Coon Rapids Down Payment Assistance Loan
The City of Coon Rapids, together with the Coon Rapids Home Improvement Foundation, currently offers residents help with costs associated with purchasing a new home.
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About the Loan
- 0% APR.
- No monthly payments.
- Loan amounts up to $5,000.
- Owner-occupied residential structures.
- 1-4 unit properties located in the City of Coon Rapids.
- Townhomes, condominiums, and properties held in a trust are eligible.
- To ensure funding we need a signed and executed purchase agreement and the application must be submitted at least four weeks prior to closing.
- 0% APR with loan amounts up to $5,000.
- Fixed interest rate.
- Income limit of 110% of AMI based on household size.
- The loan is secured by a mortgage on the property.
- The loan is deferred until the property is sold, transferred or is no longer owner-occupied.
- Closing costs apply.
- Funds may be used for down payment or closing costs
- Borrower(s) must be first time Homebuyer(s) as defined by someone who hasn’t owned a home within the last 3 years.
- Prior to closing the homebuyer(s) MUST attend a Home Stretch workshop or other valid homebuyers course offered through an approved counseling agency by the US Department of Housing and Urban Development (HUD).
The current loan terms and conditions stated, including interest rates, do not constitute a commitment to lend or an offer to enter into an agreement, and that such an offer may only be made pursuant to Minnesota Statutes, Section 47.206(3) and (4).