Whether you’re struggling to make your mortgage payments or faced with an unexpected repair expense in Alaska, there is help available to you! While researching low income home buyer programs in Alaska, we stumbled across several helpful programs for those who already own their own homes.
Alaska Housing Finance Corporation offers special programs for Alaska homeowners.
Low income homeowners nationwide have a hard time meeting their mortgage payments. If you are at risk of foreclosure because you’re struggling to make your housing payment, these programs can help you!
Renovation Loans are available for up to $318,075 depending on your home’s appraisal. You can use these funds to improve a home you already own. Since most Anchorage homes were built in the 1970s and 1980s, this loan program is designed to improve Alaska’s aging housing market and increase energy efficiency.
Second Mortgage Program allows Alaska borrowers to obtain a second mortgage to finance home repairs.
Second Mortgage Program for Energy Conservation enables borrowers to obtain up to $30,000 in financing to make energy-efficient upgrades to their homes. All improvements must be completed within one year of the loan’s closing. The $30,000 second mortgage has a loan term of 15 years and uses the Taxable Program interest rate plus .5 percent.
Streamline Refinance for AHFC Borrowers empowers borrowers who are already working with the Alaska Housing Finance Commission to quickly and easily refinance their home. No appraisal or credit check is required.
Refinance for Non-AHFC Loans allows borrowers who are not currently financed through AHFC to improve their loan terms or obtain renovations for home improvements.
The maximum loan amount is limited to the current unpaid principal balance plus up to 30 days unpaid interest and new loan closing costs. The cost of renovations or improvements may also be included based on insurer and/or guarantor approval.
Avoid foreclosure in Alaska with these resources.
Homeownership Preservation Center can help Alaska homeowners avoid foreclosure! Contact them right away at 1-888-995-HOPE (4673) for more information about their resources.
Neighborworks Alaska provides helpful training and services to help you insure your home, maintain your home and avoid foreclosure. Call them at the first sign of trouble when you can’t make your mortgage payments!
Alaska cities and counties may offer additional assistance.
Anchorage is home to the North Pacific Rim Housing Authority, which has excellent programs for Alaskan homeowners who are also Alaskan Native or American Indian families. They can provide up to $30,000 in free weatherization services. They can also provide grants and loans to Mutual Help homebuyers who need to expand their current homes. They also have a Major Repair Loan Fund that can provide loans up to $5,000 to assist with heating systems repair, replacement, septic replacement, roofing repair, and other needs.
Fairbanks is home to the Interior Regional Housing Authority, which provides funding and assistance with home rehabilitation for Alaskan Native and American Indian homeowners in the service area. You must meet income and other guidelines to qualify. This agency can also provide weatherization services (which help the home stay warmer) and up to $15,000 in disability modifications for seniors.
Juneau is home to Tlingit Haida Regional Housing Authority, which provides free weatherization services, assistance with emergency repairs, home maintenance assistance and more for native and non-native households in the southeast Alaska area.