The City of Coon Rapids has funds available to help with costs associated with purchasing a new home.
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).
1 to 4 unit
Must be owner-occupied
Single family, townhomes, twinhomes, condominiums, and properties held in a trust are eligible