Coon Rapids Down Payment Assistance Loan

What is Coon Rapids Down Payment Assistance Loan?

Coon Rapids Down Payment Assistance Loan is a deferred second loan for homebuyers in Coon Rapids, Minnesota, administered by Center for Energy and Environment (CEE) on behalf of the City of Coon Rapids.

• The City of Coon Rapids, with CEE, offers a 0% interest deferred down payment assistance loan of up to $5,000 to first-time homebuyers purchasing in Coon Rapids. No monthly payments; deferred until the property is sold, transferred, or no longer owner-occupied. Funds may be used for down payment or closing costs.
• 0% interest.
• No monthly payments.
• Up to $5,000.
• Deferred until sale.

How much assistance does it provide?

Coon Rapids Down Payment Assistance Loan offers up to $5,000 in assistance.

• The program can be combined with other assistance, subject to the rules of each.
• Amounts are the program's published maximums, not an offer — Center for Energy and Environment (CEE) on behalf of the City of Coon Rapids determines any individual award.

Do you have to pay it back?

Coon Rapids Down Payment Assistance Loan is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

• Repayment is triggered by Deferred until property is sold, transferred, or no longer owner-occupied.
• The assistance is recorded in Subordinate mortgage position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Coon Rapids Down Payment Assistance Loan is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Coon Rapids Down Payment Assistance Loan limits household income to 110% of the area median income, which varies by county and household size.

• At/below 110% AMI based on household size.
• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Coon Rapids Down Payment Assistance Loan can be used for Single Family, 2-4 Unit, Condo, and Townhouse.

Where does it apply?

Coon Rapids Down Payment Assistance Loan serves buyers purchasing in Coon Rapids, Minnesota.

How do you apply?

Applications for Coon Rapids Down Payment Assistance Loan go through Center for Energy and Environment (CEE) on behalf of the City of Coon Rapids, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through Home Stretch workshop or other HUD-approved homebuyer counseling.

2. 2

   Contact Center for Energy and Environment (CEE) on behalf of the City of Coon Rapids to reserve funds

   Funds are reserved through First come, first served; signed purchase agreement and application at least four weeks prior to closing, and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.