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THRHA Down Payment Assistance Program

Alaska

Available Assistance

The THRHA Down Payment Assistance Program provides up to $20,000 in assistance funds to income-eligible applicants in the form of a 5 percent fixed rate second mortgage. This is a 10-year loan, where payment is deferred for the first five years. During this initial period, 10 percent of the loan will be forgiven each year, as long as the property remains owner-occupied. Any remaining balance will be amortized over the remaining term of the loan. The THRHA loan comes with a 1.5 percent loan origination fee and $50 processing fee. The loan amount must be repaid if the home is sold prior to maturity.

Eligibility Requirements

To be considered eligible for the THRHA Down Payment Assistance Program, all borrowers must meet certain requirements. Only Alaska Natives or Native American tribal members can receive assistance under the program. They must be first-time homebuyers, and their annual household income does not exceed 80 percent of the area median income. Applicants must complete a first-time homebuyer education class, and prove that qualification for bank loan is contingent on THRHA assistance.

Property Guidelines

Any property being purchased with THRHA funds must serve as the borrower’s primary residence, be located in Southeast Alaska, and not exceed the program’s maximum purchase price of $300,000. Mobile homes are not permitted under the program.

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