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First-Time Homebuyers and Veterans - Interest Rates at New Lows

ANCHORAGE, Alaska - Sept. 09, 2009 - Alaska Housing Finance Corporation (AHFC) in May announced that by using proceeds from a variety of bond programs, they had lowered interest rates for purchases by first-time homebuyers and veterans.

Since May, rates for these loans have dropped another .5 percent, to the lowest rates available. Prior to this action, AHFC had been unable to compete with Fannie Mae's and Freddy Mac's federally subsidized interest rates. AHFC CEO Dan Fauske said the special rate is a win-win for everyone, since it provides first-time homebuyers and veterans access to low rates, and it keeps the loans in Alaska.

Interest rates can change daily and are posted on AHFC's Web site. Depending on a homebuyer's income and the availability of natural gas, the interest rate could be further reduced when combined with AHFC's reductions for low-income borrowers and energy-efficient properties.

AHFC is a self-supporting public corporation with offices in 16 communities statewide. It provides statewide financing for multi-family complexes, congregate facilities, and single-family homes, with special loan options for low- to moderate-income borrowers, veterans, teachers, health care professionals, and those living in rural areas of the state.

AHFC also provides energy and weatherization programs, low-income rental assistance in 17 communities, and special programs for the homeless and those seeking to become self-sufficient. AHFC has contributed more than $1.9 billion to Alaska's state budget revenues through cash transfers, capital projects and debt-service payments.

Posted Sept. 10, 2009

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