First-Time Homebuyer Programs in Alaska
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Alaska USA Mortgage Company has a variety of unique Portfolio Loans to fit your needs. Try a 100% Financed Portfolio Loan and use the money you save for something else. You'll want a fixed- or adjustable-rate Jumbo Loan to finance it. Bottom line, if you’ve got unique financing needs, ask one of our mortgage loan originators if there’s a Portfolio Loan that works for you. Before you get the keys to your new home, you'll have to pay closing costs. Once you understand what they cover, they'll look less overwhelming.
Formula for calculating a mortgage payment
Anchorage, the largest city in the largest U.S. state, is a very popular place to settle in. Residents of the Anchorage Borough, Kenai Peninsula Borough or the Matanuska-Susitna Borough may be eligible for financial assistance on their mortgage through Cook Inlet Lending Center. The Down Payment Assistance Loan program provides eligible borrowers with loan amounts not to exceed 20 percent of the purchase price, up to $60,000 maximum. The loan is considered a second mortgage and is offered at a fixed interest rate over a 30-year term.
"Minimum" down payment assumes 3% down on a conventional mortgage with a minimum credit score of 620. This mortgage calculator will help you estimate the costs of your mortgage loan. Get a clear breakdown of your potential mortgage payments with taxes and insurance included.
Alaska Housing Finance Corporation First-Time Homebuyer Programs
It includes a lot of information, including further terms and conditions. If you want to use one of these mortgages, you’ll have to choose your lender from a list of mortgage companies approved by the AFHC. The lender will tell you whether you’re eligible, answer your initial questions, and help you through the application process. Note that government loan programs require you to buy a primary residence.
Many DPA programs behave like zero-interest-rate cash advances to be repaid when the home is refinanced or sold. Others grant money for specific purposes such as renovations to make homes more habitable, which raises local property values and property tax bases. Down payment assistance programs are locally-supported initiatives that give away cash grants, cheap loans, and tax breaks to buyers of U.S. homes.
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Under "Loan term," click the plus and minus signs to adjust the length of the mortgage in years. Drag the slider to see how your payments change over time and gain insights. The standard insurance policy that covers damage to your property and the things you keep in it. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team.
As for variable rates, the 5/1 ARM rate currently stands at 4.56%. Check out FHA and VA rates as well if you are doing low or no down payments. If you don’t find an Alaska state program that suits your needs, you can look for nationally-available assistance. You can use Bankrate’s guide to first-time homebuyer loans and programs to discover other ways to make buying a home more affordable. Bankrate.com is an independent, advertising-supported publisher and comparison service.
Three ways to tell if it’s a good time to refinance your mortgage. Meet with a loan specialist at Alaska USA Mortgage Company to find out which program is right for you. Our mortgage experts are ready to help you one-on-one, every step of the way. We streamline the process to make it easier for you, and we’re always ready with advice and assistance. Coming up with the cash for a down payment is the biggest roadblock for most home buyers.
Down payment assistance applications can also add weeks to your expected closing window. Get pre-approved to see what interest rate reductions are available to you. Homeownership is the centerpiece of local U.S. economies, so area governments have incentives to make their streets attractive to incoming buyers.
Our business specialists can help find the right accounts, financing, and services to start or grow your business. You can find additional information about FHA loans on the Alaska page of the FHA website. You may get pre-approved for a loan amount that is bigger than you had anticipated, but do not base affordability on that amount alone. Remember - pre-approvals are not guarantees, and only you know what you can afford. You have an adjustable-rate mortgage and the rate rises at the adjustment period.
VA loans have low-interest rates, no private mortgage insurance requirements, and no required down payment, which allows you to borrow up to 100% of the money needed to purchase your home. First-time homebuyers have many decisions to make, but one of the most important is choosing a home loan. Different types of buyers qualify for different loans, but what’s best for one person may not be a good fit for another. About 97% of the U.S. is within a USDA Rural Development-eligible area.
Although there is no official minimum credit score, most VA-approved lenders require scores of at least 640. The Home Opportunity Program provides assistance to low-income households in Alaska by offering zero interest rate loans with up to $10,000 forgivable over a 5-year period. Qualified applicants may be eligible to receive down payment and/or closing cost assistance.
Putting 20% down could save you from ever having to pay private mortgage insurance. And it will reduce your loan amount, which means smaller monthly mortgage payments over the life of the loan. This government-backed home loan program is designed for American Indian and Alaska Native families, tribes, Alaska Villages or tribally designated housing entities.
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