Crow Wing County Housing Trust Fund Down Payment Assistance Program

What is 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).

How much assistance does it provide?

Crow Wing County Housing Trust Fund Down Payment Assistance Program offers up to $20,000 in assistance.

• Buyer 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.

Do you have to pay it back?

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.

Who qualifies?

Crow Wing County Housing Trust Fund Down Payment Assistance Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

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’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.

What kind of home can it be used for?

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.

Where does it apply?

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

How do you apply?

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.

1. 1

   Take a homebuyer education course

   Required by the program before funds are reserved.

2. 2

   Contact Crow Wing County Housing & Redevelopment Authority (Brainerd HRA) to reserve funds

   Funds are reserved through First come, first served, subject to fund availability., and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.