Coon Rapids: Down Payment/Closing Cost Assistance
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. The guidelines below are subject to change at any time without notice. Loan funds are subject to availability. Please call us at 612.335.5884 for complete details.
To ensure funding we need a signed and executed purchase agreement and the application must be submitted at least four weeks prior to closing.
- Borrower must be considered a first time homebuyer as defined by someone who hasn’t owned a home within the last 3 years.
- 0% APR with loan amounts up to $5,000.
- Income limit of 110% of AMI based on household size.
- The loan is deferred until the property is sold, transfered or is no longer owner-occupied
- Financing is secured by a mortgage on the property.
- Closing costs apply.
- Prior to closing the homebuyer(s) MUST attend a Home Strecth workshop or other valid homebuyers course offered through an approved counseling agency by the US Department of Housing and Urban Developmnent (HUD).
- Property must be owner-occupied with 1-4 units.
- Properties held in a trust are eligible.
- Townhomes, twinhomes, and condominiums are eligible.