The Rural Owner Occupied Loan Program provides financing to purchase, construct, or renovate owner occupied single-family residences or duplexes. Properties must be located in small communities as defined in Alaska Statutes (AS) and Alaska Administrative Code (AAC). This program can be used in conjunction with the Rural Federal (Housing and Urban Development) HUD Section 184 Loan Guarantee Program.
Maximum Loan Amount:
Down Payment/Closing Cost:
$500,550 for SFR, $640,725 for Duplex
15-year or 30-year
AHFC Rural Housing Interest Rate *
1% Origination Fee, plus 1/8% Commitment Fee
Borrower must pay out of pocket; funds may be combined with other assistance programs. THRHA does not offer Private Mortgage Insurance (PMI) therefore a larger down payment may be required.
- Available to Alaska residents native and non-native who live in small communities
- Subject property must be in a rural Southeast Alaska community (excludes Juneau, Ketchikan, and Sitka)
- Property must be owner occupied
- No income restrictions, however new mortgage payment may not exceed 28% of total gross with a total debt of 36%.
* Interest rate is applied to the first $250,000 only. The balance is at the Rural Rate plus 1%.