Located in the upper northwest corner of North America, Alaska is the 49th state in the Union. Nicknamed The Last Frontier, Alaska is the largest state by area, has an estimated 100,000 glaciers, 100+ volcanoes, 17 of the tallest mountains in North America, 3,000+ rivers, and 3 million lakes. The capital city is Juneau, and its largest city is Anchorage. With a population of more than 730 thousand people, Alaska boasts a homeownership rate of 65.1% (2022-U.S. Census Bureau).
DPA programs across the country continue to make homeownership possible. Below is a list of programs available in the state of Alaska. Also, combining programs may be possible, so be sure to inquire.
Alaska Housing Finance Authority
Anchorage Neighborhood Housing Services, Inc. dba NeighborWorks Alaska
Alaska Community Development Corporation (ACDC)
Fairbanks Neighborhood Housing Services (FNHS)
Interior Regional Housing Authority (IRHA)
Tlingit-Haida Regional Housing Authority (THRHA)
North Pacific Rim Housing Authority
Ketchikan Indian Community Housing Authority
Rural Alaska Community Action Programs, Inc.
Association of Village Council Presidents Regional Housing Authority
Bering Straits Regional Housing Authority
Kodiak Island Housing Authority
Tagiugmiullu Nunamiullu Housing Authority
Closing Cost Assistance program
“With Alaska Housing’s Closing Cost Assistance program, assistance of either 3% or 4% of the loan amount is available, depending on credit qualifications, to homebuyers throughout the state of Alaska. Example: If receiving 4% assistance on a $300,000 mortgage loan, the assistance equals $12,000; if receiving 3% on $300,000, the assistance equals $9,000. The assistance funds may be used toward a down payment and closing costs. Closing cost assistance is funded directly by Alaska Housing at the time of closing and is available through certain approved lenders.”
Affordable Housing Enhanced Loan program (AHELP)
“The Affordable Housing Enhanced Loan program (AHELP) is designed to work in partnership with other agencies to promote affordable home ownership. With AHELP, qualified borrowers receive down payment assistance or secondary financing. The assistance may be a grant, deferred payment(s), a forgivable loan or a combination of these options and may come from a local, state or federal governmental agency, nonprofit agency or regional housing authority..”
Home Loans
“NeighborWorks Down Payment Assistance Program helps make homeownership possible by filling the gap between what you can afford and the cost of housing. 1st mortgage lenders require homebuyers to pay a minimum of 20% of the property value as down-payment or arrange for expensive insurance, we can assist by providing affordable loan to cover the gap.”
HUD 184 Native American Home Loans
“The HUD 184 Indian Home Loan Guarantee Program is a home mortgage product specifically designed for American Indian and Alaska Native families, Alaska villages, tribes, or tribally designated housing entities.”
Home$tart Grants
“Home$tart is a $7,500 grant that can be used for your down payment, closing costs, and prepaid expenses of your home purchase.”
Individual Development Accounts
“Cook Inlet Lending Center helps our participants to develop a savings plan with the incentive of receiving 4 to 1 in match dollars. You will save $1000 over a minimum of 6 months up to 2 years and will be rewarded with $4000 which can be used towards your down payment or closing costs when purchasing a home within the Cook Inlet Region footprint. You are earning a 400% return on your savings!”
Native American Homeowner Initiative (NAHI) Grants
“The NAHI Grant is available to Alaska Native, American Indian, and Native Hawaiian homebuyers statewide! This is a $15,000 grant that can be used for your down payment, closing costs and prepaid expenses of your home purchase.”
Down Payment Assistance Loan
“The Down Payment Assistance (DPA) product provides assistance for home buyers who are purchasing a single family home in the Anchorage Borough, Kenai Peninsula Borough or the Matanuska-Susitna Borough. Loan amounts for the DPA vary and may not exceed 20% of the purchase price with a maximum of $60,000. ”
Home Opportunity Program (HOP)
“The HOP homebuyer assistance provides zero interest rate loans to low-income homebuyers with up to $10,000 forgivable over a five-year period. HOP funds are provided to assist homebuyers to purchase and occupy their own home. Applicants who qualify can receive down payment assistance; closing cost assistance; and if necessary, a buy-down of the first mortgage.”
Self-Help Housing Program
“With a little hard work, owning your own home is within your reach. Mortgage payments are less than most rental housing. Quality, energy efficient homes and affordable payments. Monthly payments as low as $775. Home sizes are 1400 – 1600 SF, 3 bedroom and 4 bedroom plans with 2 bath & 2 car garage. 5 Star Plus Energy Rated. New construction. This style home is available through the USDA Mutual Self-Help Housing program.”
HOME Opportunity Program (HOP)
“The HOP is a down-payment and closing cost assistance program tailored to lower-income homebuyers. You may be eligible to receive up to $30,000, and up to $10,000 may be forgiven.”
LTS 2nd Mortgage Program
“The LTS 2nd Mortgage program was created to give eligible homebuyers the opportunity to borrow funds for their down-payment; up to 20% of the purchase price!”
Tribal Equity Advantage Mortgage (TEAM)
“The Interior Regional Housing Authority is a non-profit agency designed to provide Alaska Native and American Indians in the Fairbanks area with affordable housing. The grant is designed to help with the down payment and the closing costs of your new home.”
Home Ownership Program (HOP)
“Homeownership Program (HOP): for the low-income family that can’t quite obtain a home loan from conventional methods. This program offers homes to those that meet the IRHA and HUD requirements to purchase a home from IRHA over a 20 year period. Monthly payments are based on the household’s monthly income.”
Home Ownership Program for Elderly (HOPE)
“This program is essentially the HOP program, with modifications on the terms of the loan. Applicant must be an elder , 62 years of age or older.
Home Ownership Assistance Program (HOAP)
“The Home Ownership Assistance Program (HOAP) provides families with an opportunity to comfortably transition from renting to home ownership. Tenants pay an affordable monthly rate that is based on their household income, while living in a spacious, safe, energy-efficient home which they may eventually own.”
Down Payment Assistance Program
“NPRHA’s Down Payment Assistance Program is designed to provide funding to eligible families who are purchasing an existing home or construction of a new home to make the payments affordable for the family.”
Mutal Help Program
” North Pacific Rim Housing Authority’s Mutual Help Program is a lease-purchase homeownership program. Homebuyers enter into a 25-year lease agreement and the title to the home is transferred to the homebuyer at the end of the term.”
Home Buy Down Assistance Program
“The Home Buy-Down is specifically designed to provide affordability of homeownership for income qualified American Indian/Alaska Natives (AI/AN) by attacking barriers at several levels simultaneously. Buyer is required to pay a minimum of $2,500 towards closing costs and escrow.”
KICHA covers the following:
Mutual Self-Help Housing Program
“In partnership with USDA Rural Development and Alaska Housing Finance Corporation, RurAL CAP’s Mutual Self-Help Housing program gives first time homebuyers an opportunity for affordable home ownership with no down payment.”
Loan Packaging & Credit Counseling
“We partner with USDA Rural Development to supply timely mortgage assistance to first-time homebuyers in rural areas through 502 Direct Mortgage Loans. To make homeownership more affordable, USDA provides a payment subsidy in the form of an interest rate reduction to as low as 1%.”
Lease to Purchase Program (LTP)
“AHA’s Lease to Purchase program is for low-to-moderate income families in the Aleutian/Pribilof Islands Region.”
Home Mortgage Program
“Our Home Mortgage Program is administered as a “home ownership housing” program as defined under section 202 of NAHASDA. The Home Mortgage Program offers member tribes opportunities to construct turn-key homes, and then offer them to tribal members with affordable payment rates.”
Mutual Help Program
“The Mutual Help program allows Indian housing authorities (IHAs) to help low-income Indian families purchase a home. A family makes monthly payments based on 15 to 30 percent of its adjusted income. Payments are credited to an equity account that is used to purchase the home.”
Home Start Homeownership Program
“This program is designed to increase affordable housing opportunities for Alaska Native and American Indian households who are in the low to very low income categories. With a low down payment and manageable monthly payments, this program makes home ownership a possibility for home buyers that don’t qualify for conventional loans.”
Mutual Help Homeownership Program
“This program offers homes built by KIHA between 1978 and 2002. Mutual Help is a lease-to-own program for low-income families with an option to purchase. Monthly house payments are based on income and the homebuyers are responsible for all maintenance and utilities. A $1,500 down payment is sometimes required.”
Loan Origination
“Kodiak Island Housing Authority originates both Alaska Housing Finance Corporation (AHFC) Loans and Fannie Mae Loans. We are also an approved packager for USDA 502 Direct Loans. From first time home buyers, to refinances, home improvement loans, or second mortgages, we have you covered with a range of options!”
Mutual Help Program
“The Mutual Help Program is a federally funded homeownership program designed for low income Native American families. Since it is federally funded, participant rules and regulations are established by the Department of Housing and Urban Development (H.U.D.).”
Conditional Installment Loan Program
“TNHA’s staff work hard to help families of all income backgrounds across the Arctic Slope achieve their dreams of homeownership.”
States/Territories served: Alaska, American Samoa, Hawaii, Guam, Idaho, Northern Mariana Islands, Iowa, Minnesota, Missouri, Montana, North Dakota, Oregon, South Dakota, Utah, Washington, Wyoming
Home$tart Program
“Through our Home$tart program, eligible households may receive up to $7,500 in down payment and closing cost assistance. You must apply through a member institution.”
Native American Homeownership Initiative (NAHI)
“Through our Native American Homeownership Initiative (NAHI), eligible households may receive up to $15,000 for down payment and closing cost assistance. You must apply through a member institution.”
Single Family Housing Direct Home Loans
“Also known as the Section 502 Direct Loan Program, this program assists low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time. No down payment is typically required.”
Habitat Home
“We believe that everyone should have a safe, affordable place to call home. To carry out our vision, we partner with individuals and families from application through construction to when the keys are handed over.”
Our blog series will continue tomorrow with a look at Arizona’s down payment assistance programs.
Alaska Housing Finance Authority
Anchorage Neighborhood Housing Services, Inc. dba NeighborWorks Alaska
Alaska Community Development Corporation (ACDC)
Fairbanks Neighborhood Housing Services (FNHS)
Interior Regional Housing Authority (IRHA)
Tlingit-Haida Regional Housing Authority (THRHA)
North Pacific Rim Housing Authority
Ketchikan Indian Community Housing Authority
Rural Alaska Community Action Programs, Inc.
Association of Village Council Presidents Regional Housing Authority
Bering Straits Regional Housing Authority
Kodiak Island Housing Authority
Tagiugmiullu Nunamiullu Housing Authority
A Community Land Trust (CLT) is a nonprofit organization that holds land in trust for the benefit of the community. The primary purpose of a CLT is to provide affordable housing, although some CLTs also manage land for other community needs such as agriculture, commercial spaces, or conservation.
Explore down payment and homebuyer assistance programs in the U.S. Virgin Islands.
Explore down payment and homebuyer assistance programs in Puerto Rico.
Copyright © 2023 AMA Resources LLC. All Rights Reserved.
Source 1: Wikipedia: Reusing Wikipedia Content. This work is released under CC BY-SA. Source 2: Farlex Financial Dictionary
No terms to share.
No terms to share.
No terms to share.
No terms to share.
No terms to share.
No terms to share.
