Alaska - Government Backed Loans

Alaska Housing Finance Corporation (AHFC) offers a variety of loan programs to ensure that Alaskans have access to safe, quality, affordable housing. AHFC works in partnership with local banks and mortgage companies.

Refinance Programs

Refinance Program

The Refinance Program offers homeowners with existing mortgage loans the ability to refinance by improving the terms of their existing loan, or obtaining funds to be used for necessary home improvements.

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Affordable Housing Enhanced Loan Program - AHELP

The Affordable Housing Enhanced Loan Program offers additional assistance to homeowners who qualify for a mortgage loan in the state of Alaska. AHELP provides downpayment and refinancing assistance through various methods, including grants, deferred payment options and forgivable loans.

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Streamline Refinance Program

The Streamline Refinance Program offers easy refinancing of an existing loan to current AHFC home loan borrowers. This program does not require home appraisal or credit packages, but homeowners do not receive cash back at closing, except for documented pre-paid closing costs.

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Manufactured Home Program

The Manufactured Home Program finances manufactured homes, or Type II homes, that are located in mobile home parks and on land, but not permanent foundations. For Type II homes located on land, the maximum loan amount is $175, 000, and $100, 000 for all others. New single-wide homes are eligible for financing for up to 10 years, while new double-wide homes may be financed for up to 14 years.

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Second Mortgage Program

Under the Taxable, Rural Owner-Occupied or Rural Non-Owner Occupied loans, homeowners may be eligible for the Second Mortgage Program. Funds from this program may be used to make home improvements or to purchase a home in conjunction with an assumption. The maximum loan amount under the Second Mortgage Program is $312,750, with the maximum loan term being 15 years.

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Second Mortgage Program for Health and Safety Repair

In order to finance necessary health and safety repairs on a home, borrowers of an AHFC first mortgage may be eligible for the Second Mortgage Program for Health and Safety Repairs. This second loan may be used to pay off a construction loan that was originally used to finance the home repairs, with the maximum loan amount at $20, 000, or 80% of the cost of repairs plus closing costs.

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Second Mortgage Program for Energy Conservation

Borrowers can apply for the Second Mortgage Program for Energy Conservation in order to make energy-efficient, cost-effective home improvements. An energy audit of the home is performed by an AKWarm certified energy rater, and homeowners select improvements to be made from a list provided by the energy rater. Energy improvements must be completed within 1 year of closing, with the maximum loan amount at $30, 000.

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Purchase Programs

Veterans Mortgage Program

Since May 30, 2006, the Veterans Mortgage Program has helped qualifying veterans to purchase single-family residences at lower interest rates and with downpayment assistance. The Veterans Mortgage Loan may be refinanced through long-term financing, and may be used in conjunction with the Tax-Exempt First-Time Home Buyer Program.

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Rural Owner-Occupied Loan Program

Designed for homebuyers located within designated small communities, the Rural Owner-Occupied Loan Program offers lower interest rates for the first $250, 000 of the loan amount to eligible applicants. Loans over this amount receive a blended interest rate, and mortgage insurance is required if the downpayment is less than 10%.

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Rural Non-Owner Occupied Loan Program

Alaskan residents, businesses, local government entities and regional education attendance areas may be eligible for the Rural Non-Owner Occupied Loan Program. Eligible properties must be located within a designated small community, with the lower interest rate applicable to the first $250, 000 of the loan amount. Loans over this amount receive a blended interest rate.

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Taxable Loan Program

Although this program has no specific criteria, eligible borrowers must fall within the general requirements for all AHFC single-family home loans, such as borrowers must be current on all credit payments and without any outstanding payments. They must also occupy the home as a primary residence. The Taxable Loan Program offers a fixed interest rate for 15 to 30 years.

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Non-Conforming Program

While home characteristics or features such as an unconventional foundation system, unconventional utilities or ceiling height or a lack of central heating may make certain homes ineligible for most home loans, the Non-Conforming Program offers financing for such homes, but they must be structurally sound and nonhazardous to occupants' health and safety. The minimum downpayment required on a home in order to be eligible for the Non-Conforming Loan is 10%.

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Taxable First-Time Home Buyer Program

Designed to provide an alternative to first-time homebuyers who exceed the income or purchase limits of the Tax-Exempt First-Time Home Buyer Program, the Taxable First-Time Home Buyer Program offers lower interest rate mortgages in order top provide alternate methods of making homeownership affordable to Alaskans.

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Tax-Exempt First-Time Home Buyer Program - TEP

The Tax-Exempt First-Time Home Buyer Program offers lower than market interest rates on mortgage loans to first-time homebuyers in the state of Alaska. TEP can be used in conjunction with a FHA, VA, Rural Development or a conventional mortgage loan in order to provide affordable methods of homeownership for Alaskan families.

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Small Building Material Loan

Homebuyers located within designated small communities may be eligible for a Small Building Material Loan in order to renovate or complete property. Renovations may include such improvements as energy efficiency or added living space. Funds may be used to purchase building materials or pay for third party costs, and the maximum loan amount is $20, 000. Renovations must be completed within 6 months of closing.

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Energy Efficiency Interest Rate Reduction Program - EEIRR

Borrowers of EEIRR may purchase an existing home and make energy improvements or when purchasing energy efficient homes. Homes that can be energy rated and are otherwise eligible for a AHFC home loan may qualify for EEIRR, with the interest rate reductions applicable to the first $200, 000 of the loan amount.

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Interest Rate Reduction for Low-Income Borrowers - IRRLIB

In order to lower interest rates on any single-family AHFC loan, borrowers may apply for IRRLIB. Borrowers must be first-time homebuyers and fall within the income limits according family size and area of the property, with the interest rate reduction applicable to the first $180, 000 of the loan amount.

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Rural Enhanced Loan Program - RELP

Borrowers who live in designated, very small communities are eligible to use RELP in conjunction with the Rural Owner-Occupied Loan Program in order to finance newly constructed single-family homes. Interest rate reduction is available according to family income, with the reduction applicable to the first $200, 000 of the loan amount. If the loan amount is greater than $20, 000, then a blended interest rate is offered.

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State Veterans Interest Rate Preference

Qualifying veterans may combine the State Veterans Interest Rate Preference with most single-family loan, with a 1% interest rate reduction applicable to the first $50, 000 of the loan amount. Loans greater than this amount will receive a blended interest rate.

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Teachers' and Nurses' Housing Loan Program

The Teacher's and Nurses' Housing Loan Program may be combined with any single-family home loan program in order to release qualified borrowers from a downpayment. Education professionals must be employed full-time in a public school as a teacher, counselor, principal, vice principal or a provider of special education. Registered nurses must be employed full-time and licensed to practice nursing.

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