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.

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.

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.

Coon Rapids Down Payment Assistance Loan is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. A homebuyer education course is required, through Home Stretch workshop or other HUD-approved homebuyer counseling. Residency requirement: Property located in the City of Coon Rapids. First come, first served. Application at least four weeks before closing. CLTV limited to 100%. Spanish-language assistance: 612-335-5856.

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.

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

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

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. Funds are reserved through First come, first served; signed purchase agreement and application at least four weeks prior to closing. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.