You may qualify for down payment and closing cost assistance programs.
Residential Mortgage is offering home buyers down payment and closing cost assistance grants through the Federal Home Loan Bank of Des Moines.*
Home$tart and Home$tart Plus
These programs are available to qualifying home buyers earning up to 80% of area median income for the location of the residence being purchased. Median income information for Alaska communities can be found on the Department of Housing and Urban Development (HUD) website at www.huduser.org. Income limits are adjusted based on household size.
Home$tart and Home$tart Plus recipients must also:
- Qualify for mortgage financing with their Residential Mortgage.
- Complete a home buyer education class if first-time home buyer.
Home$tart Plus participants must be receiving public housing assistance.
Home$tart participants may receive up to $5,000 in grant funds. Home$tart Plus participants may receive up to $10,000.
Native American Homeownership Initiative (NAHI). To qualify for this program, at least one of the adult members of the household being assisted must be an enrolled member of a federally recognized tribe, or a member or shareholder of an Alaska Village or Regional Corporation. In addition, the home buyers can only earn up to 80% of area median income for the location of the residence being purchased. Median income information for Alaska communities can be found on the HUD website. Income limits are adjusted based on household size.
NAHI recipients must also qualify for mortgage financing with Residential Mortgage and complete a home buyer education class if first-time home buyer. NAHI participants may receive up to $10,000 in grant funds.
Home$tart, Home$tart Plus and NAHI grants may be used for down payment and closing costs towards the purchase of single-family homes, manufactured homes, condominiums and other types of residences. You may also be able to use it to renovate a new residence. The home you purchase must be used for your primary residence.
If your home is purchased with assistance, it’s subject to a five-year deed restriction requiring that you return a portion of the grant if you sell your home within five years. If you sell your home at a net loss or to another low- or moderate-income home buyer or if you lose your home through foreclosure, the prorate amount owed on your grant will be forgiven. However, if you live in the home for at least five years, you never have to repay the grant.
To see if you qualify, contact us today.
*Grants available on a first-come, first-served basis.