FHA Mortgage Alaska | FHA Loans Alaska

May 7th, 2017 | fha mortgage alaska , fha loan alaska

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.


Required Documents

VA Loans

Veteran Loans

Prime 1 Bancorp, Ltd is not affiliated with any government organization or bank nor do we act on behalf of the FHA or VA. This material is not from HUD or FHA and has not been approved by HUD or a government agency. We are not a Federally chartered or State Chartered Bank. We are an we are an Illinois Residential Mortgage Licensee by the Office of Banks and Real Estate License #MB.6761138, a Colorado Registered Mortgage Brokerage by Division of Real Estate, a Florida Residential Mortgage Brokerage Licensed by the Office of Financial Regulation License #MBR1930 dba Prime 1 Mortgage Inc, a California CFL Licensed Mortgage Brokerage by Department of Business Oversights 60DB055973 and a Texas SML Licensed Mortgage Brokerage by the Texas Department of Savings and Mortgage Lending. Prime 1 Bancorp, LTD Corporate Office is located at 2720 S. River Rd Suite 50, Des Plaines, IL 60018 our Toll Free Number is 888-205-3737. NMLS: 1434638

Loan product availability is subject to qualification of the borrower and loan approval after full review of the file. Not every applicant qualifies or is eligible for every loan program. Some loan products may not be available in all states. Loan approval, note rate and annual percentage rate are dependent on factors including, but not limited to, credit, collateral, income, assets and overall financial history. Not all applicants will be approved for a loan. All loan programs, terms and annual interest rates are subject to change without notice. NMLS: 1434638