The Alaska Housing Finance Corporation offers down payment assistance or secondary financing options, with their Affordable Housing Enhanced Loan Program (AHELP). The program works together with governmental agencies, nonprofit agencies, and regional housing authorities.

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Affordable Housing Enhanced Loan Program

Financial Assistance for Homebuyers in Alaska

The Alaska Housing Finance Corporation offers down payment assistance or secondary financing options, with their Affordable Housing Enhanced Loan Program (AHELP). The program works together with governmental agencies, nonprofit agencies, and regional housing authorities.

Available Assistance:
AHELP works in partnership with other agencies to promote affordable home ownership, so the assistance funds may come in the form of a grant, deferred payment(s), a forgivable loan, or a combination of options, and may come from a governmental agency, nonprofit agency or regional housing authority.

Eligibility Requirements:
To qualify for assistance, borrowers are required to meet the individual provider’s requirements, but there are some of the general AHELP guidelines that must be met as well. All AHELP borrowers must enroll in, and complete an approved homebuyer education class, and they cannot be owners of a secondary residential property in the same area.
 
Property Requirements:
Eligible properties under AHELP include owner-occupied single-family homes, condominiums, units in a Common Interest Community, and Type I manufactured homes. Any property built prior to 1992 must undergo and authorized home inspection

The purpose of this program is to make funds available to eligible applicants who are interested in purchasing a home but need financial help to pay the upfront costs, which include the down payment, as well as the closing costs and prepaid items required to obtain homeownership. These expenses can add up to a substantial amount, and the inability to pay it might keep people stuck in a renters trap.

 *Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but States 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.

Down Payment Grants in Alaska

The Alaska Housing Finance Corporation offers down payment assistance or secondary financing options, with their Affordable Housing Enhanced Loan Program (AHELP). The program works together with governmental agencies, nonprofit agencies, and regional housing authorities.

Cook Inlet Down Payment Assistance (DPA) Program was designed to help individuals afford the hefty down payments that are associated with the mortgage transaction. The program saves homebuyers money when combined with a first mortgage.

The Home Opportunity Program provides assistance funds in the form of a zero-interest loan, with the first $10,000 conditionally forgivable over a five-year period. These funds must be repaid if the homebuyer does not continue to own and occupy the purchased property for the required period.

Alaska’s Tlingit Haida Regional Housing Authority (THRHA) provides homebuyers with the Down Payment Assistance Program. Funds from this program can be put toward the down payment and/or closing costs(excluding prepaid closing expenses) associated with the mortgage transaction.

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