Alaska Tax-Exempt First-Time Homebuyer Program Checklist

A step-by-step checklist for consumers applying for the Alaska Tax-Exempt First-Time Homebuyer Program in 2025.

Confirm Your Eligibility

Ensure that you qualify as 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.
Verify that your household income meets the program's requirements based on family size and location.
Confirm that the property you are purchasing qualifies for tax-exempt financing under the program and will serve as your primary residence.
Check that your credit score meets the program’s minimum standard, typically 640 or higher, though specific requirements may be outlined by your Loan Officer.
Review any additional requirements, such as citizenship or residency qualifications.

Collect income documentation, such as recent pay stubs, W-2 forms, or award letters for any benefits you receive.
Gather your tax returns for the last two years, including all schedules and attachments.
Obtain bank statements from the last two to three months for all financial accounts.
Prepare information about the property you are purchasing, including the purchase agreement, address, and sale price.
Compile any other documents requested by your Loan Officer, such as asset verification or proof of debts.

Your assigned Loan Officer is available to guide you through the Alaska Tax-Exempt First-Time Homebuyer Program.
Schedule a meeting or call with your Loan Officer to discuss the program details, confirm your eligibility, and review the required documentation.
Address any questions or concerns about the program, application process, or your financial situation.
Follow the guidance provided by your Loan Officer to ensure all required steps are completed accurately and on time.

Work with your Loan Officer to complete and submit your application for the program.
Provide all required documents promptly to verify your eligibility and support your application.
Review the application thoroughly with your Loan Officer to ensure it is accurate and complete.
If needed, attend a homebuyer education course to satisfy any additional program requirements.

Sign all necessary documents provided by your Loan Officer to secure your participation in the program.
Prepare for any costs not covered by the program, such as closing costs, prepaid expenses, or other fees.
Receive confirmation of your enrollment in the program and understand how the tax-exempt financing benefits will be applied.

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