The Cook Inlet DPA program is for qualified individuals in the Cook Inlet region. Assistance is offered in the form 30-year second mortgage loan for up to 20% of the purchase price of the property (but no more than $60,000). As of April 3, 2020, the interest rate for this loan is 4% (4.083% APR), but interest rates are subject to change.
Eligible applicants must have a minimum credit score of 640, a maximum first mortgage debt-to-income ratio of 30%, and a maximum total debt-to-income ratio of 40%. Further, all applicants must have a minimum of 2 months of “reserves” in their savings after closing. Reserves include funds to cover principal, interest, taxes, and insurance for the mortgage payment. Applicants also cannot have had a foreclosure or bankruptcy in the last 6 years. Applicants must meet the following annual household income limits (as of 2020):
2 person household: $81,600
3 person household: $91,800
4 person household: $102,000
5 person household: $110,175
6 person household: $118,350
7 person household: $126,525
8 person household: $134,700
Eligible properties must be a single-family house that serves as the homebuyer’s primary residence. The property must be located in Anchorage Borough, Kenai Peninsula Borough or the Matanuska-Susitna Borough.
Other programs in Alaska:
- Affordable Housing Enhanced Loan Program
- Home Opportunity Program
- THRHA Down Payment Assistance Program