Low Interest Second Mortgage Loan Program

Why Rent When You Could Buy?

For many people who want to buy a home, the problem is not the monthly payment, but saving enough cash for the down payment and closing costs.

Fairbanks Neighborhood Housing Services can help you with low-interest loans that help bring down monthly payments and fund part of the down payment and closing costs that can be a barrier to families hoping to buy a house.

Do You Qualify?

Call or come by our office to make an appointment to meet one of our Loan Officers. They will ask you some questions that will help us assess which of our financial assistance products might be right for you.

Frequently Asked Questions:

Who is eligible for the program?
Eligibility is based on income and family size. If you earn this much or less you are eligible:
Family of two $55,800
Family of four:$69,700

How much of a loan can I get?
Generally speaking, you can borrow up to 20% of the purchase price.

What can I use the money for?
You can use the money to pay a portion of your down payment and closing costs.

What would the interest rate be?
Interest rates are flexible based on income: rates are typically below prime interest rates.

Do I have to live in a particular neighborhood to qualify?
No. Our lending program is available to any income qualified Borough resident.

Do I still have to qualify for a loan at a bank?
Yes. This is a second mortgage program. Your first mortgage must go through a bank or credit union.