Loans will be made to households earning at or below the following annual income levels (same as MHFA startup program - subject to change):
Household Size
Household Income Level
1-2
$117,300
3 or more
$134,800
Asset Eligibility
For borrowers younger than age 50 years, household assets shall not be more than $50,000 after closing, excluding retirement accounts (i.e. 401(k), 503(b), IRA, SEP, etc.).
For borrowers aged 50 years and older, household assets shall not be more than $100,000 after closing, excluding retirement accounts (i.e. 401(k), 503(b), IRA, SEP, etc.).
For all age groups, aggregate retirement accounts shall not be more that $1-million.
Additional Money for First-Generation Homebuyers
An additional $15,000 third mortgage at 0 percent interest is available for first-generation homebuyers.
The note is forgivable at a rate of $1,000 per year of ownership, and completely forgiven after 15 years following purchase. .
Any person who will be listed on the home title must be a first-generation buyer.
For this program, first-generation homebuyer is defined as individuals or families who have never purchased a home before, and whose parents or guardians also did not own their home.
Applicants must meet all other criteria and terms of the Come Home 2 Edina program.
Neighborhood Eligibility
The program is available for most Edina neighborhoods except a few in the southwest section of the city. See the Eligible Neighborhoods map (PDF).