Making Edina More Affordable
The Edina Housing Foundation (EHF) is a non-profit corporation that provides financial assistance, up to $60,000, to Edina home buyers. This below market rate housing program has been in place for over 20 years and can possibly lower your total housing payments due to the lower interest rate on the loan assistance. The program is geared toward anyone who wants to live in Edina and is not just for first-time buyers. Here’s a short overview of the program:
- The program is known as Come Home 2 Edina 2nd Mortgage Program.
- The term of the loan is identical to the term of the first mortgage.
- The rate of the loan is the lesser of 5% simple interest or the first mortgage loan interest rate minus 1%.
- There are two payment options: monthly payments or deferral of all payments until sale, refinance or maturity of loan.
- The subordinate loan is assumable with the approval of the Edina
- The purchase price cannot be more than $325,000.
- The borrower shall pay not less than $1,000 towards down payment, closing costs and/or prepaid expenses.
- There are assets and income eligibility requirements.
The above information is an overview of the program only. Contact me for more detailed information regarding your specific situation and needs.
If you’re considering purchasing a condo in Edina, this program is especially helpful for buildings that are not FHA approved, such as my listing on York Avenue by Southdale: 6415 York Ave S #204
Kate Walsh, Realtor®
Lakes Area Realty