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
Participants in an Edina second-mortgage program can now purchase a home with a price up to $500,000. The Come Home 2 Edina second mortgage program provides down-payment assistance loans to support people in affordable home ownership. Read on...
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.
The term for this loan is identical to the term of the first mortgage loan.
Option 1: Same as the 1st mortgage loan interest.
Option 2: A% share in the appreciation - never to exceed 5% simple interest.
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).
The loan will be secured by a subordinate mortgage on the property.
The subordinate loan is assumable with the approval of the East Edina Housing Foundation.
The purchase price is not more than $500,000.
Borrower shall pay not less than $1,000 towards down payment, closing costs and/or prepaid expenses.
First Generation Mortgage
For First Generation Homebuyers (borrowers who did not grow up in a home that was owned by their parent or guardian), a $15,000 forgivable loan is available as a stand alone or in conjunction with the Come Home 2 Edina mortgage.
$1,000 forgiven each year; fully forgiven after 15 years
Secured by 2nd or 3rd Mortgage
Establish First Generation homebuyer through execution of affidavit
Income and home purchase price limits remain the same as the Come Home 2 Edina program