HomeMy WebLinkAboutCome Home Limits RaisedContact: Debbie Townsend, Communications Coordinator
Phone 952-826-0346 • dtownsend@EdinaMN.gov • EdinaMN.gov
FOR IMMEDIATE RELEASE
Mortgage Program Increases Purchase, Income and Loan Limits
Edina, Minn., Aug. 30, 2023 – The Come Home 2 Edina program that provides homebuying downpayment assistance has made changes to help more families buy an Edina home.
Participants in the second-mortgage program can now purchase a home with a price up to $515,200, up from the previous $500,000 limit.
Income limits to qualify for the program also have risen. A household of 1 to 2 people can earn up to $124,200. The maximum income for a household of three or more is $142,800. This
limit is adjusted annually and rose more than $7,000 since the last adjustment in 2022.
Perhaps the most significant change is the maximum loan amount. It has been raised to $90,000, from the previous $60,000 limit. The maximum loan cannot exceed 25 percent of the purchase
price. The borrower must contribute at least 25 percent of gross monthly income toward principal, interest, taxes, insurance, association dues and/or land trust fees.
“Homebuying is getting financially harder for many families,” said Affordable Housing Manager Stephanie Hawkinson. “These increases will help those families who have been on the doorstep
of Edina home ownership to finally open the door and move in.”
First-generation homebuyers — those who did not grow up in a home that was owned by their parent or guardian — can get a $20,000 zero-interest loan that is forgiven at a rate of $1,000
per year up to being fully forgiven at 20 years. The previous loan limit was $15,000. It can be part of the Come Home 2 Edina mortgage program, and the same income and purchase limits
apply.
The program changes were approved earlier this month by the Edina Housing Foundation, a nonprofit corporation that funds Come Home 2 Edina.
Homebuyers work with their loan officer to apply for the Come Home 2 Edina program. See more program details at ComeHome2Edina.org.
For more information, contact Hawkinson at shawkinson@EdinaMN.gov or 952-833-9578.
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