Fixed-Rate Mortgages

A fixed-rate mortgage (FRM) may appeal to Alaskan borrowers who don’t want to deal with potentially rising payments and interest rates. Since these things don’t change on a fixed-rate mortgage, the borrowers are able to plan and budget long-term. If market interest rates decline significantly, refinancing might be a desirable option. Most fixed-rate mortgages are paid off in 30 years, but 20, 40 and other term lengths are available.

Alaska Housing Finance Corporation (AHFC) Programs

Alaska Housing Finance Corporation (AHFC)

• (Tax Exempt) AHFC First Time Home-Buyer:
  The AHFC offers a lower interest rate to first time homebuyers. Eligibility requires that the borrower has not owned a home in the past three years.
• (Taxable) First Time Home-Buyer:
  The AHFC offers a reduced interest rate to borrowers without the acquisition cost limits, income limits or recapture provisions of the tax-exempt program.
• (VMP) AHFC Veterans Mortgage Program:
  Eligible veterans can acquire financing at lower interest rates. Eligibility requires that the veteran was not discharged from active duty service more than 25 years prior to the application date.
• AHFC Rural Owner-Occupied Loan Program:
  This program offers financing to construct, purchase or renovate owner-occupied homes in small communities.