City of Coon Rapids – Regenerations Downpayment Assistance Loan Program
The Coon Rapids Mortgage Assistance Foundation has alloted $300,000 for down payment assistance loans. The staff of this foundation will administer the funds to applicants. In order to qualify for these funds applicants must use an FHA 203 (k) mortgage and plan to purchase and renovate a single family detached home in Coon Rapids. The minimum amount of renovation work must be no less than $10,000 and must be commissioned to a state licensed contractor — the work must be completed within six months of the property closing. The borrower needs to occupy said property as their principal homestead residence. The funds are dispersed in the form of a second mortgage. The program has no income limits to borrowers and is not limited to first time home buyers. The program also is not restricted to foreclosed properties.
- Property must be single family detached home located in Coon Rapids.
- Up to $6,000 in assistance — funds are reserved for down payment assistance plus rehab costs.
- Property needs at least $10,000 in renovations to qualify.
- Property needs to be the principal homestead of borrower.
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