2018 Household Income Limits

Our income limits are established annually. These limits are subject to change as revised by HUD.


LTS 
Family of 1 - $78,120
Family of 2 - $89,290
Family of 3 - $100,440
Family of 4 or greater - $111,600

 

HOP
Family of 1 - $50,350
Family of 2 - $57,550
Family of 3 - $64,750
Family of 4 - $71,900
Family of 5 - $77,700
Family of 6 - $83,450
Family of 7 - $89,200
Family of 8 - $94,950

 


HOP Eligibility Guidelines

Applicant Requirements:
  • U.S Resident or Permanent Resident Alien residing in the State of Alaska.
  • The applicant must intend to occupy the property as primary residence.
  • To qualify, the total household annual income may not exceed 80% of the area-median income, adjusted by family size, as established by the U.S. Department of Housing and Urban Development (HUD). These limits can be viewed here.
  • The applicant must not be delinquent on any child support obligation.
  • All collections and judgments on credit report must be paid prior to closing.
  • Applicants must contribute at least $1,000.00 of their own money towards the purchase (Earnest Money, down-payment, or closing costs.)
  • Applicants must complete a HUD-approved homebuyer education course and provide a copy of the certificate prior to closing.
  • Applicant monthly PITI (principal, interest, taxes, and insurance) must be more than 25% of monthly income to be eligible for assistance, as calculated by primary lender. The maximum allowable PITI ratio is 33%. The Applicant's total debt-to-income ratio may not exceed 43%.
Property Requirements:
  • Single-family residence in the Fairbanks North Star Borough.
  • Condos and Townhomes must be on the AHFC Approved Condo List.
  • The purchase price of the home may not exceed $218,000. This amount changes annually.
  • Properties which are purchased with the assistance of HOP program funds must meet all applicable current State and local codes, ordinances, and zoning ordinances prior to closing.
  • Home Inspections are required by a licensed home inspector.
  • Homes must be AHFC Approved:
    • Homes built on or after July 1, 1992 must have a PUR-102 or Certificate of Occupancy.
    • Homes built between December 31, 1991 and December 31, 1994 must have a 4 star energy rating or higher. Homes built after December 31, 1994 must have a 4 star plus rating or higher.  PUR-101/BEES may be used to verify this. If the home does not have documentation showing an energy rating, an energy inspection will be required.
  • If the home was built before January 1, 1978, a visual assessment by FNHS must be conducted due to the Lead-Based Paint Poisoning Prevention Act.
  • HOP funds may not be provided to a homebuyer purchasing a property that will result in the displacement of a non-owner occupant of the property being purchased. The residence being purchased cannot currently be occupied by anyone other than the owner, or it must have been vacant for a minimum of 90 days prior to the earnest money agreement.

LTS Eligibility Guidelines

Applicant Requirements:
  • U.S Resident or Permanent Resident Alien residing in the State of Alaska.
  • The applicant must intend to occupy the property as primary residence.
  • To qualify, the total household annual income may not exceed 120% of the area-median income, as established by the U.S. Department of Housing and Urban Development (HUD). These limits can be viewed here.
  • The applicant must not be delinquent on any child support obligation.
  • All collections and judgments on credit report must be paid prior to closing.
  • Applicants must have a minimum contribution of 1% of the purchase price.
  • Applicants must complete an approved homebuyer education course, and provide a copy of the certificate prior to closing.
  • Satisfactory Ratios:  Housing Payment / Income - 35%; total debt-to-income ratio may not exceed 43%.
Property Requirements:
    • Single-family residence in the Fairbanks North Star Borough.
    • Condos and Townhomes must be on the AHFC Approved Condo List.
    • Homes must be AHFC Approved:
      • Homes built on or after July 1, 1992 must have a PUR-102 or Certificate of Occupancy.
      • Homes built between December 31, 1991 and December 31, 1994 must have a 4 star energy rating or higher. Homes built after December 31, 1994 must have a 4 star plus rating or higher.  PUR-101/BEES may be used to verify this. If the home does not have documentation showing an energy rating, an energy inspection will be required.
    • If the home was built before January 1, 1978, a visual assessment by FNHS must be conducted due to the Lead-Based Paint Poisoning Prevention Act.
Program / Other
  • The maximum loan amount is 20% of the purchase price, and the minimum loan amount is $5,000.

 

These guidelines are provided for information purposes only, and additional restrictions and requirements apply. Programs are subject to funding availability. For more information about eligibility and program guidelines, please contact us.