Home Loans and Support

AHFC Approved $625,000 Zero-Percent Loan to Increase Homeownership in Fairbanks

Anchorage, AK (Source: AHFC) — Qualifying Alaskans will have greater access to homeownership through a $625,000 loan approved by the Alaska Housing Finance Corporation board of directors. The loan will allow Fairbanks Neighborhood Housing Services, Inc. (FNHS) to continue its down-payment assistance loan program for under-served markets and provide assistance to borrowers who would not qualify for home ownership due to income limitations, down-payment requirements, loan-to-values, or other considerations.Since July 1993, AHFC has loaned a total of $4.675 million to FNHS, which in turn has closed a total of 285 loans under this program. Loans to Sponsors (LTSP) is a program under which AHFC, subject to the availability of funds, makes zero percent loans to non-profit corporations, regional housing authorities or government entities to make homeownership more accessible to low- to moderate-income borrowers. Currently eight Sponsors, consisting of five nonprofits and three regional housing authorities, administer approximately $16.5 million in low-interest loans to 545 low- to moderate-income borrowers. Sponsors are limited to an annual allocation of $625,000.

Eligibility for the loans is based on 80 percent of the median income for the area, adjusted for family size and property location, as well as the lending criteria established by FNHS’s guidelines. AHFC’s loan is repaid by FNHS from the recipient’s payments paid to FNHS.

In consideration of rising energy costs and the fact that recipients are income eligible for AHFC’s Weatherization Program, AHFC has amended the program to include a requirement that FNHS counsel the recipients about the benefits of the Weatherization Program and encourage their participation.

AHFC is a self-supporting public corporation with offices in 16 communities statewide. It provides statewide financing for multi-family complexes, congregate facilities, and single-family homes, with special loans for first-time home buyers, low- and moderate-income borrowers, veterans, teachers, nurses, public safety officers, and those living in rural areas of the state. AHFC also provides energy and weatherization programs, low-income rental assistance in 17 communities, and special programs for the homeless. Since 1986, AHFC has contributed more than $1.9 billion to Alaska’s State budget revenues through cash transfers, capital projects and debt service payments.

For more information about Loans to Sponsors, contact: Eric Havelock, Multi-Family Underwriter Supervisor, 907 330 8245, ehaveloc (at) ahfc.state.ak (dot) us

For more information about AHFC, contact; Sherrie Simmonds, Corporate Communications Officer, 907 330 8447, ssimmond (at) ahfc.state.ak (dot) us


About Alex Ferreras

LoanSafe.org is America's #1 consumer mortgage forum with over 32,000 members. Get the latest news, information and tips from an online community you can trust.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Get free unbiased help with your tough questions. Start your own threads and post replies with over 60,000 people just like you.

LoanSafe Forums

TESTIMONIALS

"Hello Moe, I just wanted to tell you, your website has saved my life (literally), I stumbled on your site in the middle of losing my home, I was able to network with people going through the same thing as I am. I didn't feel alone anymore, I have tried to give back and counsel those that haven't walked in my shoes yet. We hear so much about what is wrong with America, I just wanted you to know, you are whats "right" with America."

Nina Mitchell
Loansafe & MoeSeo Inc. © 2014 | LoanSafe.org is not a bank, lender, mortgage broker, law firm or affiliated with the US Government. Privacy Policy