Alaska Admin. Code tit. 15, § 151.310 – Eligibility

(a) A person is eligible to participate in the home ownership fund program for the purchase of a single-family residence, including Type I and Type II mobile home units, after having met general borrower loan qualifications of the Corporation and those of 15 AAC 151.300 - 15 AAC 151.340. Owner/builder refinances are not eligible under 15 AAC 151.300 - 15 AAC 151.340.
(b) To be eligible to receive an interest rate subsidy only, the applicant must establish that the family income does not exceed the limit established under 15 AAC 151.120 and set forth in the sellers' guide.
(c) To be eligible to receive an interest rate and payment subsidy, the applicant must establish that:
1. (1) the family income does not exceed the limit established under 15 AAC 151.120 and set forth in the sellers' guide;
2. (2) a minimum of 28 percent of the family income is contributed toward the applicant's monthly payments of principal and interest on the loan, together with applicable taxes, reasonable fire and other perils insurance, mortgage insurance, private credit insurance, space rent, and home owner association fees (less any utility expenses included in those fees);
3. (3) the family does not own assets of value (A) exceeding $50,000 for a one-member family and an additional $5,000 for each family member beyond one or (B) if a member of the family is 65 years old or over, one and one-half times the applicable limit for the family size set forth in (A) of this paragraph; and
4. (4) the purchase price of the property does not exceed the value listed below, nor does the appraised value exceed 115% of the sales price:
  1. (A) $80,000 for a family of one and two adults;
  2. (B) $85,000 for a family of one adult and one dependent or two adults and one dependent;
  3. (C) $90,000 for a family of one adult and two dependents or two adults and two dependents; and
  4. (D) $100,000 for a family of one adult and three or more dependents or two adults and three or more dependents.

(Eff. 5/7/93, Register 130)

Authority: AS 18.56.091