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Posted on: November 18, 2022

Purchase Price, Income Limits Increase for Mortgage Program

Edina, Minn., Nov. 14, 2022 – 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. The maximum loan is 25 percent of the purchase price, up to $60,000. 

When the program launched in 2007, the maximum allowable purchase price was $325,000. At the time, the median house value in Edina was $443,800.

The average assessed value of Edina homes is now $797,800. The mortgage program had an interim adjustment to a $425,000 maximum price, but the increasing home values justified the new $500,000 limit, said Stephanie Hawkinson, Affordable Housing Development Manager.

Income limits to qualify for the program also have risen. A household of 1 to 2 people can make up to $117,300. The maximum income for a household of three or more is $134,800. This limit is adjusted annually. 

Hawkinson said the program changes are timely as many people who were saving for a home didn’t plan for higher interest payments. That has put ownership just out of reach for some.

“With interest rates now climbing, people might need an extra boost,” said Hawkinson. She noted first-generation homebuyers can get an additional $15,000 forgivable loan. 

Homebuyers work with their loan officer to apply for the Come Home 2 Edina program. See more program details at ComeHome2Edina.org.

For more information, contact Hawkinson at [email protected] or 952-833-9578.

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