This is kind of a bummer if you are looking for homes for sale, you might have a hard time finding any, much less finding one in your price range and in the area that you are looking to buy.

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Interest rates for housing loans have continued to be quite high, and it is detering people from listing their homes.  Simplist reason is that no one wants to upgratde right now, or even downsizing for that matter because everything is so expensive. That is, if you still have to carry some sort of loan even if you are downsizing.

There was a program that kicked off back in the 80s that has now run out of money.

This program was with Edina Mortgage.

From Bring Me the News and a press release: 

 

...closing of the city's longtime down-payment assistance initiative.

The "Come Home 2 Edina Mortgage Program," which since the 1980s has sought to help families purchase homes in the city, stopped accepting applications on Friday and is officially suspended "due to funds running out."

The reason? Not enough people willing to list their homes. 

If you were someone who was looking forward to owning your first home, this was a great way to help out with a down-payment. But, there needs to be housing inventory for that program to continue.

How did the program make money in order to help people out?

According to a news release, the funds for the program are "replenished when homes purchased through the program are sold and the loan repaid," per the rules of the tax-increment finance (TIF) fund set up through the non-profit Edina Housing Foundation in 1985

If/when this program does come back will depend on the housing market and inventory.  If the rates go down enough, people may start thinking about selling their homes again.  But right now, there is no time line on when that might happen.

The city of Edina is still saying that the program was a success.  It's been going on since the 80s, so yes.  The program had a great run.  And since 2007, they have helped 180 families with $8.7 million in down payment assistance.

Hopefully there will be a continuation of lowering interest rates.  Not just for this program, but also for the housing market in general.

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