Make Homeownership a Reality
Down Payment
Assistance Loan
What is a Down Payment Assistance Loan
The Down Payment Assistance (DPA) loan product provides assistance for home buyers purchasing a single-family home (including condominiums, PUDs, and other single-unit properties approved by the primary mortgage lender). Eligible properties may be located anywhere in Alaska if at least one borrower is Alaska Native, American Indian, or Native Hawaiian. For all other Alaska residents, eligible properties must be within eligible Native Communities as designated by the U.S. Treasury CDFI Fund (see the map in the “Eligibility” section below). Applicants must occupy the home as their primary residence.
Cook Inlet Lending Center (CILC) is committed to expanding homeownership opportunities throughout Alaska while honoring our mission to vigorously pursue opportunities that support Indigenous peoples and other underserved communities across Alaska through a Special Purpose Credit Program authorized by the Equal Credit Opportunity Act.
Loan amounts may not exceed 20% of the purchase price, with a maximum of $75,000. This loan is a second mortgage, which means your primary lender must approve the use of the DPA with your first mortgage. The DPA loan currently offered has a fixed interest rate over a 30-year term.
When combined with a first mortgage product, a DPA loan can help make homeownership more affordable, reduce extra costs, and give families greater buying power.
The DPA
Loan Process
Contact a CILC Mortgage Loan Originator or other local mortgage loan specialist to prequalify for a primary mortgage loan.
Apply for the CILC Down Payment Assistance loan. Submit your application and required documents an our team will review your information to determine whether you qualify for program pre-approval.
Take a HUD-approved homeowner education program and receive your certificate of completion
Shop for a home, execute a purchase contract, and contact CILC to complete the DPA loan process.
Representative Example (for illustration purposes only - actual terms may very): A Loan Amount of $50,000 with a 30-year term at a 5% fixed interest rate (5.12% APR) would have a loan repayment amount of $268.41 per month.
All loans are subject to credit approval and program availability.
For Alaska Native, American Indian, and Native Hawaiian borrowers:
Households with incomes up to 150% of Area Median Income (AMI) purchasing throughout the State of Alaska may qualify (please see income limits below)
All other Alaska residents:
Households with incomes up to 150% of Area Median Income (AMI) purchasing within Native Communities as designated by the U.S. Treasury CDFI Fund may qualify
Use the CDFI Fund’s CIMS mapping tool and select “2020 IA Eligible Native Areas” to view eligible locations (shown in purple). Boundaries may change over time.
Must be a first-time homebuyer (no homeownership within the last three (3) years
Pre-qualification for a primary mortgage with an eligible mortgage lender
Evidence of cash to close and at least two (2) months of reserves covering both the primary and DPA mortgage payments
No bankruptcy or foreclosure in the past six (6) years
Minimum credit score of 620
Additional approval requirements, terms, and conditions apply including, but not limited to, a completed inspection of the subject property with all health and safety concerns addressed.
This program is offered under a Special Purpose Credit Program authorized by the Equal Credit Opportunity Act. Cook Inlet Lending Center is an Equal Housing Lender.
Eligibility
General Income Limits
Effective April 1, 2025. Statewide Alaska limits apply everywhere except the Municipality of Anchorage, which has higher local limits. Please contact us for current limits and review eligibility above for applicable geographic restrictions.
1 Person - $120,094
2 Person - $137,250
3 Person - $154,406
4 Person - $171,469
5 Person - $185,250
6 Person - $198,938
7 Person - $212,625
8 Person - $226,406
Alaska
1 Person - $135,469
2 Person - $154,875
3 Person - $174,188
4 Person - $193,500
5 Person - $209,063
6 Person - $224,063
7 Person - $240,000
8 Person - $255,469
Anchorage
Review Your Eligibility
Review Your Eligibility
Complete the questionnaire below and our staff will contact you to review next steps!
This is not a loan application. The questions below help us understand your household and determine if you may be eligible for the Down Payment Assistance Loan. Completing this questionnaire does not guarantee loan approval.
Privacy Notice
Information you provide will be used only to determine your potential eligibility for our Down Payment Assistance Program. It will not be shared outside Cook Inlet Lending Center except as required by law. For more details, please review our full Privacy Notice.