Under the National Bank of Alaskas Home$tart Saving Program, every dollar prospective homebuyers save is matched by $3.
The program, which maxes out at $5,000, is targeted toward low- and moderate-income first-time homebuyers. The income criteria are a little complicated, said Jeri Walters, vice president and manager of community development for the bank.
It requires that the household not earn more than 80 percent of the median area income for the community they live in, and its adjusted to household size, she said.
Locally, a family of four in Juneau that wanted to qualify couldnt earn more than $50,200 a year. A household of one would have an income limit of $35,150.
They have to save for a minimum of six months and purchase a home within two years, Walters added. A match is made when they actually close on their home loan.
Applicants also are required to take a home-buying class.
Money for the program, which has been in place for several years, is provided primarily by a $75,000 grant from the Federal Home Loan Bank in Seattle.