HOME LOAN OPTIONS
Fixed-Rate Mortgage provides consistent monthly payments and fixed interest rates for the life of your loan.
Adjustable Rate Mortgage (ARM) interest rates changes at specific intervals. These loans typically feature lower introductory rates that adjust periodically throughout the life of the loan. If you’re planning on owning your home for a short period of time an ARM may be a good option. Hybrid ARMs can offer the best of both worlds - lower interest rates like traditional ARMs and a fixed payment for a longer period of time than most adjustable rate loans.
Nonconforming or Jumbo Loans are available for properties in which conventional financing requirements aren’t met, or where the loan amount is greater than the area's conforming loan limits.*
Federal Housing Administration (FHA) Loan is designed for borrowers with a minimal down payment and lower credit scores. Also offers a ‘streamline refinance’ of an existing FHA loan with minimal documentation requirements.
Veterans Administration (VA) Loan is specifically reserved for active duty personnel, reservists and veterans. VA loans are easier to qualify, have little or no down payment requirements, no monthly mortgage insurance and provide up to 100% financing. Closing costs are limited by VA, and may be paid by the seller. This program also offers two refinance options - an interest rate reduction refinance of an existing VA loan with minimal documentation requirements, or a 100% Cash-Out Refinance loan** that provides access to cash from the equity you’ve built up in your home and is often offered at a lower rate when compared to a conventional cash out loan.
HUD 184 Loan offers benefits such as lower down payments, interest rates and closing costs to members of Alaska Native and American Indian tribes. To receive a HUD 184 loan you must be an enrolled member of a Federally Recognized Tribe.
USDA Rural Development Home Loan provides up to 100% financing for qualified borrowers looking to purchase a home in specified areas of rural Alaska.
Alaska Housing Finance Corporation (AHFC) Loan Programs
Residential Mortgage is an AHFC approved lender – something Internet and national lenders are not! An AHFC mortgage loan can provide significant savings and incentives to qualified borrowers for approved properties in Alaska.
Tax-Exempt First-Time Homebuyer program (TEP) offers lower interest rates to eligible first-time homebuyers. First-time homebuyers are borrowers who have not owned a primary residence in the last three years.
Taxable First-Time Homebuyer program offers a reduced interest rate to eligible first-time homebuyers without the income limits, acquisition cost limits or recapture provisions of the TEP.
Veterans Mortgage offers financing at lower interest rates for qualified veterans. (Veterans may not have been discharged from active duty service more than 25 years prior to application date.)
Rural Owner-Occupied financing is to purchase or renovate owner-occupied housing in small communities. Long-term financing is also available for the owner-built, newly constructed home.
Rural Non-Owner-Occupied financing is to purchase or renovate rental housing in small communities. Long-term financing is also available for owner-built, newly constructed rental housing.
Renovation Loan offers financing options for renovations in conjunction with a purchase or refinance. Property appraisals and renovation cost estimates required.
Non-Conforming program is available for certain properties for which financing may not be obtained through private, state or federal mortgage programs.
Taxable is for applicants or properties not meeting the particular requirements of other AHFC programs.
HomeReady by Fannie Mae
This loan is for first-time and repeat homebuyers, and those looking to refinance with low-to-moderate income, limited cash for down payment and a credit score of 620 or higher. Cash for down payment and closing costs can come from multiple sources, including gifts and grants, with no minimum personal funds required. Borrowers may have the option to cancel their mortgage insurance once their home equity reaches 20%. This can result in lower monthly payments down the road.
To be eligible for a HomeReady mortgage you will have to complete a homebuyer education class offered by Fannie Mae partner Framework, a leading provider of online homebuyer education. For a one-time fee of $75, Framework can help you (and a co-borrower) prepare for possibly the largest purchase of your life.***
*Maximum loan amount is different in each state. Ask your loan originator for specifics. **Property must be owner occupied. Requires a full appraisal as the loan amount is based upon the current appraised value. Maximum loan amount is different in each state. Ask your loan originator for specifics. ***Framework satisfies the homebuyer education requirement for Fannie Mae's HomeReady® mortgage; however, completion of the course does not, by itself, qualify a homebuyer for a HomeReady mortgage. Additional eligibility terms and conditions apply.