AHFC Closing Cost Assistance program
Alaska Housing can also offer a grant toward your closing costs and down payment. This grant is equal to either 3% or 4% of the loan amount, depending on your credit qualifications.
You must have a score of 640 or above to be eligible
You can get up to 4% of the purchase price of the home you’re buying. However, you may get only 3% if your credit score is particularly low
You must be buying (not refinancing) a single-family home that you’ll occupy as your primary residence
You must finance your home purchase with a 30-year fixed-rate mortgage. Eligible mortgage types include FHA loans, VA loans, and USDA loans.
As of now, the program’s status is a bit of a puzzle. Some information on the website suggests it’s not running at the moment, but other details seem to say otherwise.
To add to the confusion, there’s no word on whether any hiatus is temporary or here to stay. If you’re scratching your head like we are, the surefire way to get clarity is to give Alaska Housing a call. They’re just a toll-free dial away at 888-854-3884.
Regardless, you can learn more by visiting the AHFC webpage. And take a look at HUD’s list1 of alternative programs for Alaska.