RURAL OWNER OCCUPIED LOAN

This loan can be used to construct a new home, purchase an existing home or purchase and renovate an existing home and must be owner occupied. Commercial use is only allowed on single-family homes and is limited to 25% of the gross floor area. 

The Rural Program interest rate applies to the first $250,000 of the loan amount. Loans over $250,000 receive a blended interest rate; the excess over $250,000 is calculated at the Rural Program rate plus one percent (1%).

Mortgage insurance is required if the down payment is less than 10%.
FANNIE MAE (FNMA) LOAN PROGRAM KIHA originates and services FannieMae loans on Kodiak Island. First mortgage home loans are available for the purchase or refinance of a home.

USDA RURAL DEVELOPMENT LOAN GUARANTEE PROGRAM
USDA guarantees loans for single family homes for individuals or families who meet their income limitations. The Guarantee may allow financing up to 102% of the purchase price.

HUD 184 LOAN GUARANTEE PROGRAM
Eligible borrowers include American Indians, Alaska Natives, Tribes, Indian Housing Authorities and Regional or Village Corporations formed under the Alaska Native Claims Settlement Act.  100% Guarantee allow for only a 2.25% down payment.

AHFC LOAN PROGRAMS
AHFC loans are available for properties located in Kodiak.
  • Rural Housing
  • Rural Non-Owner Occupied
  • Tax-Exempt First-Time Homebuyer & Veterans Tax-Exempt
  • Veterans Mortgage Program
  • Taxable
  • Non-Conforming I
  • Non-Conforming II
  • ​Taxable First Time Homebuyer
  • Multi Family
Mortgage Assistance from Kodiak Island Housing Authority - License# AK287823
Kodiak Island Housing Authority originates and services both Alaska Housing Finance Corporation (AHFC) Loans and Fannie Mae Loans.

A variety of loans and add-on options are available to suit your needs.

Karenia Hackett, our Mortgage Loan Specialist, will walk you through the loan process step by step, to make sure you understand all your options.

After your loan is closed, it stays at Kodiak Island Housing Authority.  If you have any questions, call our office and talk to Naomi Emmert.  

Pre-qualifications or Application Process

Complete all the forms in the Mortgage Loan Application Packet.  FAX the completed application to (907) 486-4432 or deliver it to our office at 3137 Mill Bay Road.  Once an application is received, it will be reviewed and Loan Specialist Karenia Hackett will contact you. 

Contact Karenia Hackett - License# AK280607 at (907) 486-8111 or by e-mail at kareniah@kiha.org if you have any questions.
RURAL NON-OWNER OCCUPIED LOAN PROGRAM

Borrowers may be Alaska residents, businesses, local government entitities or regional education attendance areas. The properties must be duplexes, triplexes or fourplexes. Commercial use is not allowed. Units must have a minimum of 600 square feet.

The Rural Program interest rate applies to the first $250,000 of the loan amount. Loans over $250,000 receive a blended interest rate; the excess over $250,000 is calculated at the Rural Program rate plus one percent (1%).
REFINANCE PROGRAM or 
HOME IMPROVEMNET/RENOVATION PROGRAM

Regardless of whether or not the borrower’s property is currently financed by AHFC, the program allows borrowers to improve the terms of their existing loan and/or obtain funds for renovations or home improvements. (Some restrictions apply). The original loan may be a first or second lien. If there are two liens, they may be consolidated. 
SECOND MORTGAGE PROGRAM

Borrowers may obtain a second mortgage under the AHFC Second Mortgage program. See eligible programs. 

The maximum loan amount is $312,750, with a minimum loan term of 5 years to a maximum loan term of 15 years, depending on the loan amount. 
GENERAL RQUIREMENTS

Borrowers 

All borrowers must be credit qualified and current on any child support payments. The borrowers must owner-occupy the purchased property within 60 days of loan closing. Borrowers are eligible for only one AHFC loan for owner-occupied properties.

Down Payment Requirements 

Different properties require different minimum down payments.

Owner Occupied

  • Single Family – 5%, with Mortgage Insurance; 10% without Mortgage Insurance
  • Duplex – 10%
  • Triplex-20%
  • Fourplex-20%

Non-Owner Occupied

  • Duplex, Triplex or Fourplex – 20%

Requirements for federally insured or guaranteed loans are determined by the insurer or guarantor.

Loan Term

Loans carry fixed interest rates for a period of 5 to 30 years, depending on the program. Our owner occupied and non-owner occupied loans do not carry a prepayment penalty. See the specific program for details.

Current AHFC interest rates can be found at www.ahfc.state.ak.us

Assumptions

Qualified borrowers may assume AHFC single-family loans; however, the assumptions are subject to individual program guidelines.

Current AHFC interest rates can be found at www.ahfc.state.ak.us/loans/interest_rates.cfm.

American Indian/Alaska Native preference does not apply to these programs. 
Our Services

Other KIHA Information

3137 Mill Bay Road 
Kodiak, Alaska 99615 

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