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Alaskans can get help from state programs when they take the leap into homeownership. The Alaska Housing Finance Corp., or AHFC, offers programs for first-time home buyers (and some repeat buyers). Three programs offer below-market interest rates, and others offer help with closing costs or to buyers of mobile homes.
Buyers may benefit, too, from nationally available mortgage programs with borrower-friendly down payment and credit score requirements. Explore options available to first-time home buyers in Alaska.
National first-time home buyer programs
These national loan programs are offered by most lenders and are designed to help borrowers who don't have much saved for a down payment or need flexible credit standards.
AHFC highlights and eligibility requirements
Anyone who hasn't owned a primary residence in three years is classified by Alaska as a first-time home buyer. The following AHFC programs can make homeownership more affordable for first-timers. Some programs are open to repeat buyers, too.
» MORE: Tips for first-time home buyers
Single-family homes, condominiums, common-interest community units and duplexes through fourplexes are allowed, as well as manufactured homes not permanently attached to a foundation.
Buyers who take AHFC's free, in-person or online six-hour buyer course, HomeChoice, get a $250 closing credit if they choose an AHFC mortgage.
Qualified veterans may count as first-time home buyers in some cases.
AHFC single-family loans are usually assumable.
Available with conventional, FHA, VA, USDA and HUD Section 184 Indian Home Loan Guarantee mortgages.
Must be an Alaska resident with qualifying credit.
Must be current on child support payments.
Must occupy the property within 60 days of loan closing.
May have only one AHFC loan on owner-occupied property.
Alaska first-time home buyer programs
Summary: 2020 Alaska first-time home buyer programs
Tax-Exempt First-Time Homebuyer Program for below-market interest rate, with limits on income and home cost.
Taxable First-Time Homebuyer Program for below-market interest rate, without limits on income and home cost.
Interest Rate Reduction for Low-Income Borrowers option to reduce the interest rate on loans to first-time home buyers.
Manufactured Home Program to buy mobile homes that are not permanently attached to a foundation.
Closing Cost Assistance Program to help with closing costs.
Those are the state first-time home buyer programs available in Alaska. For more information, see the AHFC website. Loan decisions are made by the agency's network of approved lenders; if you've found a program that suits you, contact a lender for more information.
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