HOP - Home Ownership Program
The intent of this program is to help people who cannot acquire a conventional mortgage to become homebuyers. This program is essentially a 20-year mortgage at 4% interest, allowing the families to establish good credit with IRHA acting as a mortgage company.
- Applicants are required to pay a Minimum Monthly Payment (MMP) of $250 or 30% (Fairbanks), 15% (Rural) of their Adjusted Gross Income (AGI), whichever is greater.
- If payments fall below the MMP or the calculated MMP is less than $250, Principal Reduction is placed on hold until income allows payments of at least the MMP for amortization. This hold time is limited to 18 months over the entire term of mortgage.
- Have a household income at or below the HUD income limits
- Have been denied a conventional mortgage
- Be an Alaskan Native or American Indian
- Have a steady Income (which is not derived from assistance)
- At least 18 years old
- Have resonably good credit
The homebuyer is responsible for maintaining all the utilities and maintenance on the home for the duration of the mortgage.
Click here to print the Standard Housing Application
Click here to print the Information
Release Form
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Interior Regional Housing Authority, All
Rights Reserved.
828 27th Avenue, Fairbanks, Alaska 99701
Phone: 907.452.8315 1.800.478.IRHA (4742)
Fax: 907.456.8941 Email: housing@irha.org
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