The Home Opportunity Program (HOP) was developed by the Alaska Community Development Corporation for low-income first-time homebuyers. HOP offers three types of assistance: down payment assistance, closing cost assistance, and a buy down of the first mortgage. Borrowers can receive up to $3,000 in closing cost assistance and up to $20,000 or $30,000 (for select households below 60% of the median area income) in total assistance.
Assistance is offered in the form of a 0% loan. Up to $10,000 of this loan is forgivable under certain conditions.
Interested applicants must be working with one of HOP’s participating lenders, which include Academy Mortgage, Cornerstone Home Lending, First National Bank of Alaska, Alaska USA Mortgage Company, Residential Mortgage, Summit Mortgage, Preferred Mortgage, Kodiak Island Housing Authority, Homestate Mortgage, Denali Federal Credit Union, First Bank, True North FCU, NeighborWorks Alaska and USDA Rural Development.
Applicants must also meet certain income limits, which depends on their location and number of members in their household. Further, applicants must finish a homebuying education course and not have any unpaid child support payments. Properties that qualify for HOP include those described as non-luxury. Houses built prior to 1978 will require an assessment and possibly lead-based paint testing and correction.
Funding for HOP is finite and assistance is offered in the order that eligible applicants are received.
Other programs in Alaska:
- Affordable Housing Enhanced Loan Program
- Cook Inlet Down Payment Assistance Program
- THRHA Down Payment Assistance Program