Alaska Housing Finance Corporation First-Time Homebuyer Programs
Available Assistance
Under the Tax-Exempt First-Time Homebuyer Program (TEP), eligible borrowers who meet maximum income limits and acquisition cost limits are offered lower interest rates. The Taxable First-Time Homebuyer Program also offers lower rates, but there are no income or acquisition cost limits.
Eligibility Requirements
Both programs are exclusively for first-time homebuyers; those who have not owned a primary residence in the previous three years. Applicants must also submit copies of their federal income tax returns for the last three years.
Borrowers applying for TEP have the additional requirement of falling under the stated income and acquisition cost limits. It is important to keep in mind that homes in Targeted Areas (designated by HUD) have higher income and acquisition cost limits. TEP Borrowers are also required to read the Tax-Exempt Booklet.
Property Requirements
Eligible properties are limited to single-family homes, condominiums, Common Interest Community units, duplexes and Type I manufactured homes. In the case of a duplex, the property must be at least five years old and occupied as a multi-family residence for that time. For the Taxable First-Time Homebuyer Program, at least one unit in a duplex must be the principal residence of the borrower. For TEP borrowers, a duplex must be at least five years old and occupied as a multi-family residence for at least the last five years.
Borrowers who obtain a TEP loan may have to pay the Federal "recapture" tax following the sale of their home.
Note: All information mentioned above was accurate at the time of publication and may no longer be current - visit the program website for updated information.
First-Time Homebuyer Programs in Alaska
Alaska Housing Finance Corporation First-Time Homebuyer Programs
In order to help first-time homebuyers purchase their new home, the Alaska Housing Finance Corporation offers two assistance programs, the Tax-Exempt First-Time Homebuyer Program (TEP), and the Taxable First-Time Homebuyer Program.
Fairbanks Neighborhood Housing Services Down Payment Assistance Program
The Fairbanks Neighborhood Housing Services Down Payment Assistance Program provides assistance to first-time homebuyers in the Fairbanks North Star Borough who are trying to purchase a single-family home.
First-time homebuyer assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.
FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.
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