THRHA Down Payment Assistance Program

The Tlingit Haida Regional Housing Authority (THRHA) Down Payment Assistance Program is meant to help income-eligible Native Americans or Alaskan Natives with down payment and closing costs. As much as $20,000 is offered in the form of a second mortgage with a ten-year term and a 5% fixed rate.

For the first five years of the loan, payment is deferred and 10% of the loan is forgiven for each year that the house serves as the applicant’s primary residence. After the first five years, payments will need to be made for the duration of the loan term until the remaining balance has been paid off. The full amount will become due if the house is sold before the 10-year term.

Applicants must pay a 1.5% loan origination fee as well as a $50 processing fee. In addition to being Native Americans or Alaskan Natives, eligible applicants must also be first-time homebuyers, live in the southeastern part of Alaska, and have an annual household income that’s not more than 80% of the area median income. Individuals will also have to finish a homebuyer education course and show that THRHA funds are necessary to be qualified for a bank loan.

Houses purchased using the THRHA DPA program cannot have a purchase price of more than $300,000, cannot be a mobile home, and must be the applicant’s primary residence.

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