What Is The Native American Homeowner Initiative (NAHI) Grant?
Not sure if you want me to keep this content exactly as it appears for the DPA loan, and swap out DPA for NAHI or only have this content:
NAHI is a $15,000 grant that can be used for your down payment, closing costs and prepaid expenses of your home purchase!
The Native American Homeowner Initiative (NAHI) grant provides assistance for home buyers who are purchasing a single family home 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 $60,000. 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 4% fixed interest rate over a 30 year term with an Annual Percentage Rate (APR) of 4.083%. Interest rates are subject to change.
The NAHI grant is designed to increase home ownership and affordable housing opportunities primarily for eligible applicants in the Cook Inlet Region area. A benefit of this loan product combined with a first mortgage loan is the potential to avoid monthly mortgage insurance which lowers the borrower’s overall housing payment. This benefit helps our families save money and have increased buying power.
Am I Eligible?
Must be Alaska Native/American Indian (ANAI)
Borrower must not currently own a home
Borrower must owner occupy for 5 years
Must receive Home Buyers Education
Limited to the purchase of a single family or duplex style home
Must be below 80% AMI- Income Limits subject to change (See Income Limits tab)
Current NAHI Income Limits
Income limits are subject to change and may vary per borough.
What are the steps?
Cook Inlet Lending Center will help you to determine if you are eligible for the NAHI program. Our Office Coordinator will help guide you through the process and help you understand the requirements. Schedule a meeting today with our Office Coordinator, Patricia Sanculi by phone 793-3058 or email psanculi2@cookinletlending.com
