GAP Assistance Program

What is the purpose of the Down-Payment Assistance program?

  • To make home ownership possible for moderate-income Anchorage families.
  • To provide “Gap” financing.

What kinds of properties are eligible for purchase?

  • Single family properties (detached homes, condos, townhouses, PUDs) located within the Municipality of Anchorage.
  • Purchaser must occupy the property as their primary residence.
  • Mobile homes are not eligible for purchase through this program.

What is the maximum purchase price?

  • Single family property: $316,709 

Who can participate in the Gap Assistance program?

  • Purchasers must be first-time homebuyers.
  • Purchasers generally may not own other residential real estate.
  • A down payment of 3% is required and must be the borrower's own funds.
  • 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:1-2 persons 3 or more persons
    Max. Annual Income: within the Municipality        $86,266
    		           $99,206    

Loan Details

  • For purchase of single-family homes in Anchorage.
  • These are second mortgages:  minimum loan is $2,000; maximum loan is no more than 20% of the sales price; loan fee of 1% of loan amount with a minimum $250 fee and an underwriting fee of $100.
  • Loans will be fully amortized over a 30-year term; interest rate will be set at 4%.
  • First mortgages provided by participating lenders.

Participating Lenders

  • Alaska USA Mortgage Company (AK157293)
  • Denali Alaskan Mortgage
  • First National Bank Alaska
  • Homestate Mortgage (AK189191)
  • Residential Mortgage (AK167729)
  • Wells Fargo Home Mortgage MorMortgage

For More Information Call 677-8490 and ask to speak with a Loan Officer.

*6.627% APR based on $60,406 loan with a 30-year term: including 1% loan fee, $100 underwriting fee, plus other finance charges. 

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