's principal balance

  • Rate/term finance up to 95% LTV; no mortgage lates in past 24 months

Welcome to Your First Home Adventure!

Buying your first home is a milestone, an exciting journey into a new chapter of life. It can be thrilling, but also a bit overwhelming. That's why we, at The Matt Smith Team, are dedicated to making this journey as smooth and enjoyable as possible.

What to expect:

  • Tailored for You: This page is your one-stop hub, specifically designed for first-time buyers like you.

  • Exclusive Access: Discover a range of programs, including those with grants to assist with closing costs and more.

  • Simplify Your Journey: We break down complex processes into easy, digestible steps.

  • Local Insights, Global Expertise: Benefit from our deep understanding of our Local Market, fused with top-notch global real estate trends.

First-Time Home Buye Assistance Programs for Linn County

What You'll Find Here

  • Comprehensive Program List: An extensive collection of first-time buyer programs available in Cedar Rapids and Surrounding Areas.

  • Grant Opportunities: Details on grants that can significantly reduce your financial burden.

  • Simple Guides: Easy-to-understand guides on navigating the home-buying process, mortgage basics, and more.

  • Personalized Consultations: Schedule a free consultation with our experts to discuss your unique needs and questions.

  • Success Stories: Be inspired by stories from people just like you who took the leap and are now proud homeowners.

  • Regular Updates: Stay informed with the latest in real estate, tailored for first-time buyers.

Ready to Start?

Your dream home is closer than you think. Dive into our resources, and feel the excitement of becoming a homeowner. Remember our Team is here to guide you every step of the way.