You may be buying your first home in Alaska, or maybe you are relocating to Alaska from another state. Either way, it's important that you educate yourself on FHA Alaska mortgage loans before searching for a home and mortgage. This informative article explains what you will need to know before buying a home in Alaska and why a FHA Mortgage in Alaska can be a great alternative for first time home buyers:
The median cost of a home in Alaska is $345,114; nevertheless, home prices can fluctuate extensively between zip codes. For instance, in the Anchorage Metro area, median home values during the summer of 2005 were $355,000. Lately, homes in Alaska have been appreciating at rates somewhat above the national average. As a consequence, income levels in several parts of Alaska are too low to purchase a median-priced home with a conventional loan. In reality, homeowners in many Alaskan cities pay more in relation to the recommended 30% of their incomes toward home.
Alaska state law only allows issuance of adjustable-rate mortgages on owner occupied residencies. Moreover, Alaska has a Permanent Fund Development system which disperses a yearly payment -- a share of the fund's investment gains -- to all qualified residents.
If you are purchasing a home in the state of Alaska, you qualify for both national and state FHA and VA loans. First-time home buyers qualify for Alaska FHA loans with below-market rates of interest, and, contingent upon their income, might also qualify for down payment assistance. Alaska also has a comparable program for homeowners in rural areas.
In addition to FHA loans, the state of Alaska also offers no-down-payment loans to folks of very low income, individuals with disabilities, veterans, teachers, firemen, law-enforcement officers, and nurses. These individual requirements of every one of these loans vary based on the county in which you are buying a house.