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:

1. Have a household income at or below the HUD income limits
2. Be an Alaskan Native or American Indian
3. Have a steady Income (which is not derived from assistance)
4. At least 18 years old
5. 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.