Alaska Home Buyer Assistance Programs For Down Payment And First Time Home Buyers

The Alaska Housing Finance Corporation has programs to assist Alaskans in achieving the American dream of owning their own home. No matter whether your a first time home buyer, or a prior home owner, the AHFC has many mortgage programs and down payment assistance programs that may assist you in your quest for home ownership.

What Home Buying Mortgage Loan Programs Does Alaska Have For First Time Home Buyers?

• Tax Exempt First Time Home Buyer Program – The Tax Exempt Program or TEP can get you lower interest rates to eligible first time home buyers. A first time home buyer in Alaska is defined as someone who has not owned a home in the last three years.



• Taxable First Time Home Buyer – This First Time Home Buyer Program can get you a reduced mortgage interest rate to borrowers that qualify. This program can be done without the income limits, recapture provisions and acquisition cost limits of the TEP.




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• Veterans Mortgage Program – If you are a qualified veteran, you may be able to qualify for a mortgage with lower interest rates than what you can get from traditional home mortgage lending sources.



• Rural Owner Occupied Loan Program – This program is for financing to buy a new home or to renovate rental housing in small communites.



• Manufactured Home Program – The AHFC will finance manufactured homes that are located in a mobile home park. Property does not have to be on a permanent foundation. They can be Type II manufactured homes. The maximum loan amount that can be finance for Type II manufactured homes on fee simple land is $175,000. The maximum loan amount for all other types of Type II property is only $100,000.
  
  New singlewide units can be financed for up to 10 years while existing units can be finance for 7 years. New doublewide homes can be financed for 14 years and existing units can be financed for a maximum of 10 years. Type II will require a 15% down payment unless it is guaranteed by the VA. Type II manufactured homes may only be mortgaged under the AHFC Taxable Program.



• Non Conforming Program – Conventional Financing is available for specific properties with criteria or features that would limit the buyers ability to get other financing. Non – conforming features would include lack of central heat, atypical utilities, unconventional foundation structure. The main condition of the non conforming program is that the structure be sound. Non Conforming real estate do not include properties with limited marketability or property that has excessive deferred maintenance, zoning issues or recreational fishing and hunting cabins. Minimum down payment is 10%.

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