Tribal Equity Advantage Mortgage
Are you looking for a new home? Interior Regional Housing Authority may have a program that meets your needs with the Tribal Equity Mortgage Program better known as the TEAM Program. The Interior Regional Housing Authority is a non-profit agency designed to provide Alaska Native and American Indians in the Fairbanks area with affordable housing.
The grant is designed to help with the down payment and the closing costs of your new home. Once you meet with your bank or credit union, bring your pre-approval letter with a completed TEAM application to IRHA. For further information, please contact the Housing Department at (907) 452-8315.
The Tribal Equity Advantage Mortgage Program (TEAM) is specifically designed to provide Alaskan Native/American Indians of Fairbanks Area with affordable housing. Eligible housing units consist of single family homes, townhouses and condos. Interior Regional Housing Authority (IRHA) is a non-profit agency; multi-unit buildings such as duplexes are not eligible for purchase. Interior Regional Housing Authority, the TEAM Program and TEAM Clients shall comply with Regulations and guidelines set forth by NAHASDA Act of 1996. To be eligible for a TEAM Loan you must:
- Be a Native Alaskan or American Indian
- Have a certificate of Indian blood card from the BIA or other positive identification of Native status and Tribal enrollment
- Have a family household incomes at or below HUD’s income limit
- Buyer must contribute 100% of the Require Earnest Money
- Buyer may purchase Single Family Residence, Condo’s or Town houses. Cannot purchase any type of Rental Properties; Duplexes, Four-Plexes, etc.
IRHA has a grant of up to 20% of the purchase price of your new home (purchase price may not exceed $200,000.00). This grant is designed to help with the down payment and closing costs. After you meet with your bank or credit union, bring you pre-approval letter along with a complete application for TEAM (it must be 100% complete) to the Housing Authority. We have very limited funds, so please complete your application as soon as possible.