The City of Coon Rapids has funds available to help with costs associated with purchasing a new home.
Loan Terms
- Loan amounts up to $5,000
- 0% annual percentage rate (APR)
- Income limit of 110% of Area Median Income (AMI) based on household size
- The loan is deferred until the property is sold, transferred or is no longer owner-occupied
- Financing is secured by a mortgage on the property
- Closing costs apply
- Borrower must be considered a first-time homebuyer 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).
Property Eligibility
This program:
- 1 to 4 unit
- Must be owner-occupied
- Single family, townhomes, twinhomes, condominiums, and properties held in a trust are eligible
Contact The Lending Center to start the application process.
