Spring 2024 inventory sits at 92 active listings, down 17 % from last year, pushing the median sale price to $245 k. Starter homes—especially two-bedrooms within walking distance of Main Street—are moving in 8–12 days, so buyers armed with an NMHL FastTrack pre-approval are winning offers $5 k–$8 k over list with standard inspections. New construction is picking up south of 27th Street; builders like Jerry’s Homes and Lombardo Companies have spec inventory priced $285 k–$320 k, and many of those lots qualify for Iowa’s Rural Development 100 % financing because they sit just outside the 2020 census dense core.

Investors are circling College Hill rentals, but owner-occupants can still compete: the city’s Owner-Occupied Rehabilitation Grant provides up to $25 k in 0 % deferred loans for roof, HVAC, or window upgrades—handy if you’re eyeing the 1950s brick ranches near University Avenue that list around $200 k but need TLC.

• Under $200 k: Look west of the UNI campus along 19th Street. Small 2–3-bed bungalows built for faculty in the 1940s trade at $165 k–$190 k. Property taxes run $3,100/year and you can walk to the farmer’s market.
• $200 k–$275 k: North Cedar and Orchard Heights feed into top-rated schools, have mature trees, and offer 1970s split-levels with attached garages. Expect multiple offers within 48 hours.
• $275 k–$350 k: The Cedar Heights and Prairie Rose subdivisions deliver 2,000-sq-ft ranch or two-story builds, most with main-floor laundry and triple-car garages. These areas still qualify for USDA so you can keep your down-payment money for fences or decks.
• $350 k+: Custom builds on ¾-acre lots along the Cedar River or in gated Sunnyside Country Club. Black Hawk County’s assessed valuation cap means your tax bill rises slowly even as square footage jumps.

Black Hawk County reassesses every two years; the most recent 2023 roll pegs Cedar Falls residential assessment at 82.5 % of market value. The city’s consolidated levy is $19.45 per $1,000, so a $250 k home carries an annual tax bill of roughly $4,860, but Iowa’s Homestead Credit knocks $4,850 off the assessed value, saving you about $94 a year. Military veterans receive an additional $2,778 reduction, and if you’re 65 or older, the Senior Citizens Property Tax Freeze locks your taxable value at the year you turn 65—crucial in a market appreciating 5 % annually.

Buy in November or December and you’ll inherit the seller’s homestead credit for the remainder of the fiscal year; closing in January resets the assessment cycle, so your first tax bill may jump. NMHL escrows 110 % of the prior year’s taxes, then adjusts at the following September settlement, keeping your monthly payment predictable.

1. Iowa Finance Authority FirstHome Plus: 4 % of the purchase price at 0 % interest, forgiven monthly over ten years. Use with FHA, VA, or USDA; income limit for Black Hawk County is $99,600 for a 1–2-person household in 2024.

2. Jump Start Black Hawk County: $14,999 grant, forgiven after five years. Must contribute at least $1,000 of your own funds and complete an online HUD course—NMHL hosts the course every second Saturday at our Main Street office.

3. Homes for Iowans: 30-year fixed rate typically 0.375 % below market; no first-time buyer requirement, but the home must be your primary residence. Combine with 3 % down conventional and only put $500 down if your credit score is 720+.

We routinely layer these programs so a Cedar Falls teacher buying a $210 k bungalow can walk in with $3,000 total cash and still receive a 3 % seller concession toward closing costs.

• Credit Rebound FHA: We ignore unpaid medical under $2,500 and accept 12 months of rent plus utility history to replace traditional credit. Recent clients approved at 580 with a 55 % DTI when the automated system said no.
• Self-Employed Bank-Statement Loan: Use 12 or 24 months of business statements; no tax returns, no W-2s. Perfect for the freelance designers or ag-tech consultants relocating from Minneapolis—our average approval time is 14 days.
• VA Zero-FICO-Score Option: If you’re active-duty at the Waterloo recruiting station or a UNI ROTC grad, we can underwrite using rent, car insurance, and phone bills in lieu of credit scores. 100 % financing up to $1 million on 1-unit homes.
• Portfolio Second-Chance: One day out of Chapter 13 discharge OK with trustee letter; 20 % down for a $766 k max loan amount. We service these loans in-house, so you’ll make payments to NMHL—not some hedge fund.

Every program comes with our Cedar Falls Rate-Freeze: once you’re under contract, your rate can’t rise even if the market spikes before closing, a lifesaver on new construction that averages 120 days to finish.

Week 1: Upload pay stubs and bank statements to the NMHL portal; receive FastTrack pre-approval letter within four hours. We’ll also run the Cedar Falls Neighborhood PMI Waiver check so you know if you can drop PMI on day one.

Week 2: Tour homes with a local agent who understands Cedar Falls’ multiple-offer climate. Offer escalation clauses $5 k–$10 k over list with appraisal-gap language capped at $8 k—standard here, not aggressive.

Week 3–4: Once under contract, schedule your inspection quickly; Cedar Falls inspectors book out 7–10 days in spring. We order the FHA case number or VA appraisal simultaneously so both reports come back at the same time.

Week 5–6: Lock your rate, satisfy grant-program conditions (online HUD course, $1,000 borrower contribution), and sign initial disclosures. NMHL’s Cedar Falls processor uploads conditions to underwriting within 48 hours.

Week 7: Final underwriting clears; we email closing docs to Cedar Falls Abstract or Waterloo Title—your choice. Bring a cashier’s check for the down-payment difference and walk away with keys, often 21 days from contract date.