Alaska First-Time Home Buyer Programs of 2020

NerdWalletJanuary 2, 2020
alaska-first-time-home-buyer-programs

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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.

Highlights

  • 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.

Eligibility

  • 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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