Crow Wing County Housing Trust Fund Down Payment Assistance Program

Crow Wing County Housing Trust Fund Down Payment Assistance Program is a deferred second loan for homebuyers in Brainerd, Minnesota, administered by Crow Wing County Housing & Redevelopment Authority (Brainerd HRA). A deferred-payment second mortgage of up to $20,000 at 0% interest, funded by the Crow Wing County Housing Trust Fund and administered by the Crow Wing County HRA (Brainerd HRA). It covers the gap between a buyer's maximum approvable mortgage (housing at 30% or less of household income) and the purchase price. First-time homebuyer status is not required. Up to $20,000 gap financing. 0% interest, no monthly payments (deferred). Open to repeat buyers. Funding comes from Crow Wing County Housing Trust Fund (Minn. Stat. 462C.16; Ordinance No. 2001).

Crow Wing County Housing Trust Fund Down Payment Assistance Program offers up to $20,000 in assistance. Homebuyer contribution: Applicants contribute at least $1,000 of their own funds (earnest money can count). The program can be combined with other assistance, subject to the rules of each. Amounts are the program's published maximums, not an offer — Crow Wing County Housing & Redevelopment Authority (Brainerd HRA) determines any individual award.

Crow Wing County Housing Trust Fund Down Payment Assistance Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by Principal due on sale, maturity, or transfer; when no longer owner-occupied; or on cash-out refinance of the first mortgage. The assistance is recorded in Second mortgage position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Crow Wing County Housing Trust Fund Down Payment Assistance Program is open to homebuyers who will live in the home as their primary residence. On credit, the program states: Credit score of 640 or higher. A homebuyer education course is required. Requires conditional mortgage approval with a lender letter that approval is contingent on <= $20,000 assistance. Homebuyer education certificate required.

Crow Wing County Housing Trust Fund Down Payment Assistance Program sets its income limit as follows: Crow Wing County family median household income limits by size (updated May 2023); housing cost cannot exceed 30% of gross household income. The limit applies to total household income, not only the borrower&rsquo;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.

Crow Wing County Housing Trust Fund Down Payment Assistance Program caps the purchase price as follows: Loan = gap between maximum approvable mortgage (housing <=30% of income) and purchase price; total cannot exceed appraisal.

Crow Wing County Housing Trust Fund Down Payment Assistance Program serves homebuyers purchasing in Brainerd, Minnesota.

Applications for Crow Wing County Housing Trust Fund Down Payment Assistance Program go through Crow Wing County Housing & Redevelopment Authority (Brainerd HRA), which publishes the current terms and the application steps on its own site. Funds are reserved through First come, first served, subject to fund availability. 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.