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Aleutian Housing Authority
Lease to Purchase Program (LTP)
To be selected for the Lease to Purchase program, applicants must demonstrate an earnest effort to advance towards mortgage readiness and sign a written pledge to work diligently and in good faith towards securing a private mortgage to purchase an available unit. The applicant will enter into a Lease to Purchase Agreement (LPA) if accepted into the program.
Once seleted, All LPA Homebuyers will be required to follow Board of Commissioner OC approved LPA Milestones. The milestones are intended to establish key accomplishments of a Homebuyer’s pathway to home ownership during the term of the LPA necessary to secure mortgage financing.
Lease To Purchase Agreement (LPA) Milestones
Milestones are progressive goals towards homebuyer readiness, specifically:
Monthly Payment: Each Homebuyer shall be required to make a "Monthly Payment" . Payments cannot exceed 30% of the household adjusted income unless otherwise allowed by HUD statute or regulation.
Homebuyer's Responsibility for Repairs, Maintenance, Utilities, and Insurance: The Homebuyer must acknowledge and agree to assume full responsibility for all maintenance, utilities and insurance on the unit.
•to establish, improve or boost credit readiness, •to adequately save for the down payment, •to utilize spending plans, financial tools, or banking services to manage personal finances, and •to reduce or maintain debt equal to or less than acceptable loan program guidelines.
AHA may choose to individualize milestones for each client.
Availability Announcement: Unit availability announcement will be posted within the community for 30 days.
AHA does business in accordance with the Federal Fair Housing Law and Americans with Disabilities Acts and provides equal housing opportunities as applicable.
Aleutian Housing Authority (c) 2018
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AHA's Lease to Purchase program is for low-to-moderate income families in the Aleutian and Pribilof Islands region.
Expanding access to Home ownership through our Lease to Purchase Program