Interest Rate Reduction for Low-Income Borrowers (IRRLIB)

Interest Rate Reduction for Low-Income Borrowers (IRRLIB) is down payment assistance for homebuyers in Statewide, Alaska, administered by Alaska Housing Finance Corporation (AHFC). IRRLIB is an AHFC loan option offering subsidized interest rates (0.5% or 1.0% reduction) to low-income borrowers, depending on family income and size. The reduction applies to the first $180,000 of the loan. Qualified borrowers cannot have owned a primary residence in the last three years and cannot own other residential property within 50 miles. Subsidized interest rate (0.5%-1.0% reduction on first $180,000) lowering monthly payments for income-qualified buyers. Funding comes from AHFC.

Interest Rate Reduction for Low-Income Borrowers (IRRLIB) is down payment assistance and is repaid under the terms set by Alaska Housing Finance Corporation (AHFC). The assistance is recorded in First position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Interest Rate Reduction for Low-Income Borrowers (IRRLIB) is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: No primary residence in last 3 years (exceptions may apply); cannot own other residential property within 50 miles. A homebuyer education course is required, through AHFC-approved homebuyer education class. Income within IRRLIB limits; AHFC-approved homebuyer education; homes 10+ years require inspection; apply via approved lender. Exact income-limit dollars not published on the option page.

Interest Rate Reduction for Low-Income Borrowers (IRRLIB) sets its income limit as follows: Family income within AHFC IRRLIB area limits; reduction amount (0.5% vs 1%) depends on income and family size. 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.

Interest Rate Reduction for Low-Income Borrowers (IRRLIB) can be used for Single Family, Condo, Common Interest Community unit, and Manufactured (Type I). Manufactured homes are eligible.

Interest Rate Reduction for Low-Income Borrowers (IRRLIB) serves homebuyers purchasing in Statewide, Alaska.

Applications for Interest Rate Reduction for Low-Income Borrowers (IRRLIB) go through Alaska Housing Finance Corporation (AHFC), 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.