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From AHFC's Executive Office

HomeDelivery is now in its tenth month of reaching more than 6,000 Alaskans statewide. By providing you with news and tips, we hope to keep you informed with relevent information that you can use as a homebuyer, homeowner, renter or industry partner. We welcome your input and topic suggestions you may have. Have you used an Alaska Housing Finance Corporation loan, utilized our Home Energy Rebate Program or other AHFC product? We'd love to spotlight your story or that of a client.

Email your suggestions or stories to Beth Klein at bklein@ahfc.us.

Misconceptions & Facts

Misconception:  AHFC’s homebuyer education course, HomeChoice™ is required for ALL AHFC loans.
Fact:  Homebuyer education is required when a borrower utilizes the Interest Rate Reduction Low Income Borrower (IRRLIB) add-on option,AHELP loans in conjunction with partner agencies, and when the conventional down payment (5 percent) is paid through the use of gift funds. Homebuyers are encouraged to complete HomeChoice™ early in the homebuying process to maximize the course’s benefit and become empowered buyers. Research shows buyers who participate in homebuyer education have lower delinquency and foreclosure rates.

Misconception: AHFC requires all repairs listed in a home inspection to be completed.
Fact: Your AHFC lending partner will decide which repairs must be completed prior to closing.

Misconception: AHFC mortgage loans are not assumable.
Fact: All AHFC loans are assumable.  By qualifying and assuming the seller’s outstanding mortgage debt and remaining term, the buyer may find an assumption to have more attractive interest rates than current markets offer.  At the same time, a seller may see benefits with an assumption as they have sold their home with an attractive loan marketing feature otherwise not available to the buyer.

Misconception: Refinancing is not possible if you owe more money than the home is currently worth in today’s market.
Fact: AHFC’s streamline refinance program would assist in this scenario and omits many of the standard loan requirements needed for a traditional refinance; therefore, making it quicker and less costly.

Misconception: AHFC’s commitment fee costs a lot of money.
Fact: Regardless of whether your credit score is 620 or 850, AHFC’s 60 day urban commitment fee remains the same at .250% of the loan amount.  This amount is generally less than loan level pricing adjustments (LLPA) commonly found with either Fannie Mae or Freddie Mac. 

Misconception: AHFC only serves homebuyers and people seeking public housing.
Fact: AHFC’s list of resources for Alaskans stretches from energy improvement programs to educational opportunities and from traditional loan programs to renovation loans and refinancing options.  Please visit our website to learn more about all we do:  www.ahfc.us

Misconception: AHFC's interest rates are not competitive and the lowest interest rate always provides the best deal for the buyer.
Fact: AHFC’s single family interest rates change daily and can be found here:  www.ahfc.us/buy/resources/current-rates/. A wise homebuyer looks at the entire loan package, including all loan features, fees and servicing options before selecting their 15 or 30 year commitment. 

Misconception: AHFC’s loan programs are best for everyone.
Fact: AHFC’s programs may not be right for every borrower.  AHFC takes considerable pride in educating prospective homebuyers through HomeChoice™ with the information they need to be well informed and successful throughout what may be the largest financial transaction of their lives.

Utilizing AHFC from Start to Finish

Alaska Housing Finance Corporation is there for homeowners throughout their home purchasing experience. Sitka residents and first time homebuyers Darcie and Rick heard about AHFC’s free homebuyer education class, HomeChoice™ on the radio and decided to sign up to learn more about the homebuying process.

During the class they learned steps to determine if they were ready to buy a house, money-saving programs available to them, and also questions they should be asking their real estate professional and lender during the process. According to Darcie, “We left feeling overwhelmed at the prospect of buying a home but as the information sunk in, we realized we had learned so much valuable information that made us feel far more confident moving forward.” Aside from the information they received, they also appreciated that the instructor took the time to answer questions and problem solved with other homebuyers to make the process less intimidating. READ MORE...

K-12 Energy Smart Curriculum

Wise energy use and an understanding of where energy comes from is critical knowledge for Alaska’s youth. AK EnergySmart is a free curriculum resource to give Alaskan youth an understanding of the economic and environmental impacts of power generation and the importance of using energy wisely at home and school. Through interdisciplinary units of study that investigate how energy is all around us, why we need energy, and how energy can be conserved, this K -12 curriculum gives students valuable insights that they can pass along to their families.

In 2011-2012, Renewable Energy Alaska Project (REAP) and colleagues at the Alaska Center for Energy and Power (ACEP) at UAF designed an Alaska-specific energy efficiency curriculum called AK EnergySmart with funding from AHFC.

The curriculum is standards based and is designed to be easy for teachers to use for stand-alone lessons or larger units of study.  Free kits with classroom supplies, and professional development credits for educators are also offered. To learn more, visit http://akenergysmart.org.