Affordable Housing Enhanced Loan program (AHELP) Helping Alaska Homeowners

Alaska

The Affordable Housing Enhanced Loan Program (AHELP) is aimed to encourage affordable The Affordable Housing Enhanced Loan Program (AHELP) is aimed to encourage affordable homeownership in collaboration with other agencies. It assists Alaska Housing in fulfilling its basic objective of providing high-quality, safe, and affordable housing to low- and moderate-income Alaskans. Homeownership helps families and individuals improve their quality of life while also strengthening neighborhoods and communities. This program is administered by the Alaska Housing Finance Corporation, governed by the Bylaws of the Alaska Housing Finance Corporation. Alaska Housing has contributed more than $2 billion to the state in the form of direct dividends for the General Fund, the state’s funding source for all services and programs.

For more information on getting a grant and also learning about refinance programs, take a look at this.

AHELP provides down payment help or secondary financing to qualified customers. The assistance may be a grant, deferred payment(s), a forgivable loan, or a combination of these options and may come from a local, state, or federal governmental agency, nonprofit agency, or regional housing authority. There are certain requirements that must be met by both the owner and the property in order to be eligible. Applicants must not own other residential real property in the same general area. They must participate in an approved homebuyer education class. If there are two borrowers, only one is required to complete a class. Owner-occupied single-family homes, condominiums, units in a Common Interest Community, and Type I prefabricated homes are the only properties that qualify. Homes that are 10 years old or older must be inspected by an authorized home inspector.

If you are interested in this program, the first step is to contact an approved lender. For more information, call Alaska Housing Mortgage Operations at 907-330-8400 or toll-free at 888-854-3884.

The Alaska Housing Finance Corporation also administers the Interest Rate Reduction for Low-Income Borrowers (IRRLIB) and offers subsidized interest rates to low-income borrowers depending on family income and size. Reductions of 0.5% or 1% are available depending on family income, which may not exceed income limits for the area. The interest rate reduction applies to the first $180,000.00 of the loan amount and loans exceeding $180,000.00 receive a blended interest rate rounded up to the next 0.125%. Eligible properties are limited to owner-occupied single-family residences, condominiums, units in a Common Interest Community, and Type I manufactured homes.

For more information on getting a grant and also learning about refinance programs, take a look at this.

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