ReGenerations Loan Program
The Coon Rapids Mortgage Assistance Foundation (CRMAF) has funds available for down payment assistance loans.
Funds must be used in conjunction with a Federal Housing Association (FHA) 203(k) mortgage to purchase and renovate a single-family detached property within the City of Coon Rapids.
Required Renovation Work
A minimum of $10,000 of rehab or renovation work must be completed by a state licensed contractor and the work must be completed within 6 months of closing. The borrower must occupy the property as the principal homesteaded residence.
Loan Terms Funds are reserved for down payment assistance at 3.5% of acquisition plus rehab costs, not to exceed $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 3 years of closing. The loan balance is reduced proportionately between years 4 - 10 and completely forgiven after 10 years.