Fairbanks Neighborhood Housing Services Down Payment Assistance Program
One big benefit of the LTS Down Payment Assistance Program is that it helps buyers avoid private mortgage insurance. Assistance comes in the form of a second mortgage which must not exceed 20% of the home purchase price.
There are a number of requirements that all applicants need to satisfy to be eligible for the LTS Program. They must be first-time homebuyers who are U.S citizens or permanent residents residing in the state of Alaska. They must have secured or pre-qualified for a first mortgage and have a minimum credit score of 620. Applicants must have an annual household income at or under 120% of the area median income. They must also make a minimum contribution of $1,000, or 1% of the purchase price, whichever is greater.
Eligible property types include single-family residences in the Fairbank North Star Borough. Duplexes are not eligible, and condos or townhomes must be on the AHFC Approved Condo list.
1-person household: $77,640
2-person household: $88,800
3-person household: $99,840
4-person household: $110,880
*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but state and local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price, and income limits.
Note: All figures mentioned above were 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
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.
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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