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

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.)

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.

Eligible Neighborhoods (PDF)