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 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 $203,000. 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.
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.
Roy Briley - Realtor (907) 529-2020
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