Alaska First Home Limited Program Guide

Guide to the Alaska First Home Limited Program

The Alaska First Home Limited Program offers financial assistance to first-time homebuyers in Alaska, aiming to make homeownership more accessible. This 2025 guide provides essential information about eligibility, the application process, and the benefits of participating in the program.

1. Program Overview:

• Purpose: The program is designed to assist first-time homebuyers in Alaska by offering down payment assistance and reduced interest rates on mortgage loans.
• Assistance Amount: Eligible applicants can receive up to $15,000 in down payment assistance, which can be used to help cover the cost of purchasing a home.
• Loan Structure: The program offers a 30-year, fixed-rate mortgage with a reduced interest rate, making homeownership more affordable for first-time buyers.

2. Eligibility Requirements for 2025:

To qualify for the Alaska First Home Limited Program, applicants must meet the following criteria:

• First-Time Homebuyer: The program is available only to first-time homebuyers, which typically means someone who has not owned a home in the last three years. However, there are exceptions for buyers purchasing in certain areas or under specific circumstances.
• Income Limits: Your household income must fall below a certain limit, which is based on the area median income (AMI) for your county. These income limits are updated annually to reflect changes in local housing markets.
• Credit Score: A minimum credit score of 620 is required for eligibility. Lenders may have slightly different requirements, so it is important to consult with your loan officer.
• Property Location: The property must be located in Alaska and must serve as your primary residence. Both new and existing homes are eligible under the program.
• Homebuyer Education: Applicants must complete a homebuyer education course, which helps ensure that buyers are prepared for the responsibilities of homeownership.

3. How to Apply:

Here’s a step-by-step guide to applying for the Alaska First Home Limited Program:

• Assigned Loan Officer: Once you begin the application process, we will assign you a dedicated loan officer who will guide you through every step, from verifying eligibility to completing the application.
• Documentation: Be prepared to provide documentation such as proof of income, tax returns, a credit report, and a certificate of completion from the homebuyer education course.
• Application Submission: After gathering all necessary documents, submit your completed application. Your loan officer will process your information and help you navigate the next steps.

4. Complete the Homebuyer Education Course:

• Mandatory Requirement: All applicants must complete an approved homebuyer education course to be eligible for the program.
• Course Options: The course is available both online and in person, and it covers essential topics such as budgeting, credit management, and the home-buying process. Upon completion, you will receive a certificate, which is required for your application.

5. Secure Down Payment Assistance:

• Assistance Details: The down payment assistance is provided as a grant and does not require repayment as long as you meet the program’s residency requirements.
• Other Benefits: In addition to the down payment assistance, you will benefit from a lower interest rate on your mortgage, which can significantly reduce your monthly payments over the life of the loan.

6. Finalizing the Loan:

• Approval Process: After your application is approved, your loan officer will help you finalize the mortgage, including signing loan documents and preparing for the closing.
• Closing Costs: You may need to cover any closing costs not covered by the program or other forms of assistance.

Our dedicated loan officers will work with you every step of the way to ensure that your experience with the Alaska First Home Limited Program is smooth and efficient. They will guide you through the paperwork, answer any questions you may have, and help you make the most of this opportunity to become a homeowner. With their expertise, you can take full advantage of the assistance offered by this program and achieve your goal of owning a home in Alaska.