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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 |
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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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