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Conventional loans have stricter eligibility requirements compared to government-backed mortgages. These loans are available for one-to four-unit dwellings, including owner-occupied and non-owner-occupied investment properties.

VA home loans are offered to eligible veterans, service members and spouses of the U.S. military. They require a low down payment (often zero down) and are guaranteed by the federal government. Fannie Mae Home Ready® Mortgages The Home Ready mortgage is designed for today’s creditworthy low-income borrowers. It features a low down payment of as little as 3% and cancellable mortgage insurance once the borrower’s equity reaches 20%. Eligible borrowers can satisfy their homeownership education requirement through Fannie Mae Home View®, an online course that provides a 360-degree perspective on the home-buying process.

Loans FHA loans were originally designed to help low-to moderate-income borrowers become homeowners. However, there is no income requirement to be eligible. FHA loans have a limit on loan amounts and come with other conditions. FHA requires both upfront and annual mortgage insurance for all borrowers, regardless of the amount of down payment. Eligible borrowers can pay as little as 3.5% of the home’s purchase price for adown payment. The federal government insures FHA loans under the U.S. Department of Housing and Urban Development (HUD). These loans can fund a home purchase and refinance an existing loan.

First National offers Section 184 financing to eligible Alaska Natives and Native Americans throughout Alaska. Eligible borrowers can get into a home with a low down payment and no monthly mortgage insurance. The Office of Loan Guarantee within HUD’s Office of Native American Programs guarantees the Section 184 home mortgage loans.

• Low down payment
• No monthly mortgage insurance
• No income limits
• Available throughout Alaska

The federal government guarantees the Rural Development home loan program under the U.S. Department of Agriculture (USDA). This program offers low down payment loans to finance homes located in eligible rural areas, as defined by USDA.

AHFC offers a wide array of loan programs and options to help eligible Alaskans qualify for an interest rate reduction to purchase, renovate, or improve the terms of their existing loans.