Coon Rapids Mortgage Assistance Foundation
ReGenerations Down Payment Assistance Loan ProgramThe Coon Rapids Mortgage Assistance Foundation (CRMAF) has allocated $300,000 to be made available for down payment assistance loans. The funds will be administered directly by CRMAF staff.Funds must be used in conjunction with an FHA 203(k) mortgage to purchase and renovate a single-family detached property within the city of Coon Rapids. At least $10,000 in rehab or renovation work must be performed.The rehab or renovation work must be completed by a state licensed contractor and work completed within six months of closing. The borrower must occupy the property as their principal homesteaded residence. Funds are reserved for down payment assistance only at 3.5% of acquisition plus rehab costs, up to $6,000 in assistance. Funds are provided in the form of a second mortgage.No payments are required and no interest is assessed unless the loan is repaid within the first three years after closing. The loan balance is reduced proportionately between years 4 through 10 and completely forgiven after 10 years.This program
- has no income limits on borrowers.
- is not restricted to first time home buyers.
- is not limited to foreclosed properties.
Cheryl Bennett - Housing & Zoning Coordinator - 763-767-6422