Programs In AK For 1st Time Buyers
First time home buyers in Alaska have many options available to them for help in purchasing their first residence. In addition to their statewide down payment assistance program, the Alaska Housing Finance Corporation (AHFC) provides some very helpful programs for Alaska residents seeking to purchase their first residence.
Here are some highlights:
First-Time Homebuyer Programs
A first-time homebuyer is someone who has not owned a primary residence in the last three years. AHFC has two programs for first-time homebuyers, the Tax-Exempt and the Taxable First-Time Homebuyer.
The Tax-Exempt Program (TEP) offers lower interest rates to eligible first-time homebuyers who meet maximum income limits and acquisition cost limits.
How the Program Works
To be eligible for the TEP for first-time homebuyers, borrowers may not have owned a primary residence in the last three years unless the house is within a targeted area (as defined below) or if they are qualified veterans.
- Targeted areas (HUD designated census tracts) have higher income and acquisition cost limits. To find out if a property is located in a targeted area census tract, go to factfinder and perform a street address search.
- Qualified veterans must have been retired, discharged or released from duty under conditions other than dishonorable, and active duty military borrowers must have completed their initial military obligation. Acceptable evidence of eligibility includes a copy of the veteran’s Certificate of Eligibility or Title 38 letter and a DD214 or Statement of Service. No previous use of the TEP or Veterans Mortgage Program is allowed under the veterans’ exception.
Federal regulations establish maximum income limits and acquisition costs for this program.
For complete details on these programs, including contact information and instructions on how to apply, please visit this AHFC 1st time buyer program page.
More Alaska First Time Buyer Programs
In addition to the above homebuyer programs offered by AHFC, there are local housing agencies in various towns, cities and counties throughout the state that provide financial assistance to 1st time property buyers as well. To determine if there any near you, please visit Alaska local first time home buyer programs.