Use this simple checklist to get started on the path to homeownership. Alaska Housing is here to help!
Alaska homebuyer checklist
☑ Explore Your Options
Check out Alaska Housing's loan programs and loan options. Alaska Housing has two loan programs just for first-time homebuyers and loan options that may reduce your interest rate.
☑ Schedule a Free HomeChoice Class
Learn all about the homebuying process in Alaska Housing's free homebuyer education class and earn up to $250 off your closing costs.
☑ Select an Alaska Housing-Approved Lender
Contact an Alaska Housing-Approved lender early in the process for a prequalification appointment.
☑ Gather Personal Information
Prior to your appointment, the lender you select will ask you to gather personal information. The list may include:
- Current pay stubs for 30 days
- Three years tax returns with W2s
- Checking/savings account statements
- List of credit cards and installment debt
- Other documents as applicable (bankruptcy, divorce, etc.)
☑ Prequalify for a Mortgage
At the prequalification appointment, the lender will review information about your income and debts and assist you with completion of a mortgage application. They will discuss loan programs and types of financing and help you select the loan that best suits your needs. The lender also estimates your maximum mortgage amount and provides important disclosures required by law. Ask the lender about Alaska Housing’s loan options for first-time homebuyers, low-income borrowers, energy efficiency and qualified State Veterans. You may qualify for one or more.
☑ Shop for a Home
A real estate licensee can assist you in finding the right home, negotiating the sales price and scheduling a home inspection.
The loan process in brief
Loan processing begins after you sign a purchase agreement or sales contract with the seller. The lender verifies your income and payment histories, reviews your credit report and orders an appraisal of the property. The lender’s loan underwriter reviews all the information and determines loan approval. Following loan approval, the lender schedules loan closing where the final loan documents are signed. The next business day, documents are recorded, transferring ownership from the seller to you.