Jumbo Mortgage Lender Alaska

Jumbo Home Loans in Alaska

A jumbo loan is a mortgage used to fund properties exceeding the Federal Housing Finance Agency’s loan limits (FHFA). Lenders consider these loans high-risk, and borrowers must meet specific criteria to be eligible.

Jumbo Loan Requirements

In general, there are several requirements you must meet to be eligible for a jumbo mortgage in Alaska. It’s crucial to note that jumbo loan criteria vary greatly per lender, and some lenders may be more accommodating than others.

  • Credit Score

You usually need a higher credit score than required for a conventional loan to get approved for a jumbo loan. Your credit score helps lenders assess your financial responsibility. Each lender will have a different minimum credit score requirement, although a score of 700 or more is generally considered good.

  • Income

You must show a substantial and stable income to cover your monthly mortgage payments. The particular income criteria will vary depending on the lender and your other financial circumstances. Still, you should anticipate needing a consistent source of income and a good debt-to-income ratio.

  • Debt-to-Income

Your monthly debt payments divided by your monthly income are known as your DTI ratio. DTI ratios of 43% or less are typically preferred by lenders, though some may be more lenient if you have a strong credit score or significant assets.

  • Down Payment

Although certain lenders might permit a smaller down payment in specific circumstances, most jumbo lenders demand a down payment of at least 20% of the home’s purchase price.

  • Reserves

Lenders want to know if you have adequate savings to pay your mortgage for several months. You will generally need at least 6–12 months of reserves; however, the exact amount will depend on the lender and the loan amount.

Pros and Cons Of A Jumbo Loan

Jumbo home loans come with perks and drawbacks. Here are some of the key pros and cons of a jumbo loan:

Pros:

  • Higher Loan Limits

A jumbo loan allows you to borrow more than the limits imposed by Fannie Mae and Freddie Mac, which can be beneficial if you need to finance an expensive property.

  • One Single Loan

Jumbo loans allow you to finance a sizable amount of money with only one loan instead of taking out several loans.

  • More Funding

Unlike FHA, conventional, and VA loans, jumbo loans allow you to borrow more money. You could buy a bigger or more expensive property as a result.

Cons:

  • Higher Interest Rate

Higher interest rates are associated with jumbo loans than with conventional loans because of the higher perceived risk associated with the loan.

  • High Credit Score

The credit score needed to obtain a jumbo loan is often higher than that required to get a conventional loan, making it more difficult for some borrowers to receive financing.

  • Closing Costs

Jumbo loan closing costs are typically higher than conventional loans, costing thousands of dollars.

  • Larger Down Payment

Jumbo loans typically require a larger down payment than conventional loans, which can be a significant financial burden for some borrowers. Expect to make a minimum down payment of 20% and possibly more, depending on the lender and loan amount.

Apply For A Jumbo Loan In Alaska

As a direct mortgage lender, Capital Home Mortgage is committed to providing a home-buying experience unlike any other. You can reach one of our Alaska loan professionals at (907) 531-5048 to get started on your jumbo loan application.

Why Alaska HomeBuyers are Choosing Capital Home Mortgage
Close On Time

Complete Control from Application to Funding

Low Rates & Low Fees

Direct Lender with Competitive Rates & Low Fees

Exceptional Service

7  Day a Week Support Application to Final Payment

Alaska Mortgage Rates

Have you ever wondered why interests rates are what they are and what determines the final rate?  Why borrowers receive different interest rates? Or why rates go up and down?  Interest Rates are calculated using several factors.

  • Demand for mortgage Securities
  • Property securing the mortgage
  • occupancy of the property
  • Loan to value of the property
  • Borrower’s credit worthiness

Alaska Jumbo Home Loans

Jumbo Home Loans also called Non Conforming Home Loans are great options for buyers needing financing outside of agency limits.  Call today to speak to a loan officer.

  • Primary Residence and 2nd Homes
  • Higher Loan Amounts – 3 Million
  • Great Interest Rates
  • Investor Specific Guidelines
Alaska Mortgage Programs

Alaska Home Purchase

Thinking of Buying an Alaska Home?

Looking to Purchase a Home? We have the loan program for you… Call today to speak with a loan officer to discuss your personal mortgage options.

  • Primary, Secondary, Investment
  • FHA, VA, USDA, Native American
  • Conventional, Jumbo, Non QM
  • Reverse, Renovation, Manufactured

Alaska renovation home loans

Looking to Rehab an Alaska Home?

Want the Charm of an Older Neighborhood? But want a new place or a fresh look? Why not look at a renovation loan?  Purchase the Perfect Home and make it your own. Call today.

  • Remodel, Renovate or Repairs
  • FHA 203K Streamline or full
  • fannie mae homestyle reno
  • freddie mac home choice reno

Alaska FHA Home Loans

Great for 1st Time Alaska Homebuyers

FHA Home Loans are great for first time home buyers, buyers with less than perfect credit, or buyers needing less out of pocket.   Call today to get started.

  • Smaller Down Payment
  • Flexible Underwriting
  • Higher Debt to Income Ratios
  • Lower Credit Scores OK

Alaska VA Home Loans

100% Financing for Alaska Veterans

Proudly Serving Active Duty servicemen and women, as well as, retired and disabled veterans. Call today to speak with a VA loan officer.

  • Simply Qualifying for Veterans
  • No Down Payments Requirements
  • Lower Credit Scores Accepted
  • Manual Underwriting Allowed

Alaska Conventional Home Loans

Flexibility for Alaska Homebuyers

Conventional Home Loans are the best option for flexibility of property types and for mortgage loan terms. Call today to get speak to a Loan Officer.

  • Primary, 2nd Home, Investment
  • Great Rates & Low Fees 
  • Single Family and Multi-Family
  • Renovation Loan Programs

Alaska Jumbo Home Loans

Alaska Non Conforming Loans

Jumbo Home Loans also called Non Conforming Home Loans are great options for buyers needing financing outside of agency limits.  Call today to speak to a loan officer.

  • Primary Residence and 2nd Homes
  • Higher Loan Amounts – 3 Million
  • Great Interest Rates
  • Investor Specific Guidelines

Alaska USDA Home Loans

100% Rural Alaska Home Loans

USDA Loans are a great option for families wanting to live outside of the city.  Call today to speak with a loan officer to discuss your personal loan options.

  • Rural Properties Only
  • Primary Residence Only
  • Geographic Restrictions
  • Income REstrictions

Alaska Native American Home Loans

Alaska HUD 184 Home Loans

HUD 184 Home Loans are solely for Native American and offer a variety of benefits.  Call today to speak with a loan officer to find out more.

  • Primary Residence Only
  • Manual Underwriting for All Loans
  • No Credit Score Requirements
  • Tribal Grants Allowed

Alaska Manufactured Home Loans

Great Alternative Alaska Housing

Alaska reverse mortgages

Your Alaska Home at Work

Reverse Mortgage Loans offer seniors options to use their home’s equity for cash or to eliminate payments. Call today to get speak to a Reverse Loan Officer.

  • primary residence only
  • simple qualifying – equity based
  • credit scores not applicable
  • Minimum age 62

Alaska Non QM Home Loans

Making Alaska Mortgages Possible

Looking for Non Traditional Home Mortgage Loan?  Contact a Loan Officer Today to discuss the alternative mortgage options currently available.

  • Purchase, Rate and Term & Cash-out
  • Primary, Secondary and Investment
  • Full Doc & Bank Statements Programs
  • Corporations OK

Alaska One Time Close mortgages

Build Your Alaska Dream Home

Want to Build? But unsure of what the future looks like? Remove the risk with a One Time Close Construction Loan.  Call today to see how a OTC loan works.

  • Primary Residence Only
  • Close Once
  • Lock Rate at Contract
  • Traditional Final Mortgage

Alaska Refinance Mortgage Loans

Alaska Rate & Term Refinance

Refinancing can be a hard decision and the payback can sometimes be confusing.  Call today and let our Loan Officers walk you through the process.

  • Reduce Mortgage Term
  • Lower Monthly Payments
  • Appraisal Waivers
  • Streamline Options Available

Alaska Cash-out Home mortgages

Alaska Equity Mortgage Loans

Cash-Out Mortgage Loans make use of the equity in your home by allowing you to refinance the current mortgage and access this equity to use as you see fit.

  • Debt Consolidation
  • Investment Opportunities
  • Home Improvement
  • Vacation or Education

Alaska Mortgage Team

Dale Gremillion

Sr Loan Officer
NMLS #210325

Conor Hayhurst

Branch Manager
NMLS #743506

Sam Klaburner

Sr Loan Officer
NMLS #140132

Alaska Mortgage Company Reviews

Alaska Cities

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