Come Home 2 Edina

Follow in the steps of hundreds of families who have made Edina home thanks to the Come Home 2 Edina 2nd Mortgage Program. This below-market rate loan program has been in place for over 20 years and could actually lower your total housing payments.

"My husband and I 100% benefited from your program.  We would never have been able to purchase our home or have as low of a payment if your program did not exist.  We are so fortunate to have been able to receive the [Come] Home 2 Edina benefits along with the Homes Within Reach benefits.  Being able to raise our children in Edina is beyond a blessing and we feel so fortunate to be able to live here.  We are never moving!" - Katy

  1. City Launches First-Generation Homebuyer Program

    The program offers additional financial assistance to people who have never purchased a home before, and whose parents or guardians did not own their home. Read on...
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Purpose

The purpose of the Come Home 2 Edina Mortgage Program is to provide assistance to families and individuals looking for affordable home ownership options in Edina.

Maximum Loan Amount

  • A maximum of 25% of the purchase price, not to exceed $60,000.
  • The borrower must spend at least 25% of their gross income on housing (first mortgage, PITI, etc.)

For Land Trust Properties: Maximum loan amount is 25% of homeowner purchase price (not including the value of the land place in the Land Trust), not to exceed $60,000.

First-Generation Homebuyer Program: An additional $15,000 forgivable loan is available for first time homebuyers whose parents or guardians did not own their home.

Term

The term for this loan is identical to the term of the first mortgage loan.

Interest Rate

  • Option 1: Same as the 1st mortgage loan interest.
  • Option 2: A% share in the appreciation - never to exceed 5% simple interest.

Payments

  • Option 1: Monthly payments of interest only. Principal due upon sale, refinance or maturity of the 1st mortgage.
  • Option 2: Defer all payments until sale, refinance or maturity of the 1st mortgage loan. Payments won't exceed the principal loan amount plus a share of the appreciation (not to exceed 5% per year simple interest).

Security

The loan will be secured by a subordinate mortgage on the property.

Assumability

The subordinate loan is assumable with the approval of the East Edina Housing Foundation.

Purchase Price

The purchase price is not more than $425,000.

Down Payment

Borrower shall pay not less than $1,000 towards down payment, closing costs and/or prepaid expenses.

How to Apply

Homebuyers need to work with their loan officer, who will help them apply.

See the Second Mortgage Application Checklist for what will be required.