Alaska FHA loans are home loans insured by the FHA (Federal Housing Administration) which give borrowers the opportunity to secure home loans when they don't quality for other conventional loans. For example, future homeowners with little credit history or poor credit are sometimes able to qualify for Alaska FHA loans.
Alaska FHA Loans for First Time Homeowners
FHA loans are ideal for first-time Alaska homeowners due to low down-payment requirements and flexible qualifying guidelines.
Refinancing with FHA Loans in Alaska
FHA also offers a refinancing option for Alaska homeowners where it's possible to refinance up to 97.5% of your home’s value. Additionally, there’s also an option for FHA cash-out refinance of up to 85%.
Alaska FHA Requirements
- No income limit
- Alaska borrower credit score flexibility
- 3.5% down payment on Alaska Purchase Loans
- Bankruptcy: AK FHA loans can be obtained as soon as 2 years after Chapter 7 discharge (assuming good credit history since)
- Foreclosures: An FHA loan can be obtained as early as 3 years after the final date of foreclosure (assuming good credit history since)
Alaska (AK) FHA Loan Limits
FHA loan limits vary based on a number of criteria including the specific. location (county), number of units in the property (up to 4-unit properties in Alaska), etc.
Contact Home Point Financial to learn more about FHA loans in Alaska.