2015 First Time Home Buyer Programs for Alaska Second Mortgage Program for Energy Conservation Second Mortgage Program for Energy Conservation - Qualified borrowers can participate in this second mortgage program to make energy improvements their homes. The maximum loan amount offered through this program is $30,000, and the maximum loan term is 15 years. All approved improvements must be completed within 365 days of the loan closing. Qualified buyers in Alaska may apply. VA Loan Great fixed rate programs for veteran buyers or active duty military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard (Military Reserve are eligible with 6 years of service) with no money down or down payment required or private mortgage insurance. There is a 620 minimum credit score. USDA Rural Development Loan The USDA Rural Development Loan is a zero down loan, meaning you can finance the entire price of the property. The biggest stipulation is that the property must be located in targeted rural area. Credit score minimum is 620. Seller can pay 6% of purchase price toward buyers closing closing costs. State Veterans Preference Program State Veterans Preference Program - Alaska created a program dedicated solely to service men and women to assist with the homebuying process. With the Preference program, qualified veterans can receive a 1 percent interest rate reduction on the first $50,000 of their original loan amount. Any amount on the loan beyond $50,000 will receive a blended interest rate rounded up to the next 0.125 percent. Qualified buyers in Alaska may apply. Nuenesta Nuenesta is Alaska?s take on a closing cost assistance program. Nuenesta offers a 30 year fixed interest rate with closing assistance equal to 4 percent of the loan amount. In order to qualify, a borrower must have a minimum 640 credit score. Nuenesta can be paired with first mortgage loans, however refinance loans do not qualify. Qualified buyers in Alaska may apply. Interest Rate Reduction Program for Low-Income Borrowers Interest Rate Reduction Program for Low-Income Borrowers offers subsidized interest rates for low income borrowers to make homeownership more attainable. Interest rates are reduced based on family income, family size and location. Qualified buyers in Alaska may apply. Energy Efficiency Interest Rate Reduction Program Energy Efficiency Interest Rate Reduction Program - Alaska offers interest rate reductions when financing new or existing energy efficient homes or improvements. Interest rate reductions will apply to the first $200,000 of the loan amount. Any loan that exceeds $200,000 will receive a blended interest rate rounded up to the next 0.125 percent. Qualified buyers in Alaska may apply. Assistance Provider Rate Reduction Assistance Provider Rate Reduction was developed to help live in caretakers of disabled residents find better housing opportunities. The borrowers (caretakers) are eligible to receive an interest rate reduction of up to 2 percent with an interest rate of around 2.5 percent. There must be at least two residents in a home, but no more than five. Qualified buyers in Alaska may apply.
Affordable Housing Enhanced Loan Program Affordable Housing Enhanced Loan Program is offered in the form of either a grant, deferred payment(s), or forgivable loan. Occasionally this grant can be paired with other closing cost and down payment assistance options. Qualified buyers in Alaska may apply. FHA Loan The FHA Loan has a low down payment of 3.5%. There is a minimum credit score of 580 and the entire down payment can be a gift, or from state assistance programs or grants. Lastly sellers can pay 6% of purchase price toward buyers closing.
To apply visit http://buyerprograms.net/alaska