Edina first time home buyer programs
Come Home 2 Edina - 2nd Mortgage Program
The City of Edina MN has established a wonderful home ownership program that is designed to provide assistance to families and individuals looking for affordable home ownership options within the City. This program was established more than 20 years ago and is still going strong. It is meant to help families settle in the city of Edina and make doing so affordable. While many qualified purchasers may be using this program to buy their first home, it is not restricted to only first time buyers. This unique program allows for up to $60,000, in the form of a 2nd mortgage, that does not have to be repaid until the home is sold, refinanced or the primary mortgage is paid off. The buyer is only responsible for monthly interest only payments at a low interest rate.
This loan program has below market rate mortgages and could help Edina residents lower their total housing payments. The program incentives are only available to homes priced at $350,000 and less.
For the second mortgage, it needs to be the same length as the first mortgage on the house. Over the life of the second mortgage, simple interest accrues at the same percentage as the first mortgage. Payments for the principal are deferred until the sale or refinancing of the home. In order to qualify, the borrower is not allowed to pay less than $1,000 in closing costs, down payment, or other expenses.
Summary:
- Home must be located within the city limits of Edina.
- Homes must be $350,000 or less.
- Second mortgage is the same length as the first mortgage.
Buying your first home can be overwhelming. Let us help! We are committed to finding you any grant monies or assistance programs available to you. Our buyer agent services are FREE! Please contact us for more information. We have assisted hundreds of first time home buyers and look forward to the opportunity to assist you!
