At HYFC, we are committed to helping Southeast Alaskans reach their goals as home buyers and owners. At HYFC, our services include:
Home Renovation—Renovation and repair loans assist homeowners who need to make repairs or to add a bedroom to relieve overcrowding. These loans are designed to be flexible to fit the borrower’s needs that include:
- Up to 15-year terms
- Loan may not exceed 80% loan to value, including 1st mortgage; $100,000 without an appraisal or $200,000 with a appraisal.
- Proof of homeowners insurance required
- Low interest rate, terms & rates dependent on credit score
Other Eligibility Criteria:
- Available to Southeast Alaskan Tribes for rental properties owned by the Tribe.
- Property must be located in Southeast Alaska.
- Single family residence, condominiums, modular homes, or 1996 or newer mobile home.
- Minimum 600 Credit score
- Borrower’s are encouraged to attend THRHA home maintenance education class.
- Renovations must comply with state laws regarding contractor licensing & minimum construction standards.
To apply for a loan, you must complete an HYFC application and provide HYFC with the following documents:
- Last two year tax returns with all pages
- Last two years W-2’s and/or 1099’s
- One month of income verification( paystubs, retirement, SSA, etc.)
- Two months of complete bank statements