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.

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Home Opportunity Program

Financial Assistance for Homebuyers in Alaska

The Alaska Community Development Corporation recognized that many potential homebuyers who can afford monthly mortgage payments often don’t have the funds required to make a down payment on a new home. The Home Opportunity Program (HOP) is designed to help individuals out of this renter’s trap.

Available Assistance
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 of affordability.” Funds provided under the HOP program are secured by a Note and Deed of Trust executed by the homebuyer. The portion of the loan that is not forgiven is a loan with no interest held by a note, which must be repaid in case the home is sold or refinanced. HOP assistance funding is very limited and will be available on a first come, first served basis. In addition to down payment assistance, applicants who qualify can receive up to $3,000 in closing cost assistance and a buy-down of the first mortgage, if necessary.

Eligibility Requirements
In order to be considered eligible for the Home Opportunity Program, applicants must meet certain requirements. Applicants must be first-time homebuyers. Only low-income families are eligible; applicants must have an annual household income less than 80 percent of the area median income as determined and regionally adjusted by HUD. All homebuyers must also attend a homebuyer education class approved by Alaska Housing Finance Corporation (AHFC). The homebuyer may not be in arrears on any child support obligation.

Property Guidelines
Any property being purchased with HOP funds must serve as the applicant’s primary residence and must meet required property standards. Any homes built before 1978 must undergo a visual assessment and possible stabilization of lead-based paint. Properties must be of non-luxury nature and must fall within the program’s purchase price limits for each area:

Mat-Su Borough: $234,000
Kenai Peninsula: $219,000
Glennallen, Valdez, Cordova: $202,000
Haines Borough: $197,000
Ketchikan: $247,000
Petersburg: $184,000
Wrangell: $183,000
Sitka: $330,000
Kodiak: $275,000
Juneau: $323,000

(Note: These figures were accurate at the time of publication and may no longer be current - visit the program website for updated information.)

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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