Alaska Mortgage Information
The median price of a home in Alaska is $144,200; however, home costs can vary widely between zip codes. For example, in the Anchorage Metro area, median home values during the summer of 2005 were $224,000. Recently, homes in Alaska have been appreciating at rates slightly above the national average. As a result, income levels in many parts of Alaska are too low to purchase a median-priced home with a conventional loan. In fact, homeowners in many Alaskan cities pay more than the recommended 30% of their incomes toward housing.
Alaska state law only allows issuance of adjustable-rate mortgages on owner-occupied residencies. Additionally, Alaska has a Permanent Fund Development program that distributes a yearly payment – a share of the fund’s investment earnings – to all qualified residents.
If you’re buying a home in the state of Alaska, you qualify for both federal and state FHA and VA loans. First-time home buyers qualify for Alaska FHA loans with below-market interest rates, and, depending on their income, may also qualify for down payment assistance. Alaska also has a comparable program for homeowners in rural areas.
In addition to FHA loans, the state of Alaska also offers no-down-payment loans to people of very low income, persons with disabilities, veterans, teachers, firefighters, law-enforcement officers, and nurses. These individual requirements of each of these loans vary depending on the county in which you are buying a house.