The Edina Housing Foundation (EHF) recently approved an increase of the purchase price cap for Come Home 2 Edina’s mortgage program from $350,000 to $425,000, which will allow additional housing inventory to qualify and enable more potential homebuyers looking to live in Edina to take advantage of the program.
“The purchase price cap had not been increased in a few years, although the eligible income has increased. The $350,000 price cap was a limiting factor in this program. The Foundation set the limit at what could be affordable to a household whose income falls within the eligible income range,” said Stephanie Hawkinson, Affordable Housing Development Manager. “The increase in the cap broadens buyers’ options by allowing for more housing inventory to qualify.”
EHF is a non-profit corporation that provides financial assistance to Edina homebuyers in an effort to attract new families to the Edina community. EHF established the Come Home 2 Edina second mortgage program in 2007 to help achieve that goal, and since its inception, more than 100 second mortgages have been extended to homebuyers with more moderate needs.
Homebuyers are able to borrow up to $60,000, as determined by working with their loan officer, and the purchase price cannot exceed $425,000. In addition, they must earn at or below the income limits established by the Minnesota Housing Finance Agency for the 11-county metropolitan area: $100,000-annual income for a household size of one to two, and $115,000 for one of three or more.
The program is not limited to first-time homebuyers; plenty of funds are available to allow potential homebuyers the ability to purchase an affordable home in Edina.
This option also makes it possible for people who work in Edina to potentially live closer to their place of employment.
“Come Home 2 Edina gives employees the opportunity to live closer to work and cut down on their commute. And for the rest of the community, it cuts down on the number of cars on the road, which helps the region as a whole,” said Hawkinson.
For more information on the second mortgage program, visit ComeHome2Edina.com.