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First-time home buyer programs in Cedar Falls, IA

Quick answer

First-time buyers in Cedar Falls, IA can use 3%-down conventional loans (up to the $832,750 Black Hawk County conforming limit), 3.5%-down FHA, or VA and USDA where eligible, plus 2 verified city, county or statewide assistance programs. On the $252,500 median home, 3% down is about $7,575 and the estimated payment is $2,173/month at 7.18%.

By Purchase Mortgage Loan Editorial Team Checked against official sources per our editorial standardsData last updated

Median household income: $74,165; value-to-income ratio 3.40. Cedar Falls ranks 17 by home value and 14 by population among 42 places in our IA dataset.

What does a first-time buyer loan cost on a typical Cedar Falls home?

ItemCedar Falls
Median home value (Census ACS)$252,500
Iowa median home value$195,900
Down payment (3%)$7,575
Loan amount$244,925
Estimated monthly payment (PITI + MI)$2,173
Income needed (28% / 36%)$94,000 / $73,000
Black Hawk County 2026 conforming limit (1 unit)$832,750
Max purchase price at the limit$858,000

Rate assumption: 7.18% (Freddie Mac PMMS 30-year fixed average, week of November 5, 2026). Change it in the payment calculator.

Payment includes Iowa's 1.43% effective property tax rate (Census ACS), $1,342/yr homeowners insurance (NAIC state average) and an estimated 0.5% PMI.

What is the 2026 conforming loan limit in Cedar Falls?

Cedar Falls is in Black Hawk County. Conventional 3%-down loans go up to the $832,750 conforming limit (price ≈ $858,000); FHA loans go up to $541,287.

The Cedar Falls median home value of $252,500 is 29% above the Iowa median, and within what the county limit supports.

Which down payment assistance programs can Cedar Falls buyers use?

First-time buyer loans in nearby cities

WaterlooWaverlyMarshalltownCedar RapidsMarionMason City

First-time buyer loan FAQs for Cedar Falls

On the $252,500 median: 3% conventional ≈ $7,575, 3.5% FHA ≈ $8,838, and 0% for eligible VA or USDA buyers. Conventional loans above $832,750 in Black Hawk County become jumbo loans.

At the $252,500 median value (above the Iowa median of $195,900), the estimated payment of $2,173/month at 7.18% needs about $94,000 a year under the 28% housing guideline, or $73,000 if your total debts stay under 36%.

0 city-level, 0 county-level and 2 statewide programs are verified for this city (2 total). Check each official administrator's eligibility rules and available funds.

Sources

Data last updated October 23, 2026.

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Figures on this page are estimates for educational purposes only and are not a loan offer or commitment to lend. Rates, loan limits, fees and assistance programs change frequently and vary by lender, location and borrower profile. Confirm current terms with a licensed loan officer.