First-Time Home Buyer Programs in Alaska

Alaska Housing Finance Corporation (AHFC) Programs:

First Home Limited:

Eligibility: First-time buyers (no ownership in last 3 years), veterans, or purchasers in targeted areas.
Offerings: Reduced interest rate mortgage with income/purchase price limits.
Requirements:

• Income must meet AHFC area/household limits (higher in targeted zones).
• Minimum credit score ≥ 620.
• Must submit last 3 years of federal tax returns.
• Occupy property within 60 days of closing.
• New: Option for up to 97% LTV (3% down) now available.

First Home:

Benefits: Reduced interest rate mortgage without income or price caps.
Eligibility: First-time buyers (no ownership in last 3 years) with no income/purchase limits.
New: Now offers 97% LTV option (3% minimum down payment).

Affordable Housing Enhanced Loan Program (AHELP):

Description: Partners with agencies to provide down payment or secondary financing via grants, deferred-payment or forgivable loans.
Requirements: Homebuyer education course mandatory; supplemental provider-specific criteria may apply.

New Home Construction Rebate:

Details: $10,000 rebate available for buyers of newly constructed, energy-efficient homes using AHFC financing.

Local Programs:

Anchorage

Cook Inlet Down Payment Assistance (DPA): Up to 20% of purchase price (max $60,000) via 30-year second mortgage; same geography continues.

Fairbanks

Fairbanks Neighborhood HOME Opportunity Program: Offers down payment/closing cost help for low-income first-time buyers (≤ 80% AMI); primary residence required.

Statewide (THRHA)

Tlingit Haida Regional Housing Authority (THRHA) Down Payment Assistance: Up to $20,000 in assistance statewide for qualifying buyers.

Additional Information:

• HomeChoice Course Incentive: $250 closing credit for completing AHFC HomeChoice course with AHFC mortgage.
• USDA and VA Loans: 0% down options available for rural buyers and eligible veterans/active-duty military.
• FHA Loans: 3.5% down required (10% down if credit <580).