Cook Inlet Lending Center
Down Payment Assistance Program (DPA)
Updated February 17th 2017
If you’re looking to buy a home in Anchorage, Eagle River, Wasilla and Palmer, this program may be for you. If you’re tired of renting your home, apartment or condo and not getting any return on that investment, you stand alongside a lot of other home buying hopefuls. What is one of the biggest hurdles to jump when buying a home? A down payment. The Cook Inlet Lending Center (CILC) is a new program offered for the Municipality of Anchorage, Mat-Su Borough and the Kenai Peninsula Borough.
Who is eligible?
The CILC is targeting individuals and families with low to moderate income with this down payment assistance program. You must be a part of the aforementioned Alaska boroughs. For more information about the program pertaining to income limits, please see the household size and maximum income limit below.
How it works
The CILC down payment assistance program is basically a second mortgage for 20% of the loan, financed at 4% over 30 years. 4% is a ridiculously low interest rate that is fixed over the life of the loan! Borrowers will pay Cook Inlet Lending Center monthly for principal and interest, just like your typical loan. For full information and criteria please e-mail inquiries to email@example.com, subject CILC Lending Program.
You should act NOW
This down payment assistance program is limited on its funds, and is basically a first come first serve basis. At some point in the year, their funds will run out and could potentially be indefinitely postponed. Last year (2016) funding ran out by August. If you to take the time to get pre-qualified, they do guarantee your funds even if you do not close on your property until later in the year, so act now!
This is a great down payment assistance program for Alaskans, specifically targeting Anchorage, Mat-Su Valley and Kenai. The Cook Inlet Lending Center program will allow first time home buyers without the money for a down payment, that show lending responsibility the power to get into the house of their dreams.
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For more information about real estate in Anchorage, Eagle River and The Mat-Su Valley, contact our local expert James Cash at (907)-360-7448.