First-Time Homebuyer Applications and Grants in Alaska


The Alaska Housing Finance Corporation (AHFC) offers low-interest mortgage loans, and down payment and closing cost assistance to first-time home buyers and repeat buyers.

This article takes a look at the requirements and provides links to the homebuyer program page for every city in Alaska.

Get Pre-Approved for a Mortgage and Check Rates

If you are unable to pay your mortgage or rent payments due to Covid please visit the AHFC website.

National First-Time Homebuyer Loans

  • FHA LoansFHA home loans are very popular with first-time homebuyers cause they require a 580 credit score with just a 3.5% down payment. Debt-to-income ratios up to 50% are allowed making them perfect for low-income borrowers.
  • Conventional LoansConventional loans require a 620 credit score and a 5% to 20% down payment. If you put 20% or more down, mortgage insurance will not be required.
  • USDA LoansUSDA mortgage loans are for low-to-median income borrowers buying a home located in a USDA-eligible rural area. They provide 100% financing with a 620 or higher credit score. Mortgage insurance is required but the rate is the lowest of any type of mortgage program available.
  • VA Loans – Veterans of the U.S. military may be eligible for a VA home loan. No down payment or mortgage insurance is required and veterans with a 580 to 620 credit score are eligible.
  • HomeReady and Home Possible Loans – Freddie Mac and Fannie Mae created the HomeReady and Home Possible loan programs for low-income first-time homebuyers whose income does not exceed 100% of the area median income requiring just a 3% down payment and a 620 credit score.

Get Pre-Approved for a Home Loan Today

Helpful Resources


Who is Eligible

Alaska considered anyone who has not owned a home in the last three years a first-time homebuyer. AHFC programs are primarily for first-time homebuyers but there are some programs for repeat buyers.

  • Reside in Alaska
  • Must qualify for a mortgage loan
  • Buyers who haven’t owned a home in 3 years are considered first-time homebuyers
  • A $250 closing credit to buyers who take a free HomeChoice homebuyer course
  • Must be your primary residence
  • Single-family homes, multi-unit properties, condominiums, and manufactured homes


Statewide Programs

Programs by City


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