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Coon Rapids First-Time Home Buyer Programs
Coon Rapids First-Time Home Buyer Programs
The City of Coon Rapids is committed to ensuring that its housing stock remains sound, and residents enjoy a variety of housing options.
ReGenerations- Down Payment Assistance Loan Program
ReGenerations- Down Payment Assistance Loan Program
This program is intended to increase home ownership and encourage reinvestment in neighborhoods by providing down payment assistance for the purchase of single-family properties in need of rehabilitation or renovation. Funds made available through this program must be used in conjunction with an FHA (Federal Housing Administration under the U.S. Department of Housing and Urban Development) Section 203(k) mortgage.
The Coon Rapids Mortgage Assistance Foundation (CRMAF) has allocated $300,000 to be made available for down payment assistance loans. The funds will be administered directly by CRMAF staff.
- Funds must be used in conjunction with an FHA 203(k) mortgage to purchase and renovate a single-family detached property within the city of Coon Rapids. At least $10,000 in rehab or renovation work must be performed.
- The rehab or renovation work must be completed by a state licensed contractor and work completed within six months of closing. The borrower must occupy the property as their principal homesteaded residence.
- Funds are reserved for down payment assistance only at 3.5% of acquisition plus rehab costs, up to $6,000 in assistance. Funds are provided in the form of a second mortgage.
- No payments are required and no interest is assessed unless the loan is repaid within the first three years after closing. The loan balance is reduced proportionately between years 4 through 10 and completely forgiven after 10 years.
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