Alaska First Home Limited Program Checklist
A step-by-step checklist for consumers applying for the Alaska First Home Limited Program in 2025.
Verify Your Eligibility
- Confirm that you are a first-time homebuyer, meaning you have not owned a primary residence in the past three years. Exceptions may apply for targeted areas or qualified veterans.
- Ensure that your household income falls within the program's limits based on family size and location.
- Verify that your credit score meets the program’s minimum requirement, typically 640 or higher, though your assigned Loan Officer may have additional requirements.
- Check that the property you plan to purchase meets program price limits and will serve as your primary residence.
- Review any other specific qualifications for the program, such as being a U.S. citizen or permanent resident.
Gather Required Documentation
- Collect proof of income, such as recent pay stubs, W-2s, or benefit statements.
- Obtain copies of your tax returns for the past two years, including all supporting schedules.
- Gather bank statements for the last two to three months for all financial accounts.
- Prepare information about the property you are purchasing, including the purchase agreement, address, and price.
- Compile any additional documents requested by your Loan Officer, such as proof of assets or verification of debts.
Work with Your Assigned Loan Officer
- A Loan Officer has already been assigned to help you navigate the Alaska First Home Limited Program.
- Schedule an initial meeting or phone call to review your eligibility and understand the steps required to complete your application.
- Ask questions about any program details or document requirements to ensure clarity.
- Follow the instructions provided by your Loan Officer to gather and submit necessary documents.
Submit Your Program Application
- Collaborate with your Loan Officer to complete the program application.
- Submit all required documentation promptly to verify your eligibility for the program.
- Review the application with your Loan Officer to ensure that all details are accurate and complete before submission.
- If necessary, attend a homebuyer education course to meet program requirements.
Finalize the Process
- Sign all required documents provided by your Loan Officer to finalize your participation in the program.
- Prepare to cover any additional fees or costs not included in the program benefits, such as closing costs or prepaid expenses.
- Receive confirmation of your program enrollment and details about how the assistance will be applied to your purchase.
Maintain Program Compliance
- Ensure the property remains your primary residence for the duration required by the program.
- Notify your Loan Officer immediately if you plan to sell, refinance, or make changes to your mortgage, as this could affect your program eligibility.
- Stay updated on any program changes or new requirements to maintain compliance and eligibility.