Down Payment Assistance Loan

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.