Explore a Loan with Alaska Housing Financing Corporation

Alaska formed the Alaska Housing Finance Corporation in 1971 to help provide affordable housing to Alaskans. The company’s mission is to provide Alaskans with access to safe, quality, affordable housing. AHFC is self-supporting, delivering over $2 billion to the general fund of the State of Alaska since its inception, while also helping many Alaskans achieve their dream of homeownership.

AHFC offers a variety of loan programs that provide significant benefits for homebuyers and homeowners across Alaska. AHFC loan programs offer competitive interest rates, which can be lower than conventional loan rates. This can result in lower monthly mortgage payments and significant savings over the life of the loan. Not all mortgage lenders can offer these loans, so make sure you speak with an AHFC approved lender to be certain you’re obtaining the best available financing.

You can view their rates daily at: https://www.ahfc.us/buy/resources/current-rates

AHFC Offers a Variety of Loan Programs

The First Home Limited program offers lower interest rates to eligible first-time homebuyers who meet maximum income limits and acquisition cost limits. A first-time buyer is defined as someone who has not owned a primary residence for at least 36 months prior to closing on their new home. Federal regulations establish the maximum income limits and acquisition limits for this program. One and certain two dwelling unit properties are eligible for this loan program.

The First Home loan program offers first-time buyers a slightly higher interest rate than the First Home Limited program without any income or acquisition limits.

The Veterans Mortgage Program offers lower interest rates to qualified veterans. Active duty service members are eligible if they have completed their initial military obligation. Discharged veterans are eligible if their discharge date is less than 25 years prior to the date they close on their new home. Conditions of their discharge must have been other than dishonorable.

My Home loan program is available statewide for Alaskan borrowers or properties not meeting the requirements of other Alaska Housing programs.

Interest Rate Reductions for Low-Income Borrowers seeks to increase homeownership by offering subsidized interest rates of up to 1% on the first $180,000 of the loan amount, to low to moderate income borrowers depending on the family income and size.

By combining Alaska Housing financing with the Cook Inlet Lending Center Down Payment Assistance Program, eligible borrowers can purchase with down payment assistance. This allows the borrower to obtain a loan with a lower down payment versus down payment requirements on conventional loans. This makes homeownership more accessible, especially for first-time buyers and those with limited savings.

The AHFC Renovation Loan Program helps improve Alaska’s aging housing stock. It allows borrowers to purchase a property with extra funds being set aside at closing for future home improvements. The loan to value is based on the as-completed value of the home. The appraisal must address the planned renovation with the estimated market value of the home after the renovations are complete. Utilizing this program, you can increase your home’s value and energy efficiency, and improve the home design appeal.

For new construction buyers, AHFC offers up to one year interest rate protection. By utilizing a long-term rate lock with a float down option, buyers can take the worry out of where rates will be when their new home is ready to occupy.

If you’re concerned about your credit, explore AHFC’s options. Unlike many other loan programs, Alaska Housing prices their loans the same for anyone with a credit score at 620 or higher. This can make your home more affordable.

We have mentioned some of the most popular AHFC loan programs and features. These programs help many homebuyers reach their homeownership goals. There is no guarantee that all borrowers will qualify. Restrictions may apply.

Call us to explore how Alaska Housing Finance Corporation can help you get into your dream home.

Richard Mantyla

Mortgage Loan Originator

NMLS 196418

(907) 230-4747

mantylar@residentialmtg.com

Richard Mantyla has worked as a mortgage loan originator in Anchorage, Alaska since 1984. He’s committed to assisting clients to help them realize their dream of homeownership through first class personal customer service with integrity. Mantyla is Residential Mortgage’s top closing loan officer for 2014-2023.