Program Overview


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.
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The borrower must spend at least 25% of their gross income on housing (first mortgage, PITI, etc.)


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.


  • 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.

Purchase Price

The purchase price is not more than $350,000.

Down Payment

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