JOURNEY TO HOMEOWNERSHIP - J2H

J2H DOWN PAYMENT ASSISTANCE PROGRAM INFORMATION

Cedar Rapids Bank & Trust is partnering with Neighborhood Finance Corporation to support African Americans looking to become homeowners through the Journey to Homeownership (J2H) Program. The J2H Program is an affirmative asset initiative for eligible homebuyers in the NFC lending areas. The program focuses on overcoming the systemic barriers for African American in homeownership by providing down payment and closing cost assistance, combined with the intention of addressing other barriers through community partnerships.

PROGRAM GUIDELINES & ELIGIBILITY

• This is a down payment program to purchase a 1–2 family owner-occupied home.
• Eligible borrowers will receive a $10,500 or $15,000 deferred loan at 0% interest (.08% APR) that will have no payments and will be due on sale or with a cash-out refinance.
• $10,500 available in NFC Lending Areas.  $15,000 (instead of $10,500) available in Core Neighborhoods.
• The homebuyer’s first mortgage loan can be from NFC or an approved participating lender.
• The maximum first mortgage loan amount is $300,000.
• Household income must be below 100% of the Area Median Income. 

Click here to learn more about the program, approval process, lending areas, and resources available to you.

^{NFC knows that our programs may not fit a borrower’s exact situation but there are several other programs throughout the community that may fit your needs. Though this program is originally being launched to serve African American households, it will be extended to other communities of color in the future. his program is made possible through the CDFI Fund and donors to date: Wells Fargo Housing Foundation, MDRC at The Bridge, and private donations.}