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Down Payment Assistance For Alaskan Homebuyers
Dated: August 12 2019
Saving enough money to pay for the down payment is one of the reasons why many delay their homeownership. If you are one of them, this program may be for you.
The NeighborhoodLIFT Program
The neighborhoodLIFT program, a collab between one of the world's largest bank Wells Fargo and a non-profit organization NeighborWorks America promises thousands of dollars home buying help for eligible Alaskans to help working families achieve their American dream of owning a home.
This has been launched in 2012 and has been in operation around the country but this will be the first year it will be available in Alaska.
Funds will be provided as a five-year forgivable loan program for owner-occupied properties and will be forgiven at 20% each year as long as the buyer resides in the property.
What's in it for me?
In Anchorage, there will be a limit of $104,900 for a family of four. Buyers who can qualify will get $10,000 assistance to use for the down payment and closing costs for qualified homes. Teachers, emergency responders, veterans and service members can get as much as $12,500. There will be an income limit set for the borrower though.
Aside from giving the payment assistance, they will also provide homebuyer education to help you prepare on finding, financing and managing the responsibilities of owning a home.
When will it be available?
It will be available starting August 12, 2019. To learn more about the eligibility requirements, visit the nearest Wells Fargo Home lending office or visit their website.
This innovative program has been designed to help hundreds of Alaskans get their own home.
If you are looking to buy a home in Alaska especially in Anchorage, call or text 907 570-6757 or 907-720-4663, we can help!
Vanna has called Alaska home for the past 15 years. As a mother, real estate investor and previous business owner, Vanna brings many different perspectives when working for her clients. She has been a....