Finance & Loans

- Mortgages -

Alaska Housing Finance Corporation offers a wide range of loans to meet the needs of Alaskans statewide. By partnering with mortgage companies, credit unions, local banks, and certain nonprofit agencies, borrowers have the opportunity to choose an Alaska-based lender that contributes to our state’s economy with local jobs and our corporate dividend that in FY2021 totals $26.6 million.

  • The repercussions of the pandemic are rippling across Alaska. To help families experiencing financial hardships related to COVID-19, Alaska Housing Finance Corporation worked with its mortgage servicers and established a mortgage forbearance for its borrowers that provided immediate relief to families experiencing financial hardship and also put them on solid-footing, preparing them for future financial security.

    At the end of the fiscal year, 74 of AHFC’s loans were in forbearance, reflecting .52% of the Corporation’s total portfolio.

 

“Everything was explained thoroughly and was easy to understand. I will recommend this class to anyone interested in buying a home.” (HomeChoice participant)

  • Alaska Housing Finance Corporation’s popular HomeChoice™ program is a no cost, six-hour, pre-purchase homebuyer class. It is designed to help prospective homebuyers work their way through the decisions and steps of buying a home.

    HomeChoice™

    • FY2021, HomeChoice™ webinars presented to homebuyers in 71 communities serving 586 participants

    • More than 60,000 people have participated in HomeChoice™ since its debut in the early ‘90s

    • 94% of HomeChoice™ participants surveyed say they felt more confident in the purchase process after completing the course

    • 85% of HomeChoice™ participants surveyed say they would recommend the class

 

  • Alaska has one of the fastest growing elderly populations in the country. The growth of the senior population in Anchorage alone throughout the past 11 years has kept pace with the state’s average.

    Alaska Housing Finance Corporation is focused on ensuring Alaska’s seniors have access to safe, quality, affordable homes and supportive services. Along with funding major senior housing projects, AHFC keeps up-to-date inventory of all senior housing available in Alaska for independent and assisted living, and operates housing facilities for seniors and Alaskans with disabilities.

    Assisted Living Survey, MOA, Spring 2020

    Assisted Living Survey, Fairbanks, Spring 2021

 

“Thank you very much for making this class available! I got a lot out of it. Great resource!” (FinallyHome!® participant)

  • FinallyHome!® is the online version of HomeChoice™, designed for borrowers who are unable to attend the six-hour class in person due to schedule conflicts and, in 2021, due to COVID-19.

    FinallyHome!®

    • FY2021, 1,164 completed the course compared to FY2020 1,161

    • 91% of FinallyHome!® participants say they felt more confident in the purchase process after completing the course

    • 98% of FinallyHome!® participants surveyed say they would recommend the class

    • Free to participants

 

  • An unexpected scenario associated with COVID-19 has been the increase of renovation loans. With the mass move to remote work and remote learning, families are seeking ways to improve their room to Zoom!

    Renovation Loan Programs

    • AHFC purchased 99 loans with a renovation option totaling $29.6 million in FY2021.

 

  • Alaska Housing Finance Corporation offers two types of loans for first-time homebuyers who have not owned a primary residence in the last three years.

    First Time Loan Programs

    • Total First-time Homebuyer AHFC loans 7,410

    • Percent of loan count total 40.24%

    • First Home Limited

      • Offers lower interest rates for eligible first-time homebuyers

      • Must meet maximum income limits and acquisition cost limits

        • First Home

        • Designed for first-time homebuyers whose income exceeds First Home Limited income limits

 

  • Alaska Housing Finance Corporation offers several loan programs specifically designed for veterans. AHFC is among five states that received congressional authorization for its Veterans Mortgage Program supporting those who have not been discharged for more than 25 years. With lower cost capital available to support these Veterans and with bonds backed by the full faith and credit of the State of Alaska, only California, Oregon, Texas and Wisconsin provide a similar benefit to those who have sacrificed so much.

    • Owner-occupied, single-family residence

    As of June 30, 2021

    Veterans Mortgage Program

    • Total loan count 463

    • Percent of loan count total 3.27 percent