By Tyler Thompson · NC-Licensed Real Estate Agent · Updated November 2, 2026

Anchorage AK Down Payment Assistance Programs

See programs you qualify for

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Anchorage has no city-funded down payment assistance. Most buyers lean on Alaska Housing's lower-rate loans, so compare those, the Native lending options and your cash.

Verified Nov. 2026

Quick answer

Most Anchorage first-time buyers start with Alaska Housing's First Home Limited loan, a lower fixed rate on homes up to $566,354 for incomes up to $135,100 for one or two people. Above those limits, First Home keeps a reduced rate with no caps. Lower-income buyers can cut the rate another 0.5% or 1%. Cash help here mainly serves Alaska Native buyers.

Median home value: $395,900; Census ACS 2020-2024
3% down payment: $11,877; At the median value
Closing costs: $9,900–$13,900; 2.5% to 3.5% of price
Main programs: 4; Plus 13 options for some buyers

Forgivable means you repay nothing if you live in the home for the full term. Sell or move out early and you may owe some or all of it back.

Which program fits your Anchorage home?

Find the row that describes you, then check the catch before you count on the money.

If you are	Start with	What you get	The catch
First-time buyer under the income limit	Start with:First Home Limited	You get:A below-market fixed rate from Alaska Housing	Catch:Price up to $566,354; income up to $135,100 for 1-2 people, $155,365 for 3 or more
First-time buyer over those limits	Start with:First Home	You get:A reduced rate with no income or price cap	Catch:No primary home owned in the last 3 years; 620 credit
Lower-income first-time household	Start with:Low-income rate reduction	You get:0.5% or 1% off the rate on the first $180,000	Catch:Income up to $106,800 for 4 for the 0.5% cut; $85,100 for the 1% cut; class required
Veteran within 25 years of discharge	Start with:Veterans Mortgage Program	You get:A lower state rate for qualified veterans	Catch:Apply within 25 years of leaving active duty; can't add the state veterans rate cut
Alaska Native or American Indian buyer	Start with:Cook Inlet Lending Center loan	You get:Up to 20% of the price, as much as $75,000	Catch:Repaid monthly over 30 years; pre-approval needed before you sign a contract

Limits: Alaska Housing income, price and rate-cut tables (June 1, 2026); Cook Inlet Lending Center income limits (May 1, 2026).

Have a home in mind? Enter its address.

We’ll fill in its city and state on the free eligibility check. A mailing address that says Anchorage isn’t always inside city limits, so confirm with the program before you make an offer.

How much cash you need in Anchorage

Median home value (Census ACS 2020-2024)	$395,900
3% down payment (conventional loan)	$11,877
3.5% down payment (FHA loan)	$13,857
Closing costs, 2.5% to 3.5% of price	$9,900–$13,900
Cash needed with 3% down, before any help	$21,777–$25,777

Estimated as 2.5% through 3.5% of the $395,900 price: lender and title fees, appraisal, recording, and escrow for Anchorage property tax and homeowners insurance. Estimate only, not a quote.

Compare Anchorage's main programs

Program	Who runs it	Help	Paid back?	Who can apply
First Home Limited	Runs it:Alaska Housing	Help:Below-market rate	Paid back?It is the mortgage; a federal recapture tax may apply on sale	Who:First-time buyers under income limits
First Home	Runs it:Alaska Housing	Help:Reduced rate	Paid back?It is the mortgage, paid monthly	Who:First-time buyers at any income
Low-income rate reduction	Runs it:Alaska Housing	Help:0.5% or 1% off	Paid back?Nothing to repay; applies to the first $180,000	Who:Lower-income first-time buyers
Veterans Mortgage Program	Runs it:Alaska Housing	Help:Lower veterans rate	Paid back?It is the mortgage, paid monthly	Who:Veterans within 25 years of discharge

Can you combine them? The low-income cut sits on top of First Home Limited or First Home, not a separate loan. Veterans pick one: the Veterans Mortgage Program or the 1% veterans preference on another state loan. Cook Inlet Lending Center's second can pair with an approved first mortgage.

Other help for some Anchorage buyers

Cook Inlet Lending Center: A repayable second up to $75,000 for first-time buyers with a Native borrower. Alaska Housing's enhanced option pairs it with a state loan.
State veterans rate preference: Veterans earning up to $106,800 for 4 take 1% off the first $50,000 of a state loan.
Energy rating discount: Homes rated 5 Star Plus or better earn 0.125% to 0.75% off the first $250,000.
FHLBank Des Moines grants: Member banks request $15,000 grants for first-time buyers and $25,000 grants for Native households. Quarterly funds run out fast.
HUD Good Neighbor Next Door: Officers, teachers, firefighters and EMTs pay half price for HUD homes in revitalization areas. They must stay 3 years.
HUD $100 down: Owner-occupants buying a HUD-owned Anchorage home with FHA put $100 down.

Loan types that work with this help

Alaska Housing's loans can be conventional or insured by FHA, VA or USDA, so the down payment follows the insurer. FHA takes 3.5% down, and HomeReady or Home Possible take 3% under their income limits. Veterans can use VA with nothing down. USDA covers only addresses its map shows as eligible.

Three Anchorage examples

Examples only, not quotes. Closing costs use 3% of the price, the middle of the range above.

$395,900 median home on First Home Limited

Price	$395,900
Down payment	$13,857
Closing costs	$11,877
You bring	$25,734

An FHA-insured First Home Limited loan with 3.5% down. The help is the lower rate, not cash, so the buyer brings the full amount. A household under $106,800 for 4 could add the 0.5% cut.

Alaska Native buyer, $350,000 condo

Price	$350,000
Down payment	$10,500
Closing costs	$10,500
Cook Inlet Lending Center loan	−$15,000
You bring	$6,000

A conventional loan with 3% down. The lender also wants proof of cash to close and two months of payments in reserve, so the buyer keeps some savings.

Veteran, $420,000 home with VA

Price	$420,000
Down payment	$0
Closing costs	$12,600
You bring	$12,600

A VA loan with no down payment, using 3% closing costs. Ask the seller to pay part of the closing costs to bring that figure down.

How to apply in Anchorage

1
Take the free homebuyer course
Alaska Housing HomeChoice
The low-income rate cut and Cook Inlet Lending Center both require a homebuyer class. Alaska Housing's online HomeChoice course is free and takes about 2 hours. Its certificate is worth up to $250 on a state loan.
register@ahfc.us · ahfc.us
2
Pick an Alaska Housing approved lender
Alaska Housing approved lenders
State loans come only through approved banks, credit unions and mortgage companies. Ask each to price First Home Limited and First Home on one house.
ahfc.us
3
Get down payment pre-approval early
Cook Inlet Lending Center
Native buyers who want the second loan must get its pre-approval first. Do it before you sign a purchase contract.
cookinletlending.com
4
Check your income against 2026 limits
Alaska Housing
First Home Limited allows $135,100 for 1 or 2 people and $155,365 for 3 or more (June 1, 2026). The 0.5% cut stops at $106,800 for 4.
Alaska Housing: 907-338-6100 · Cook Inlet Lending Center: 907-793-3058, info@cookinletlending.com · Property Appraisal: 907-343-6770 · ahfc.us

Free eligibility check

17 programs and loan options may be available in Anchorage. See which ones fit you.

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Before you make an offer in Anchorage

Apply for the residential exemption

Anchorage exempts 40% of an owner-occupied home's assessed value, up to $75,000. It does not carry over from a past home, so file by March 15 of your first tax year.

Budget for property tax

Typical Anchorage owners pay $4,982 a year in property tax, about 1.26% of value (Census ACS 2020-2024). Lenders escrow it, so it raises the monthly payment.

Homes from the early 1980s

Half of Anchorage homes were built in 1982 or earlier (Census ACS 2020-2024). Have the roof, boiler and windows inspected before you remove contingencies.

Frequently Asked Questions

Is a $450,000 Anchorage house too expensive for First Home Limited?+

No. Anchorage's First Home Limited cap is $566,354 for a single-family home and $725,146 for an existing duplex (June 1, 2026). Your income still has to fit: $135,100 for 1 or 2 people, $155,365 for 3 or more.

Can a non-Native buyer use Cook Inlet Lending Center's second loan in Anchorage?+

Not always. The loan covers any Alaska address when a borrower is Alaska Native, American Indian or Native Hawaiian. Other buyers qualify only in Native Communities designated by the U.S. Treasury, so ask the lender whether your address counts.

How much does the low-income rate cut save on an Anchorage loan?+

Up to 1%, on the first $180,000 of the loan. A household of 4 qualifies for 0.5% at or below $106,800 and for 1% at or below $85,100 (June 1, 2026). Above $180,000, the lender blends the two rates.

Can an Anchorage veteran use the Veterans Mortgage Program and the veterans rate preference together?+

No. Alaska Housing doesn't allow the 1% veterans preference on the Veterans Mortgage Program. A veteran who fits the $106,800 income limit for 4 can instead add the preference to First Home Limited or First Home.

Does Alaska Housing count Eagle River as part of Anchorage?+

Yes. Eagle River sits inside the Municipality of Anchorage, so the Anchorage income and price limits apply there. The same $566,354 cap and $135,100 income limit cover a first-time buyer in Eagle River.

Buying elsewhere in Alaska? Compare all Alaska home buyer programs →

Sources

Last verified November 2, 2026.

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