Assistance for Edina Home Buyers

3080 — Tue, 28 Apr 2009 19:50:01 +0000

The Edina Housing Foundation and US Bank Home Mortgage want to help you own a

home in Edina!!

Follow in the steps of hundreds of families who have made Edina home, thanks to the

Come Home 2 Edina 2nd Mortgage Program. This below-market rate loan program

has been in place for over 20 years and it actually lowers your total mortgage payments!

US Bank Home Mortgage has specific 1st mortgage options that work in conjunction with

the Come Home 2 Edina Program. No private mortgage insurance required!

Program Benefits

 Up to $60,000 in assistance!

 Downpayment as little as $1,000.

 Below market interest rate.

 No 1st time homebuyer requirement.

Program Overview

Purpose To provide assistance to families and individuals looking for affordable home ownership

options in Edina.

Maximum Assistance Up to $60,000.

Purchase Price Not more than $325,000.

Downpayment You must pay at least $1,000 toward your downpayment, closing costs and/or prepaid

expenses.

Income Eligibility Loans will be made to borrowers earning at or below the

following annual income levels:

Household Size Income Level

1 $56,600

2 $64,800

3 $64,800

4 $64,800

5 $70,000

6 $75,200

7 $80,400

Security The assistance is secured by a subordinate mortgage on the property.

Interest Rates,

Terms, and

Other Conditions

Contact Maxine Timm at US Bank Home Mortgage for additional information and benefits.

Phone: 952.221.3532

Email: maxine.timm@usbank.com

Frequently Asked Questions

Is this a City of Edina program?

No. This program was founded and is sponsored by the East Edina Housing Foundation.

What is the Edina Housing Foundation?

The Edina Housing Foundation (EHF) is a non-profit corporation that provides financial assistance to Edina home

buyers in an effort to attract new families to the Edina community.

Why was this fund established?

The 2000 census identified that over 25% of Edina homeowners are over 65 years of age. It’s time to begin attracting

younger families to Edina and this generous 2 nd mortgage program was created to do just that.

What role does US Bank Home Mortgage play?

US Bank Home Mortgage has 1st mortgage options that are specifically designed to work with the Come Home 2 Edina

Program. Maxine Timm at US Bank Home Mortgage will take your applications for both the Come Home 2 Edina

Program and your 1st mortgage. Once you are approved for both loans, she will issue a pre-approval letter. She will

arrange to have the funds and the final paperwork available in time for the closing of your home.

Can I purchase a home anywhere in Edina?

The Come Home 2 Edina Program is available for most Edina neighborhoods. There is a small area in the extreme

southwest corner of Edina that is not eligible. Contact Maxine regarding the geographic boundaries.

Are there assistance programs available in other communities?

Yes. There are a few communities that have assistance programs however; the Come Home 2 Edina Program is one of

the most flexible and generous programs available. Contact Maxine for further information.

How Do I Participate?

Step One Call or email:

Maxine Timm

US Bank Home Mortgage

Phone: 952-221-3532

Email: maxine.timm@usbank.com

Step Two If the program is right for you, Maxine will take your application, pre-approve

your loan, and get everything in order.

Step Three Contact your real estate agent and start shopping for your home in Edina.

Foreclosures

MightyAgent — Tue, 28 Apr 2009 19:46:03 +0000

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Assistance for Edina Home Buyers

Foreclosures