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Closing Cost Assistance Program (CCAP)

Statewide, Alaska

Last verified
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Assistance

4%

Of the purchase price, as the program sets it

Repayment

Grant

Not repaid

What is Closing Cost Assistance Program (CCAP)?

Closing Cost Assistance Program (CCAP) is a grant for homebuyers in Statewide, Alaska.

  • The AHFC Closing Cost Assistance Program (CCAP), governed by Section 5013 of the AHFC Sellers Guide, provides 3% or 4% of the initial mortgage principal balance (depending on loan type and credit score) to qualified Alaskan homebuyers using an AHFC FHA, VA, or USDA-RHS first mortgage. Assistance is wired by AHFC directly to the closing table as a non-repayable contribution and may be applied to down payment, closing costs (including reserves), or principal reduction. The product is a 30-year fixed-rate first mortgage for purchase transactions only. Income limits, acquisition cost limits, and first-time homebuyer requirements do not apply. Minimum 640 credit score and 45% maximum total DTI required.
  • Up to 4% of the initial principal balance of an AHFC FHA, VA, or USDA-RHS first mortgage delivered as non-repayable assistance at closing for use as down payment, closing costs (including reserves), and/or principal reduction. Cash back to borrower is strictly prohibited. No income limits, acquisition cost limits, or first-time homebuyer requirement. Available with a 30-year fixed-rate AHFC first mortgage.
  • Funding comes from AHFC corporate funds delivered as Housing Finance Agency (HFA) closing assistance.

How much assistance does it provide?

Closing Cost Assistance Program (CCAP) provides assistance worth 4% of the purchase price, as set by the program.

  • Buyer contribution: Borrower contribution per FHA/VA/USDA-RHS underwriting guidelines.
  • The program can be combined with other assistance, subject to the rules of each.
  • Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Do you have to pay it back?

Closing Cost Assistance Program (CCAP) is structured as a grant, so it is not repaid.

  • Repayment is triggered by None - assistance is non-repayable and cash back to borrower is strictly prohibited.
  • The assistance is recorded in First (CCAP assistance is delivered as closing funds, not as a separate lien) position.
  • Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Closing Cost Assistance Program (CCAP) is open to buyers who will live in the home as their primary residence.

The program requires

  • The home is occupied as a primary residence
  • On credit: 640 minimum (per Section 5013.02.A.9). For FHA: 640-659 receive 3% assistance; manually-underwritten FHA loans receive 3% regardless of score; FHA scores 660+ with automated approval receive 4%. VA and USDA-RHS receive 4% regardless of credit score (with 640 minimum).
  • Residency: Borrower must be an Alaska resident; property must be in Alaska and owner-occupied as primary residence
  • Citizenship or immigration status: Per FHA/VA/USDA guidelines (U.S. citizen, permanent resident, or qualifying non-permanent resident)
  • Purchase transactions only - refinance is not eligible. Borrower must be an Alaska resident, occupy property as primary residence, complete Form PUR-80 (Waiver and Release of Liability), Form UND-22 (no back child support), satisfactory home inspection, and underwriter certification of all criteria within 15 days of reservation. Funds wired to closing as 'Funds from HFA - Alaska Housing Finance Corporation' on HUD-1 line 204-209. 48-hour notice to AHFC required for wire (Form UND-15). Loan must be closed and delivered to servicer within 45 days of reservation; purchased within 70 days (one 30-day extension available, $375 fee).

The program excludes

  • Manufactured homes

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

Closing Cost Assistance Program (CCAP) sets its income limit as follows: No AHFC-specific income limits apply to CCAP. Underlying FHA, VA, or USDA-RHS guidelines apply (USDA-RHS has its own income limit). For reference, FY2025 Alaska Low Income Limits (effective May 12, 2025), 4-person household: Anchorage $129,000; Fairbanks North Star $114,900; Juneau $128,700; Mat-Su $120,600; Kenai Peninsula $114,300; Ketchikan Gateway $119,300; statewide low limit $114,300.

  • The limit applies to total household income, not only the borrower’s.
  • Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Closing Cost Assistance Program (CCAP) caps the purchase price as follows: No AHFC acquisition cost limit (per Section 5013); FHA/VA/USDA loan limits apply via the underlying product.

  • Eligible property types include Single-family (one-unit) and Condominium.
  • New construction is eligible.
  • Manufactured homes are not eligible.

Where does it apply?

Closing Cost Assistance Program (CCAP) serves buyers purchasing in Statewide, Alaska.

How do you apply?

Applications for Closing Cost Assistance Program (CCAP) go through the administering agency, which publishes the current terms and the application steps on its own site.

  1. Contact the administering agency to reserve funds

    Funds are reserved through AHFC Lender Online reservation; underwriter certification within 15 days; close/deliver within 45 days; purchase within 70 days (one $375 30-day extension available), and are subject to availability.

  2. Work with a lender who handles the program

    Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.

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