Are you shopping for your first home or the first home you have owned in more than three years? If you’re doing so the largest U.S. state, you can take advantage of several first time home buyer Alaska programs.
While the Alaskan state government can’t provide you with the best real estate agents in Alaska (or any of them, for that matter), it is actually very generous when it comes to information about buying your first home. The Alaska Housing Finance Corporation provides information to anyone seeking to buy a home in Alaska. This information includes classes for home buyers, links to nonprofit organizations, and a list and description of just about every home buyer’s assistance program available in Alaska.
Can I Get First Time Buyer Assistance Even If I Owned a Home  (But Owned it a Long Time Ago)?
Yes! The state of Alaska will consider you a first time home buyer Alaska if you have not owned your primary residence in over three years (and there are even some exemptions if you have). This makes you eligible for Alaska’s two first-time homebuyer programs: The Tax-Exempt and the Taxable First-Time Homebuyer Programs. These programs allow you to take out a mortgage with a decreased interest rate. The loans are intended for home buyers that have lower incomes as well as veterans.
What If I Have Loan Worthy Credit, but Don’t Have Enough Liquid Assets for a Down Payment or Closing Costs?
If you can qualify to buy a home but don’t have much cash on-hand, the State of Alaska can help. One of two ways the state does this via the Affordable Housing Enhanced Loan Program (AHELP). While not specifically just for the first time home buyer in Alaska, it is very suitable to a first time buyer’s needs. And some of the restrictions placed on AHELP actually do help keep the program more available to new buyers (borrowers can’t own residential real estate in the same area, for example).
AHELP helps buyers acquire different forms of assistance tailored to each home buyer’s needs. This can include a grant, forgivable loan, deferred payments, or some combination of the above. The program also connects home buyers with down payment assistance via regional non-profit groups. AHELP connects with various government agencies, housing authorities, and non-profit organizations to provide all of the above assistance to first time home buyers.
The second state method for helping first time home buyers in Alaska is called the Home Opportunity Program (HOP). This program provides down payment and closing cost assistance to new home buyers. It doesn’t matter whether those buyers are single individuals or entire families–the HOP program covers it. The HOP program works through local charities, nonprofits, and similar organizations.
What About Grants and Other Assistance That I Don’t Have to Pay Back?
The Alaska Housing and Finance Corporation helps put new homeowners in touch with organizations that offer debt-free housing assistance. These organizations include housing authorities, local government (county, municipal, and others), non-profit groups, specialized for-profit groups, tribal authorities, and housing developers. The AHFC site grant section links directly to organizations that help with issues of homelessness and other emergency housing and homeownership development (with the goal of creating more homeowners in Alaska).
What Other Assistance Should I Look Into in Alaska?
Alaska also features weatherization and energy rebate programs due to the special needs of living in the area. In other words, you may be able to get assistance in preparing or refurbishing your home to withstand ridiculously sub-zero temperatures for at least half the year!
If you’re buying a home that is already best-outfitted for the long Alaskan winters, you may qualify for an energy efficiency rate reduction on your mortgage. You may also receive rebates or loan assistance if you want to better winterize a home you recently purchases.
What Other Loans Are Available to First Time Alaskan Home Buyers?
There are a number of other options in Alaska, and the state government has done an excellent job of putting them in one place. The alphabetical list of home loans in Alaska includes programs such as:
- State Veteran Interest Rate Preference Program (reduce the interest rate on your mortgage)
- The Alaska Energy Efficiency Revolving Loan Program
- The Nonconforming Program (for unusually architectured or serviced homes)
- The Rural Owner-Occupied Loan Program
- The Taxable and Tax-Exempt First Time Home Buyer Alaska programs
- The Veterans Mortgage Program
Alaska has more homeowner programs per capita than just about any other state in the union. Not only that, the State of Alaska has organized these programs in an easy-to-find manner on the Alaska Housing Finance Corporation website. If you are a first time home buyer Alaska, it’s time to check out the AHFC. It is your best source to find the perfect program for your needs so that you can find the Alaskan home of your dreams.
2 Point Highlight
If you can qualify to buy a home but don’t have much cash on-hand, the State of Alaska can help.
Alaska has more homeowner programs per capita than just about any other state in the union.
