Cook Inlet Lending Center (CILC) helps low and modest income families purchase homes in the Anchorage, Kenai Peninsula and Matanuska-Susitna regions. If you are interested in buying a home but don’t know where to start, Cook Inlet Lending Center can recommend homebuyer education classes, counseling and other resources to help you with credit repair, debt consolidation, budgeting, loan advice and the purchasing process.

There are financing options that may include grants, very low-interest loans as well as a standard first mortgage and may result in monthly mortgage payments that are likely similar to, or perhaps less than, what you are currently paying your landlord in rent.

Opening the Door

Cook Inlet Lending Center, a CIHA non-profit social enterprise can help you navigate through the complicated process of buying a home.

Cook Inlet Lending Center's 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 $65,000 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.

Working with CILC you will learn the steps needed to qualify for home purchase. Home buyers will need to qualify for a traditional first mortgage with a financial institution. Income guidelines, interest rates and payment structures vary by program and client qualifications.