Own a Home FAQs
1) Do you have a waitlist?
No, there is no waitlist. When we are not in an open application period, we take down future homebuyer’s information and call or mail you information about our upcoming application period.
2) When is the next application meeting?
Applications occur when homes are available. Please call 907-868-3671 to get started and we will contact you when the next application opens.
3) What is a “first-time homebuyer”?
Anyone who has not owned a home in the last 3 years as defined by HUD. For exceptional conditions, please contact us.
4) What is “Home Choice”?
The Alaska Housing Finance Corporation offers a free class, the “Homechoice” class to help prospective homebuyers work their way through the decisions and steps that buying a home can entail. Complete the class and save money on AHFC closing costs. The class is open to all buyers, whether it’s your first house or your fifth. For more information about this class, click here.
5) What is “Individual Development Account Program (IDA)”?
All Habitat homebuyers participate in the Individual Development Account (IDA) Program (Open to anyone who is income qualified). Individual Development Accounts (IDA) is savings accounts that enable individuals who earn modest wages to save money for a home purchase. Participants who reach a savings goal can benefit from matching funds to then apply towards the down payment of a home. IDA participants evaluate personal credit reports and works towards strengthening credit scores, develop and follow household budgets, participate in education forums and enjoy one to one counseling where desired.
6) What is sweat equity?
“Sweat equity” refers to the homeowners’ hands-on involvement in building Habitat homes and volunteering at other Habitat Anchorage programs. It is essential that the applicant understand sweat equity expectations. Up to 500 sweat equity hours are required by each applicant household. An unwillingness to participate in sweat equity is a legitimate reason for disqualification.
7) Can I rent a home from Habitat for Humanity Anchorage?
No, Habitat for Humanity Anchorage only offers homeownership opportunities. We do not offer rental, transitional or emergency housing.
8) Can I rent my house?
No, the homeownership program requires that homeowners live in the house they buy. Renting out a single room is also prohibited.
9) Can I sell my house?
Yes, but homeowners must sell their homes to Habitat for Humanity Anchorage.
10) How much do the houses cost?
Houses are less expensive than market rate homes since they are built with the help of volunteers.
11) How long does the process take?
The application process typically takes approximately 12-14 months.[/vc_column_text][/vc_column][/vc_row]