Alaska Closing Cost Assistance Program Checklist

A step-by-step checklist for consumers applying for the Alaska Closing Cost Assistance Program in 2025.

Determine Your Eligibility

Verify that your household income is within the program’s limits, which are based on family size and location.
Ensure your credit score meets the minimum requirement for the program, typically 640 or higher, though this may vary depending on your Loan Officer's guidance.
Confirm that the property you intend to purchase is within the program’s price limits and will serve as your primary residence.
Review additional requirements, such as being a first-time homebuyer or meeting residency criteria, if applicable.

Collect proof of income, including recent pay stubs, W-2s, or benefit award letters.
Gather bank statements for the last two to three months for all financial accounts.
Prepare details about the property, such as the purchase agreement, property address, and purchase price.
Obtain any other documents requested by your Loan Officer, such as verification of assets, liabilities, or additional supporting documentation.

A Loan Officer has already been assigned to assist you with the Alaska Closing Cost Assistance Program.
Schedule an initial meeting or phone call to review your eligibility, program requirements, and next steps.
Ask any questions about the program or clarify details about the assistance provided.
Follow the specific guidance from your Loan Officer to ensure your application process runs smoothly.

Work closely with your Loan Officer to complete the program application.
Submit all required documentation to verify your eligibility for the closing cost assistance.
Review the application thoroughly with your Loan Officer to ensure accuracy and completeness before submission.
If required, attend a homebuyer education course to fulfill program prerequisites.

Sign all necessary program documents provided by your Loan Officer to secure the assistance.
Prepare for any additional costs or fees not covered by the assistance, such as prorated taxes or prepaid expenses.
Receive confirmation of your enrollment in the program and understand how the assistance will be applied at closing.

Ensure that the property purchased remains your primary residence for the period required by the program.
Notify your Loan Officer immediately if you plan to sell, refinance, or make changes to your mortgage, as these may affect your program benefits.
Stay informed about any updates to the program requirements to maintain your compliance and eligibility.