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Home Opportunity Program

Alaska

Available Assistance

The Home Opportunity Program provides assistance funds in the form of a zero-interest loan, with the first $10,000 conditionally forgivable over a five-year period. These funds must be repaid if the homebuyer does not continue to own and occupy the purchased property for the required “period of affordability.” Funds provided under the HOP program are secured by a Note and Deed of Trust executed by the homebuyer. The portion of the loan that is not forgiven is a loan with no interest held by a note, which must be repaid in case the home is sold or refinanced. HOP assistance funding is very limited and will be available on a first come, first served basis. In addition to down payment assistance, applicants who qualify can receive up to $3,000 in closing cost assistance and a buy-down of the first mortgage, if necessary.

Eligibility Requirements

In order to be considered eligible for the Home Opportunity Program, applicants must meet certain requirements. Applicants must be first-time homebuyers. Only low-income families are eligible; applicants must have an annual household income less than 80 percent of the area median income as determined and regionally adjusted by HUD. All homebuyers must also attend a homebuyer education class approved by Alaska Housing Finance Corporation (AHFC). The homebuyer may not be in arrears on any child support obligation.

Property Guidelines

Any property being purchased with HOP funds must serve as the applicant’s primary residence and must meet required property standards. Any homes built before 1978 must undergo a visual assessment and possible stabilization of lead-based paint. Properties must be of non-luxury nature and must fall within the program’s purchase price limits for each area:

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