Are you a first-time home buyer in Alaska seeking affordable homeownership options? This guide provides a comprehensive overview of the various assistance programs available for Alaskan residents. Alaska's unique housing market and geographical challenges are addressed through a range of programs aimed at easing the financial burden for aspiring homeowners.
From down payment assistance to favorable mortgage options, here are insights into the current state of first-time home buyer programs in Alaska. Join us on this journey to explore the opportunities that await you in achieving your dream of owning one of the stunning homes for sale in Alaska.
State-Wide Programs
Program | Assistance Offered | Who Should Apply | Assistance Type |
---|---|---|---|
Alaska Housing's Closing Cost Assistance | Up to 4% of home loan that can be used for down payment assistance and closing costs | Any homebuyer that is an Alaskan resident and can meet credit score requirements | Second mortgage |
(HOP) Home Ownership Program | Monthly mortgage assistance | Homebuyers that are Alaska Natives or American Indians and can also meet income requirements | Subsidy |
(HOPE) Home Ownership Program for Elderly | Monthly mortgage assistance | Homebuyers that are Alaska Natives or American Indians over 62 years of age and can meet income requirements | Subsidy |
IRRLIB Program | Up to 1% interest rate reduction of a loan | First time homebuyers that can meet income requirements | Loan |
State Veterans Interest Preference | 1% interest rate reduction on the first $50,000 of a home loan | Homebuyers that were honorably discharged members of the armed forces of the United States | Loan |
(TEAM) Tribal Equity Advantage Program | Up to 20% of the purchase price of a new home | Homebuyers that are also Alaska Natives or American Indians | Grant |
Regional Programs
County/Region | Program | Assistance Offered | Who Should Apply | Assistance Type |
---|---|---|---|---|
Baranof Island | Closing Costs Assistance Program | Up to $5,000 that can be used for closing costs | Homebuyers that are also Alaska Natives or American Indians | Grant |
Cook Inlet | Down Payment Assistance Loan | Up to 20% of home loan that can be used for down payment assistance | Any homebuyer that can meet income requirements | Second mortgage |
Douglas | Regional Housing Authority Down Payment Assistance | Up to $20,000 in down payment assistance or closing costs | Homebuyers that are Alaska Natives or American Indians and can also meet income requirements | Second mortgage |
Glennallen | Home Opportunity Program | Up to $10,000 in down payment assistance | Any homebuyer that can meet the income requirements | Forgiveable loan with a 0% interest rate |
Haines | Home Opportunity Program | Up to $10,000 in down payment assistance | Any homebuyer that can meet the income requirements | Forgiveable loan with a 0% interest rate |
Kenai Peninsula | Home Opportunity Program | Up to $10,000 in down payment assistance | Any homebuyer that can meet the income requirements | Forgiveable loan with a 0% interest rate |
Kodiak Island | Mutual Help Program | Lease with option to purchase program | Homebuyers that are also Alaska Natives or American Indians | Rent to own |
Mat-Su Borough | Home Opportunity Program | Up to $10,000 in down payment assistance | Any homebuyer that can meet the income requirements | Forgiveable loan with a 0% interest rate |
Petersburg | Regional Housing Authority Down Payment Assistance | Up to $20,000 in down payment assistance or closing costs | Homebuyers that are Alaska Natives or American Indians and can also meet income requirements | Second mortgage |
Southeast Alaska | Home Owner Assistance Program | Lease with option to purchase program | Homebuyers that are also Alaska Natives or American Indians | Rent to own |
Petersburg | Home Opportunity Program | Up to $10,000 in down payment assistance | Any homebuyer that can meet the income requirements | Forgiveable loan with a 0% interest rate |
Wrangell | Home Opportunity Program | Up to $10,000 in down payment assistance | Any homebuyer that can meet the income requirements | Forgiveable loan with a 0% interest rate |
City Programs
City | Program | Assistance Offered | Who Should Apply | Assistance Type |
---|---|---|---|---|
Anchorage | Neighborhood Works Program | Up to 20% of the sale price of the home that can be used for down payment assistance | First time homebuyers that can meet income requirements | Second mortgage |
Angoon | Regional Housing Authority Down Payment Assistance | Up to $20,000 in down payment assistance or closing costs | Homebuyers that are Alaska Natives or American Indians and can also meet income requirements | Second mortgage with a 5% interest rate |
Cordova | Home Opportunity Program | Up to $10,000 in down payment assistance | Homebuyers that can meet the income requirements | Forgiveable loan with a 0% interest rate |
Craig | Regional Housing Authority Down Payment Assistance | Up to $20,000 in down payment assistance or closing costs | Homebuyers that are Alaska Natives or American Indians and can also meet income requirements | Second mortgage with a 5% interest rate |
Fairbanks | HOME Opportunity Program | Up to $30,000 in down payment assistance | Alaskan resident homebuyers that can meet income requirements | Second mortgage (up to $10,000 can be forgiven) |
Fairbanks | LTS Second Mortgage Program | Up to 20% of the purchase price of the home that can be used for down payment assistance | Alaskan resident homebuyers that can meet income requirements | Second mortgage |
Juneau | CBJ Mobile Home Down Payment Assistance Program | Up to $10,000 in down payment assistance | Homebuyers that can meet income requirements | Second mortgage at 1% interest rate |
Juneau | Home Opportunity Program | Up to $10,000 in down payment assistance | Homebuyers that can meet the income requirements | Forgiveable loan with a 0% interest rate |
Juneau | Regional Housing Authority Down Payment Assistance | Up to $20,000 in down payment assistance or closing costs | Homebuyers that are Alaska Natives or American Indians and can also meet income requirements | Second mortgage with a 5% interest rate |
Kake | Regional Housing Authority Down Payment Assistance | Up to $20,000 in down payment assistance or closing costs | Homebuyers that are Alaska Natives or American Indians and can also meet income requirements | Second mortgage with a 5% interest rate |
Kasaan | Regional Housing Authority Down Payment Assistance | Up to $20,000 in down payment assistance or closing costs | Homebuyers that are Alaska Natives or American Indians and can also meet income requirements | Second mortgage with a 5% interest rate |
Ketchikan | Home Buy Down Assistance Program | Up to $30,000 in down payment assistance and up to $2,500 in closing costs | Homebuyers that are Alaska Natives or American Indians and can also meet income requirements | Second mortgage |
Ketchikan | Home Opportunity Program | Up to $10,000 in down payment assistance | Homebuyers that can meet the income requirements | Forgiveable loan with a 0% interest rate |
Klawock | Regional Housing Authority Down Payment Assistance | Up to $20,000 in down payment assistance or closing costs | Homebuyers that are Alaska Natives or American Indians and can also meet income requirements | Second mortgage with a 5% interest rate |
Kodiak | Home Opportunity Program | Up to $10,000 in down payment assistance | Homebuyers that can meet the income requirements | Forgiveable loan with a 0% interest rate |
Mat-Su | Neighborhood Works Program | Up to 20% of the sale price of the home that can be used for down payment assistance | First time homebuyers that can meet income requirements | Second mortgage |
Saxman | Regional Housing Authority Down Payment Assistance | Up to $20,000 in down payment assistance or closing costs | Homebuyers that are Alaska Natives or American Indians and can also meet income requirements | Second mortgage with a 5% interest rate |
Skagway | Regional Housing Authority Down Payment Assistance | Up to $20,000 in down payment assistance or closing costs | Homebuyers that are Alaska Natives or American Indians and can also meet income requirements | Second mortgage with a 5% interest rate |
Sitka | Home Opportunity Program | Up to $10,000 in down payment assistance | Homebuyers that can meet the income requirements | Forgiveable loan with a 0% interest rate |
Valdez | Home Opportunity Program | Up to $10,000 in down payment assistance | Homebuyers that can meet the income requirements | Forgiveable loan with a 0% interest rate |
Wrangell | Regional Housing Authority Down Payment Assistance | Up to $20,000 in down payment assistance or closing costs | Homebuyers that are Alaska Natives or American Indians and can also meet income requirements | Second mortgage with a 5% interest rate |
Yakutat | Regional Housing Authority Down Payment Assistance | Up to $20,000 in down payment assistance or closing costs | Homebuyers that are Alaska Natives or American Indians and can also meet income requirements | Second mortgage with a 5% interest rate |
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