Coon Rapids Down Payment Assistance Loan
The City of Coon Rapids currently offers residents help with costs associated with purchasing a new home.
NOTICE: To ensure funding we need a signed and executed purchase agreement and the application must be submitted at least FOUR WEEKS prior to closing.
The guidelines below are subject to change at any time without notice. Loan funds are subject to availability. Email or call for complete details.
Hablamos Español: 612-335-5856
About the Loan
- 0% APR.
- No monthly payments.
- Loan amounts up to $5,000.
- No down payment required.
Property Eligibility
- 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.
- Loan approval is subject to credit and program guidelines.
- Combined Loan to Value limit = 100% of property value (this includes the first mortgage and ALL down payment assistance loans)
- To ensure funding we need a signed and executed purchase agreement and the application must be submitted at least four weeks prior to closing.
Loan Details
- 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.
- Combined Loan to Value limit = 100% of property value (This include the first mortgage and ALL down payment assistance loans)
- 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).
Browse More Coon Rapids Loans
Thanks to Coon Rapids Partnership with CEE, we offer additional programs for Coon Rapids residents.
