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Loan Types Available

FHA
A Federal Housing Administration (FHA) loan is a government loan that requires the borrower to invest as little as 3 percent in the purchase of a property in Alaska. Eligibility properties include single-family dwellings, including condominiums and planned uni-developments, and 2 to 4 unit properties, as long as the borrower occupies one unit.

CONVENTIONAL
A Conventional loan requires as little as 3 percent down payment and with a 20 percent down payment mortgage insurance is not required. Financing is available for owner-occupied primary residences, second/vacation homes, and investment properties. We offer fixed and adjustable rate mortgages.
VA
A Veterans Administration (VA) loan is available for eligible veterans and requires no down payment for loan amounts up to $240,000. Active duty and prior service veterans from all branches of service including those in the Reserves or the National Guard, and certain Public Health Services officers, could be eligible for this loan.


    
Jeff Stanford
Mortgage Loan Originator
Contact me about any of these loan programs.
1400 W. Benson Blvd. Suite 200
Anchorage, AK 99503
Direct: 907-222-8833
Fax: 907-222-8834    Toll Free: 888-811-8833
Email: stanfornj@residentialmtg.com

www.alaskahomeloan.com
 


TAX-EXEMPT FIRST TIME HOMEBUYER
Buyers who have not had ownership interest in a primary residence in the last three years could be eligible for a lower interest rate through Alaska Housing Finance Corporation’s (AHFC) Tax-Exempt First Time Homebuyer Program. This program may be combined with FHA, VA, Conventional or Rural Development loans to provide a lower interest rate for borrowers who meet the income and acquisition cost limitations set by the program. Available only for owner-occupied single-family residences, including condominiums, and duplexes.

TAXABLE FIRST TIME HOMEBUYER
This new Alaska Housing Finance Corporation (AHFC) program provides a lower interest rate for buyers who have not had ownership interest in a primary residence in the last three years. However, it does not have the acquisition cost limits or recapture provision like the Tax-Exempt First Time Homebuyer Program. Income limits still apply. This program may be combined with FHA, VA, Conventional or Rural Development loans and is available for single-family residences and duplexes.

Taxable First Time Homebuyer
This new Alaska Housing Finance Corporation (AHFC) program provides a lower interest rate for buyers who have not had ownership interest in a primary residence in the last three years. However, it does not have the acquisition cost limits or recapture provision like the Tax-Exempt First Time Homebuyer Program. Income limits still apply. This program may be combined with FHA, VA, Conventional or Rural Development loans and is available for single-family residences and duplexes.

Veterans Mortgage Program
Veterans who entered into active duty prior to January 1, 1977 and who have not been discharged more than 30 years may be eligible for a lower interest rate through Alaska Housing Finance Corporation’s (AHFC) Veterans Mortgage Program (VMP). This program may be combined with any FHA, VA, and Conventional or Rural Development loan.

Rural Development
The Rural Development (RD) loan encourages homeownership in rural areas by allowing 100 percent financing in communities with fewer than 20,000 people in the city limits. Some eligible districts include the Bethel Census Area, Bristol Bay Borough, Dillingham Census Area, Fairbanks North Star Borough, Juneau Borough, Kenai Peninsula Borough, Kodiak Island Borough, Matanuska-Susitna Borough, North Slope Borough, Sitka Borough, and the Valdez-Cordova Census Area. Income limits apply. Financing available for single-family properties only.

One Year ARM

This Conventional adjustable rate mortgage (ARM) program is amortized over 30 years and adjusts on a yearly basis. At the time of adjustment, the interest rate is calculated by adding a fixed margin to the 1-year U.S. Treasury index. The interest rate cannot increase by more than 2 percent per year or 6 percent over the life of the loan. An option to convert to a fixed rate is available. Adjustable rate mortgages are not available for non-owner occupied properties.

Seven Year ARM
This loan has a fixed interest rate for 7 years and then becomes an adjustable rate mortgage (ARM) for the remaining 23 years of the loan. Rate adjustment is on a yearly basis after the 84th month and is based on the sum of the margin and the 1-year U.S. Treasury index. The first adjustment cannot increase by more than 5 percent. The subsequent interest rate adjustments cannot increase by more than 2 percent per year or 5 percent over the life of the loan. ARMs with fixed terms of 3, 5 and 10 years are also available. Some have options to convert to a fixed rate. Adjustable rates are not available for non-owner occupied properties.

Seven-Year Balloon
This loan offers a lower interest rate than a fixed rate mortgage and requires a minimum down payment of 10 percent. The interest rate is fixed for 7 years. The loan must be refinanced or paid off after the 7-year balloon term ends. This program is available on single-family owner-occupied residences only.






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