Your First Home
Starts Here
Buying your first home can feel overwhelming. The good news is that you don't have to figure it all out at once.
This guide will help you understand the basics, prepare for the process, and take your first steps toward homeownership with confidence.
What Does It Really Take to Buy Your First Home?
There are several moving pieces when you're buying a home for the first time. Understanding the big picture can make the process feel much easier.
Know Your Budget
Start by understanding what monthly payment and overall purchase price make sense for your financial situation.
Explore Financing
A qualified lender can help you understand loan options, down-payment requirements, and potential programs.
Get Pre-Approved
A pre-approval helps establish your buying range and can make your offer stronger when the right home appears.
Find Your REALTOR®
Having someone who understands the local market can help you evaluate homes and navigate the transaction.
You May Not Need Everything You Think
"I need 20% down."
Not necessarily. Down-payment requirements depend on the loan program, property, borrower, and other factors. Ask a qualified lender about your available options.
"I need perfect credit."
Not every buyer has perfect credit. A lender can review your specific situation and explain which financing options may be available.
"I should start looking at homes first."
It can be helpful to understand your financing and comfortable price range before you fall in love with a home outside your budget.
"Buying is just about the price."
Price is important, but so are financing terms, inspections, contingencies, closing costs, condition, location, and your long-term goals.
Six Steps to Getting the Keys
Prepare
Review your finances and think about your goals.
Get Pre-Approved
Connect with a lender and understand your financing.
Build Your Search
Decide where and what you want to buy.
Find Your Home
Tour properties and compare your options.
Make an Offer
Review the property and create an offer strategy.
Close & Celebrate
Complete the transaction and get your keys.
Are You Familiar With Alaska Housing Programs?
Alaska Housing Finance Corporation offers mortgage programs specifically designed for eligible first-time homebuyers.
AHFC currently offers two first-time homebuyer loan programs: First Home and First Home Limited. Eligibility and program requirements vary.
Explore AHFC First-Time Buyer Programs →First Home
A reduced-rate loan option for eligible first-time homebuyers.
First Home Limited
A lower-rate option for eligible buyers who meet applicable income and acquisition-cost requirements.
Take the First Step
by Learning the Process
Alaska Housing Finance Corporation offers HomeChoice™: Steps to Homeownership, a no-cost online homebuyer education course.
The self-paced course takes approximately two hours and is designed to help buyers understand the homebuying process.
Explore HomeChoiceA Little Preparation
Goes a Long Way
Your lender will tell you exactly what documentation is needed for your situation. These are common items you may be asked to provide.
Recent pay stubs and other income documentation.
Information about your current and previous employment.
Information about funds available for your purchase.
Government-issued identification and other information requested by your lender.
What Should You Ask Before Buying?
How much can I comfortably afford?
Don't focus only on the maximum amount a lender may approve. Consider the monthly payment that fits comfortably into your life.
What costs should I expect?
Ask about down payment, closing costs, lender fees, inspections, insurance, taxes, and other expenses.
What if I don't know where I want to live?
That's okay. Your home search can help you compare neighborhoods and discover what fits your lifestyle.
What happens after my offer is accepted?
Your REALTOR®, lender, title company, inspectors, and other professionals will help guide you through the remaining steps.
Your First Home
Deserves a Good Plan.
You don't need to know everything before you begin. That's what the process is for.
Yvette Belisle can help you understand the local Alaska market, evaluate your options, and move forward one step at a time.
Schedule a Buyer ConsultationYour First Home
Could Be Closer Than You Think.
Let's talk about where you are, where you want to go, and what your next step could look like.
This page is provided for general informational purposes only and does not constitute financial, lending, legal, tax, or other professional advice. Loan programs, eligibility requirements, rates, income limits, acquisition costs, and other terms may change. Contact an approved lender and the applicable program administrator for current information regarding your individual situation.