Down-Payment Assistance for Low- to Moderate-Income Families

What is the purpose of the NeighborHomes program?

To make home ownership possible for low- and moderate-income Anchorage families.
To fill the gap between what you can afford and the cost of housing.

Single family properties (detached homes, condos, townhouses, PUDs) located in the Municipality of Anchorage (excluding Girdwood).
Purchaser must occupy the property as their primary residence.

Purchasers must be first-time homebuyers.
Purchasers generally may not own other residential real estate.
Purchasers’ liquid assets must not exceed $45,000.
Home buyer counseling and post-purchase counseling are required for all purchasers.
Maximum income limits apply:

Family Size 1 person 2 people 3 people 4 people 5 people

Max. Annual Income $ 44,950 $ 51,400 $ 57,800 $ 64,200 $ 69,350

Family Size	1 person	2 people	3 people	4 people	5 people
Max. Annual Income	$ 44,950	$ 51,400	$ 57,800	$ 64,200	$ 69,350

These are second mortgages: maximum loan is 20% of the sales price not to exceed $45,000; minimum is $1,500.
3.5%* interest rate, 25-year term (interest-only payments for the first 5 years) for loans less than 40,000. Loans over $40,000 ** will be fully amortized for a 25-year term.
Loan fee 1% of the loan amount or $250 which ever is greater, plus a $75 underwriting fee.
First mortgages provided by participating local lenders.
Purchasers must generally make a minimum 2-3% down payment, depending on the loan amount, from their own resources.

*5.95% APR based on $15,000 loan with a 25-year term, first 5 years interest only including $250 loan fee plus other finance charges.

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