NeighborhoodLIFT Down Payment Assistance (NeighborWorks Alaska)

What is NeighborhoodLIFT Down Payment Assistance (NeighborWorks Alaska)?

NeighborhoodLIFT Down Payment Assistance (NeighborWorks Alaska) is a forgivable loan for homebuyers in Statewide, Alaska, administered by NeighborWorks Alaska HomeOwnership Center (with Wells Fargo and NeighborWorks America).

• NeighborhoodLIFT, run by NeighborWorks Alaska with Wells Fargo and NeighborWorks America, provides $10,000 in down payment assistance ($12,500 for veterans/service members, teachers, paraprofessionals, law enforcement, firefighters and EMTs) on qualified Alaska properties. The assistance is a five-year forgivable loan (20%/year). It is not limited to first-time buyers; income limits (up to AMI) and an 8-hour homebuyer education course apply.
• $10,000-$12,500 forgivable down payment assistance.
• Not limited to first-time buyers.
• Homebuyer education included.
• Funding comes from Wells Fargo / NeighborWorks America (NeighborhoodLIFT).

How much assistance does it provide?

NeighborhoodLIFT Down Payment Assistance (NeighborWorks Alaska) offers between $10,000 and $12,500 in assistance.

• Award tiers: $10,000 general; $12,500 for veterans/service members, teachers, paraprofessionals, law enforcement, firefighters, EMTs.
• Amounts are the program's published maximums, not an offer — NeighborWorks Alaska HomeOwnership Center (with Wells Fargo and NeighborWorks America) determines any individual award.

Do you have to pay it back?

NeighborhoodLIFT Down Payment Assistance (NeighborWorks Alaska) is forgiven after 5 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Sale or vacating before the 5-year period (forgiven 20% per year of owner-occupancy).
• The assistance is recorded in Second position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

NeighborhoodLIFT Down Payment Assistance (NeighborWorks Alaska) is open to buyers who will live in the home as their primary residence.

What are the income limits?

NeighborhoodLIFT Down Payment Assistance (NeighborWorks Alaska) limits household income to 100% of the area median income, which varies by county and household size.

• At or below program limits (up to AMI). 4-person ~$104,900 Anchorage / ~$92,400 Fairbanks North Star Borough.
• 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?

NeighborhoodLIFT Down Payment Assistance (NeighborWorks Alaska) can be used for Single Family, 2-4 Unit, Condo, Townhouse, PUD, Co-op, and Manufactured.

• Manufactured homes are eligible.

Is there eligibility for specific groups?

NeighborhoodLIFT Down Payment Assistance (NeighborWorks Alaska) names veterans, active-duty service members, educators, law enforcement officers, and firefighters 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.

Where does it apply?

NeighborhoodLIFT Down Payment Assistance (NeighborWorks Alaska) serves buyers purchasing in Statewide, Alaska.

How do you apply?

Applications for NeighborhoodLIFT Down Payment Assistance (NeighborWorks Alaska) go through NeighborWorks Alaska HomeOwnership Center (with Wells Fargo and NeighborWorks America), which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through NeighborWorks Alaska HomeOwnership Center (8-hour course).

2. 2

   Contact NeighborWorks Alaska HomeOwnership Center (with Wells Fargo and NeighborWorks America) to reserve funds

   Funds are reserved through Eligibility Determination Session scheduled 30 days before closing (complete 21 days prior); first-come, first-served., and are subject to availability.

3. 3

   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.