Cook Inlet Lending Center FAQs
Who is eligible to participate in your programs/products?
CILC offers two mortgage products (Section 184 and Down Payment Assistance) each with different eligibility guidelines. Anyone who falls within the eligibility guidelines for the Down Payment Assistance product, regardless of age, race, religion, color or disability, is eligible. Specific properties or developments may have different income limits. Contact us for more information regarding these programs and eligibility guidelines.
What is the income cutoff?
Income eligibility guidelines only apply to some of our products. Income eligibility is determined by your household size and by the AMI as set by the Department of Housing and Urban Development (HUD). AMI is set annually by HUD.
How does financing work with your program?
There are several financing programs available for homes in the Anchorage, Matanuska-Susitna and Kenai Peninsula regions. Cook Inlet Lending Center assists potential homebuyers navigate the mortgage process. CILC offers Individual Development Accounts, personal finance forums, and first and second mortgage loans that eliminate Mortgage Insurance Premiums.
In our efforts to revitalize certain neighborhoods with quality, affordable housing we offer special financing programs for homeownership opportunities.
Please contact us and we will walk you through the programs that are available.
Do I have to do anything different to participate in your loan program than I would with a conventional mortgage loan?
Yes, but only for our second mortgage ( also known as the downpayment assistance program), you must participate in the AHFC Home Buyer Education class and acquire a Certificate of Completion. You may sign up for the class at www.ahfc.us or call 330-8437 for class information. This is not a requirement for the 184 loan program.
What is IDA?
IDA stands for Individual Development Account – it is a way for eligible homebuyers to save $1,000 and receive a grant of $4,000 to be used for down payment expenses. Cook Inlet Lending Center has an IDA specialist on staff to help you create an individual financial plan to reaching your savings goal and improve and strengthen your credit so that you are ready to become a successful home buyer.
Please contact us at 793-3058 or visit our CILC website if you have additional questions.