Home Start Homeownership Program (Kodiak Island Housing Authority)

Home Start Homeownership Program (Kodiak Island Housing Authority) is a first mortgage for homebuyers in Kodiak, Alaska, administered by Kodiak Island Housing Authority (KIHA). Home Start increases affordable homeownership for low-to-very-low-income Alaska Native/American Indian households in Kodiak who don't qualify for conventional loans. KIHA originates financing for homes priced $300,000 or less for first-time owner-occupant buyers earning no more than 80% of Kodiak's median family income, with a 1% minimum down payment. 1% minimum down payment. Manageable monthly payments. For AIAN buyers. Home price up to $300,000. Funding comes from NAHASDA / Indian Housing Block Grant (KIHA NMLS 287823).

Home Start Homeownership Program (Kodiak Island Housing Authority) is a first mortgage and is repaid under the terms set by Kodiak Island Housing Authority (KIHA). The assistance is recorded in First mortgage position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Home Start Homeownership Program (Kodiak Island Housing Authority) is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. A homebuyer education course is required, through AHFC-approved Homebuyer Education Class (plus credit counseling when applicable). Residency requirement: Kodiak Island. Citizenship or immigration status: Proof of Alaska Native or American Indian heritage. Proof of AIAN heritage; first-time homebuyer; owner-occupancy; income <=80% Kodiak MFI; 1% down (not borrowed/gift); AHFC-approved homebuyer education. Interest rate, credit, DTI, annual cap not stated; application is a scanned packet.

Home Start Homeownership Program (Kodiak Island Housing Authority) limits household income to 80% of the area median income, which varies by county and household size. Must not exceed 80% of the Median Family Income for Kodiak. The limit applies to total household income, not only the borrower&rsquo;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.

Home Start Homeownership Program (Kodiak Island Housing Authority) caps the purchase price at $300,000. New construction is eligible. Manufactured homes are not eligible.

Home Start Homeownership Program (Kodiak Island Housing Authority) names American Indian and Alaska Native homebuyers among the groups it serves. Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Home Start Homeownership Program (Kodiak Island Housing Authority) serves homebuyers purchasing in Kodiak, Alaska.

Applications for Home Start Homeownership Program (Kodiak Island Housing Authority) go through Kodiak Island Housing Authority (KIHA), which publishes the current terms and the application steps on its own site. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.