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Cook Inlet Down Payment Assistance Program (DPA)

First Time Homebuyers Returning Home Buyer

Type Of Program

Down Payment

Program distribution

Second Mortgage

Program Originator

Cook Inlet Lending Center

Program URL

https://cookinletlending.com/down-payment-assistance-loan/

Amount

$0.00

Contact

Cook Inlet Lending Center

Location

Nationwide

Description

Specific to Cook Inlet, the DPA helps homebuyers with downpayment costs with a second mortgage. The minimum household income is $77,475 for 1 person and the maximum household income is $146,025 for 8 people. The DPA loan amount cannot exceed 20% of the home purchase price and has a total limit of $60,000 in financial assistance. The following eligibilities apply:

Household income must be at or below 120% Area Median Income (AMI)
Borrowers who have a minimum credit score of 640.
Borrowers must show evidence of two (2) months of reserves. Reserves are calculated by multiplying 2 months of a Principal, Interest, Taxes, and Insurance (PITI) payment of the housing payment. Reserves may come in the form of checking, savings, investment or retirement accounts.
Borrowers may not have had a foreclosure or bankruptcy in the past six (6) years.
Borrowers will demonstrate the ability to afford their mortgage payments: first mortgage debt-to-income ratio and total debt-to-income ratio should be in the range of 30% and 40% respectively.

AMI Limit

Yes

AMI

120% (or below)

Eligibility Limitations

Household income must be at or below 120% Area Median Income (AMI). Borrowers who have a minimum credit score of 640. Borrowers must show evidence of two (2) months of reserves. Reserves are calculated by multiplying 2 months of a Principal, Interest, Taxes and Insurance (PITI) payment of the housing payment. Reserves may come in the form of checking, savings, investment or retirement accounts. Borrowers may not have had a foreclosure or bankruptcy in the past six (6) years. Borrowers will demonstrate the ability to afford their mortgage payments: first mortgage debt-to-income ratio and total debt-to-income ratio should be in the range of 30% and 40% respectively.

Must be Primary Residence

Yes

Program Provider's Contact Name

Debbie Donahue

Program Provider's Address

3600 Spenard Road, Suite 100 Anchorage, Ak 99503

Program Provider's Phone

9077933723

Program Provider's Email

DDonahue@cookinletlending.com

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