Home Ownership Program
Homeownership Program (HOP): for the low-income family that can’t quite obtain a home loan from conventional methods. This program offers homes to those that meet the IRHA and HUD requirements to purchase a home from IRHA over a 20 year period. Monthly payments are based on the household’s monthly income.
The intent of this program is to help people who cannot acquire a conventional mortgage to become homebuyers. This program is essentially a 20-year mortgage at 4% interest.
- Applicants are required to pay a Minimum Monthly Payment (MMP) of $250 or 30% (Fairbanks), 15% (Rural) of their Adjusted Gross Income (AGI), whichever is greater.
- Clients must provide a one-time (nonrefundable) fee of $1500 for down payment and processing.
The family must meet requirements as established by HUD/NAHASDA:
- Have a household income at or below the HUD income limits
- Be an Alaskan Native or American Indian
- Have a steady Income (which is not derived from assistance)
- At least 18 years old
- Provide an updated Criminal History from local Trooper Station
The homebuyer is responsible for maintaining all the utilities and maintenance on the home for the duration of the mortgage.