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.
What kinds of properties are eligible for purchase?
- 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.
What is the maximum purchase price?
- Single family property: $320,769
Who can participate in the NeighborHomes program?
- 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 $ 45,100 $ 51,550 $ 58,000 $ 64,400 $ 69,600
- 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.
- Alaska USA Mortgage Company (AK157293)
- Denali Alaskan Mortgage
- First National Bank Alaska
- Homestate Mortgage (AK189191)
- Residential Mortgage, LLC (AK167729)
- Wells Fargo Home Mortgage
For More Information: Call 677-8490 and ask to speak with a Loan Officer.
*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.