These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders, fill out this form here and I will connect you with one.

Alaska

Hey there! If you're thinking of buying a home for the first time, and haven't saved up for a down payment, you still might be able to get it done.

Before I jump into the programs, let me briefly explain how down payment assistance works.

How it works

Down payment assistance comes in two forms: a grant, or a loan

A grant doesn't require repayment.

A loan does require repayment, but there are 3 different ways:

Monthly repayment. This is where they charge you interest and a monthly payment until the loan is paid off

Silent second. This is where they don't charge you interest, they don't charge you monthly payments, they just require that you pay it back when you sell the home.

Forgivable. This is where they forgive the loan as long as you meet certain criteria. A common requirement is that you live in the home as your primary residence for a set number of years. Once you've completed the timeframe, they forgive your loan and you don't need to pay it.

Approved lenders only

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.

Now that we have that out of the way, let's jump in! Below are the local programs available to help make homeownership more accessible.

Alaska Housing Finance Corporation (AHFC) - First Home Limited Program

  • What It Offers: Provides up to 4% of the home’s purchase price as down payment assistance.

  • Who Qualifies: First-time homebuyers with a minimum credit score of 640.

  • Income Limits: Varies by location and household size.

  • Repayment: Assistance is structured as a second mortgage with a low-interest rate.

  • Website: https://www.ahfc.us

Alaska Housing Home Opportunity Program (HOP)

  • What It Offers: Provides grants for down payment and closing costs.

  • Who Qualifies: Low to moderate-income households.

  • Income Limits: Based on area median income (AMI).

  • Repayment: No repayment required if program conditions are met.

  • Where to Apply: Through participating lenders and housing agencies.

Anchorage Area

Administered by Cook Inlet Lending Center (CILC)

  • Assistance: Provides down payment and closing cost assistance options for homebuyers in the Anchorage area.

  • Eligibility: Applicants must meet specific income and credit requirements.

  • Repayment: Terms vary; it's advisable to contact CILC directly for detailed information.

  • Contact:

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders, fill out this form here and I will connect you with one.

Southcentral Alaska (excluding Anchorage)

Administered by Alaska Community Development Corporation (ACDC)

  • Assistance: Offers down payment assistance to eligible homebuyers in the Southcentral region.

  • Eligibility: Applicants must meet income and other program-specific requirements.

  • Repayment: Details vary; contacting ACDC is recommended for current information.

  • Contact:

Fairbanks Area

Administered by Fairbanks Neighborhood Housing Services (FNHS) and Interior Regional Housing Authority (IRHA)

Juneau

Administered by the City and Borough of Juneau

  • Manufactured Home Down Payment Assistance Program
    • Assistance: Provides low-interest loans to qualified residents for up to 50% of the down payment on a manufactured home.

    • Eligibility: Applicants must meet income and other program-specific requirements.

    • Repayment: Loans are low-interest; specific terms should be confirmed with the program administrators.

    • Contact:

Note: Program availability, eligibility criteria, and assistance amounts can change. It's recommended to contact the respective organizations directly to obtain the most current information and application procedures.

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders, fill out this form here and I will connect you with one.