Loan Programs

The Keys to Success
Helping lower-income families become homeowners is the cornerstone of CIHA’s efforts. We strive to ensure that you are successful from the day you apply through the day you set foot in your new home.

If you are interested in buying a home but don’t know where to start, CIHA can recommend homebuyer education classes, counseling and other resources to help you with credit repair, debt consolidation, budgeting, loan advice and the actual purchasing process.

Opening the Door
CIHA, through Cook Inlet Lending Center - a CIHA non-profit social enterprise, can help with down payment and closing costs as well as secondary financing– all of which lead to more affordable house payments for you. You can buy a home anywhere within the Municipality of Anchorage, the Matanuska-Susitna Valley and certain areas of the Kenai Peninsula. CIHA also builds a limited number of homes for sale each year to qualifying families.

Cook Inlet Lending Center's (CILC) financial assistance is typically offered in the form of a second mortgage loan secured by the property. CILC provides maximum 3% interest rate loans, helping clients purchase better quality homes by effectively “buying down” their monthly payments. Programs are available for families with annual household incomes up to 80% of the area median income (approximately $64,000 for a family of four, for example). Elderly and disabled households, as well as households earning 60% or less of area median income, may be eligible for a deferred payment structure.

Income guidelines, interest rates and payment structures vary by program and client qualifications.

CILC expects that the first mortgage will be funded by a conventional Alaska Housing Finance Corporation (AHFC) loan program. The lending institution is responsible for approving or denying the first mortgage loan.

Homeownership counseling is also provided as the applicant progresses from being an applicant to a homebuyer.

Interested?
If you are interested in learning more about homeownership loan opportunities please call 907-793-3058, or stop by our office located at 3510 Spenard Road, Suite 102, Anchorage, Alaska 99503.