Cook Inlet Lending Center Down Payment Assistance Loan

Anchorage's median home price in our data is $395,900. Twenty percent of that price is $79,180, so the $75,000 cap controls and the CILC loan tops out at $75,000, or about 18.9% of the price. A buyer does not have to borrow the maximum. Using CILC's illustrative 5% fixed rate over 30 years, the full $75,000 would cost about $403 a month on top of the first mortgage payment.

Estimated closing costs in Anchorage run $8,000 to $12,000, and the CILC loan can pay them along with the down payment. Out-of-pocket cash still matters: CILC requires cash to close plus two months of reserves covering both payments. Reserves equal two full months of both payments, so a $403 second payment alone adds about $806 to the savings a buyer must show.

An Alaska Native buyer below 80% of area median income could pair the loan with CILC's $25,000 NAHI grant from FHLBank Des Moines. With the grant covering closing costs and part of the down payment, the buyer could borrow $50,000 from CILC instead of $75,000, which is CILC's own $268.41-a-month example, for $75,000 in combined help.

The DPA loan can sit alongside CILC's two grant programs, both funded by FHLBank Des Moines. NAHI pays $25,000 per household to Alaska Native, American Indian or Native Hawaiian buyers below 80% of area median income. Home$tart pays $15,000 to first-time buyers below 80% of HUD area median income. Both require a first mortgage application with CILC and five years of owner occupancy, and FHLBank Des Moines says its grants may be layered with other down payment products in any recording position.

Grant money is limited. As of November 2026, FHLBank Des Moines reports Home$tart fully reserved after its Oct. 1 release, with funds returning only as reservations are withdrawn, and its 2026 grant round closes December 31, 2026. AHFC lists CILC as an Anchorage-area AHELP provider, but AHELP describes grants, deferred loans and forgivable loans, so ask whether this monthly-payment loan works with an AHFC mortgage. Call CILC at 907-793-3058 or AHFC at 907-338-6100.

Other ways to lower cash to close: borrow only part of the $75,000 to keep the second payment small, or put some of it toward a rate buydown on the first mortgage, which CILC lists as an eligible use. Your first mortgage lender sets how much the seller can pay toward closing costs, so ask before you write the offer.

The biggest advantage is size: up to 20% of the price and as much as $75,000, which on Anchorage's $395,900 median covers 18.9% of the home. The money is flexible, paying the down payment, closing costs or a rate buydown. Income can reach 150% of area median income, $180,450 for four people under CILC's general table, far above the 80% cap on NAHI and Home$tart. A Native borrower can buy anywhere in Alaska, and a 30-year fixed rate keeps the second payment predictable, about $268 a month on $50,000 at CILC's illustrative 5%.

The biggest limitation is cost: this is a fully repayable loan, not a grant, so it adds a second monthly payment for 30 years and is never forgiven. Non-Native buyers can use it only in CDFI Fund Native Communities, and CILC's FAQ ties the product to the Cook Inlet Region, so addresses need checking. You need a 620 score, two months of reserves on both payments, and pre-approval before signing a contract. Lower-income buyers should ask about NAHI ($25,000) or Home$tart ($15,000) first.