Down Payment Assistance for First-Time Homebuyers
Coming up with the money for a down payment is often the largest hurdle facing first-time homebuyers. Fortunately, there is help available in the form of down payment assistance. First-time homebuyer down payment assistance programs are available in every state. Many states have set up agencies to provide special programs to help potential first-time buyers overcome the obstacles in buying their first home.
Many states offer outright cash grants for the down payment, while others will provide a low- or zero-interest loan to cover the down payment. Alaska USA works with state agencies to provide borrowers access to these down payment assistance programs.
In most instances, these programs make it possible for first-time homebuyers to afford a mortgage when they would not be able to do so the conventional way. In many states, the programs provide substantial or even total down payment assistance.
Alaska USA is able to offer a wide variety of loan options specifically designed for first-time homebuyers. Once you have met with a loan originator and reviewed the variety of loan options, you can move forward and get prequalified. Your loan originator will review your credit report and explain how your credit affects your purchasing power.
Your loan originator will give you a list of documents that you need to bring in to be reviewed by local underwriters. Common documents requested are:
Alaska USA may ask for additional items that are required based on the specific first-time homebuyer loan that you choose based on your specific financial status or situation.