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Coon Rapids Down Payment Assistance Loan

Administered by:

City of Coon Rapids (administered by Center for Energy and Environment)
· City · Forgivable Loan

Funding status: Active

How much assistance

Up to ,000

Interest-free, deferred loan secured by mortgage on the property. Half of the loan is forgiven after 10 years and the remaining half after 20 years if the borrower lives in the home as a primary residence and meets all program terms. Otherwise repaid when home is sold, transferred, or no longer owner-occupied.

Eligibility

  • Income limits:
    Household income up to 110% of area median income (AMI), based on household size. For a household of three or more in the Twin Cities metro, income limits are up to 2,800.
  • First-time buyer required: Yes —
    A first-time homebuyer is someone who has not owned a home within the past 3 years.
  • Geographic restrictions:
    Property must be located within the City of Coon Rapids, MN.
  • Homebuyer education required: Yes

How to Apply for Coon Rapids Down Payment Assistance Loan

Step 1: Contact the Lending Center at the Center for Energy and Environment at 612-335-5884 to start the application. Complete a HUD-approved homebuyer education course (such as Home Stretch through ACCAP) prior to closing.

Notes

City uses CDBG and local funds. Confirmed via City of Coon Rapids and Center for Energy and Environment websites.

Cities Where This Program Is Available