Make Homeownership a Reality
Down Payment
Assistance Loan
What is a Down Payment Assistance Loan
The Down Payment Assistance (DPA) loan product provides assistance for home buyers who are purchasing a single-family home (including condominiums, PUDs, and other single-unit properties approved by the primary mortgage lender) in the Anchorage Borough, Kenai Peninsula Borough, or the Matanuska-Susitna Borough. Applicants using this product will be expected to occupy the home as their primary residence.
Loan amounts for the DPA vary and may not exceed 20% of the purchase price, with a maximum of $75,000. This loan is considered a second mortgage, so applicants will also need to meet first mortgage loan-to-value (LTV) requirements from their primary lender. The DPA loan currently offered has a 5% fixed interest rate over a 30-year term with an Annual Percentage Rate (APR) of 5.206%. Interest rates are subject to change.
The DPA loan is designed to increase homeownership and affordable housing opportunities primarily for eligible applicants in the Cook Inlet Region area. When combined with a first mortgage product, a DPA loan can provide the benefit of avoiding monthly mortgage insurance, which lowers the borrower's overall housing payment. This benefit helps our families save money and have increased buying power.
The DPA
Loan Process
Contact a local mortgage loan specialist to prequalify for a primary mortgage loan.
Apply for the CILC Down Payment Assistance loan and receive your program pre-approval letter after providing the necessary documents.
Schedule and obtain a Certificate of Completion for the AHFC HomeChoice or other HUD-approved homeowner education program.
Shop for a home, execute a purchase contract, and contact CILC to complete the DPA loan process.
Dear Valued Partners and Community Members,
Cook Inlet Lending Center is committed to expanding homeownership opportunities throughout Alaska while honoring our mission to vigorously pursue opportunities that support Alaska Native communities.
Effective immediately (4/8/2025) and until further notice, we are updating our Down Payment Assistance (DPA) loan eligibility guidelines:
Alaska Native and American Indian borrowers: Households with incomes up to 120% of Area Median Income (AMI) are eligible
All other Alaska residents: Households with incomes up to 80% of Area Median Income (AMI) are eligible
Pre-qualification for a primary mortgage with an eligible mortgage lender.
Evidence of two (2) months reserves - includes the total payments for the primary mortgage and DPA loan.
No bankruptcy or foreclosure in the past six (6) years.
NOTE - Additional underwriting requirements will be reviewed prior to approval and closing, including, but not limited to, a minimum credit score of 620 and a completed inspection of the subject property with all health and safety concerns addressed.
Additionally, our DPA program will now be limited to first-time homebuyers, defined as individuals who have not owned residential property within the past three years.
These adjustments reflect our current funding sources and allow us to continue providing critical support while maximizing our impact across Alaska's diverse communities. We remain dedicated to creating pathways to homeownership for all Alaskans while acknowledging our special responsibility to support Alaska Native communities.
We appreciate your understanding and continued partnership as we work together to help more Alaskans achieve the dream of homeownership.
For questions or more information, please contact our lending team.
Sincerely, Benjamin Reynolds - Residential Lending Manager
Eligibility
ANAI Income Limits
By Household Size as of 4/1/2025 for Alaska Native and American Indian Borrowers - please contact us for current income limits
1 Person - $96,075
2 Person - $109,800
3 Person - $123,525
4 Person - $137,175
5 Person - $148,200
6 Person - $159,150
7 Person - $170,100
8 Person - $181,125
Alaska
1 Person - $108,375
2 Person - $123,900
3 Person - $139,350
4 Person - $154,800
5 Person - $167,250
6 Person - $179,625
7 Person - $192,000
8 Person - $204,375
Anchorage
General Income Limits
By Household Size as of 4/1/2025 for all other Alaska Borrowers - please contact us for current income limits
1 Person - $64,050
2 Person - $73,200
3 Person - $82,350
4 Person - $91,450
5 Person - $98,800
6 Person - $106,100
7 Person - $113,400
8 Person - $120,750
Alaska
1 Person - $72,250
2 Person - $82,600
3 Person - $92,900
4 Person - $103,200
5 Person - $111,500
6 Person - $119,750
7 Person - $128,000
8 Person - $136,250
