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.

Loan Terms

  • Loan amounts up to $5,000
  • 0% APR
  • Income limit of 110% of AMI based on household size
  • Borrower must be considered a first time homebuyer as defined by someone who hasn’t owned a home within the last 3 years
  • 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 Eligibility

  • 1-4 unit buildings
  • Must be owner-occupied
  • Properties held in a trust are eligible
  • Townhomes twinhomes, and condominiums are eligible