Capital Home Mortgage Anchorage

Anchorage Home Loans

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Anchorage Alaska Mortgage Lender

Home Loans In Anchorage, Alaska 

Welcome to Capital Home Mortgage Anchorage. Known as “The City of Lights and Flowers,” Anchorage is Alaska’s most populous city and home to nearly 40% of the state’s population. 

With its natural beauty and ability to attract explorers and mountaineers worldwide, Anchorage continues to see more people coming to the city, some for good. Life in Downtown Anchorage is vibrant and lively. The housing market is also quite active, especially during summer. 

If you’re planning on buying a home in Anchorage, Alaska, you might need to obtain a home loan. Unless, of course, you have a more convenient way to pay for the property. Capital Home Mortgage can help. 

One of the most critical considerations in the loan process is the debt-to-income (DTI) ratio. Let’s talk about what this is all about and why lenders are so particular about it.

Understanding DTI Ratio For Loan Applications In Anchorage

Your DTI is the percentage of monthly gross income that goes to your monthly debt payments. Lenders use the DTI to determine if you have enough income to cover all your debt and assess the risk of extending financing. 

Computing the DTI

The DTI ratio is a risk metric lending companies use to assess whether they approve or reject your loan. Moreover, it will play a part in determining the interest rate of your mortgage loan. There are two (2) DTI ratios to consider: (a) front-end and (b) back-end ratio. The front-end ratio is the relationship of your income to the proposed housing expense. The back-end ratio is the relationship of your income relative to all your debts, PLUS the proposed housing expense.

Determine the total monthly mortgage payment for your front-end ratio, including the principal, interest, taxes, and insurance (PITI). If you buy a $200k house and the total PITI is $1,8000, and your income is $5,000 a month, divide the proposed housing expense of $1,800 by your gross income of $5,000.

Here’s your formula for the front-end ratio: Proposed PITI ÷ Gross Monthly Income. In our scenario, $1,000 ÷ $5,000 = 36%

Here’s how you can compute your back-end DTI: DTI = Monthly Debt Payments + Proposed PITI ÷ Monthly Gross Income

Your monthly debt payments include credit card debt, existing loans, mortgages, and other financial obligations. In computing your monthly gross income, add all your pre-tax and pre-insurance income (e.g., compensation, business income, passive income, etc.).

For example, let’s say your monthly debt payments amount to $500, and your proposed monthly PITI is $1,800; both total $2,300 if you earn $5,000 a month gross income. $500 + $1,800 = $2,300 ÷ $5,000 = 46%

DTI Limits

According to the Bureau of Consumer Financial Protection, a healthy DTI, in general, is within 36% and 43%. 

This means borrowers should maintain a 36% DTI and stay below 43% to qualify for a mortgage. However, maximum DTI depends upon the loan program you wish to be eligible for, and it varies from lender to lender. Conventional loans may go up to 45%, whereas FHA loans may go all the way to 57% with compensating factors. 

To increase your chances of getting a mortgage with favorable terms, you’ll need to keep your DTI as low as possible. 

Anchorage, Alaska Mortgage Lender 

The DTI ratio is just one of the many financial metrics lenders use to assess your creditworthiness. Overall, the loan process can be a bumpy road, especially if this is your first time obtaining a loan of this magnitude. 

Working with an experienced Anchorage mortgage lender like Capital Home Mortgage can ensure a smoother process, from pre-qualification to funding. 

Our Alaska mortgage experts will walk you carefully through the eligibility requirements and expected application timelines. 

As a direct mortgage lender, we offer competitive interest rates, low fees, and exceptional customer service all the way. Additionally, Capital Home Mortgage oversees the entire loan process, making our underwriting and processing time faster and more straightforward. 

Get A Home Loan In Anchorage

Let’s help you get on your way to being a proud homeowner in Anchorage, Alaska. Talk to our loan officers at Capital Home Mortgage about your home loan needs today. Whether you’re a first-time borrower or a seasoned investor, we can match you with the right mortgage product for your needs. 

Contact us at (907) 531-5048 to get started.

 

Why Anchorage is Choosing Capital Home Mortgage...

Close On Time with True Approval

Control of the Loan from the Application to Funding.

Great Anchorage Rates / Low Fees

Direct Mortgage Lender Providing Competitive Rates and Low Fees.

Anchorage Customer Service

7  Day a Week Support from Application to Final Mortgage Payment. 

Anchorage Mortgage Rates

Capital Home Mortgage Anchorage is dedicated to offering Great Anchorage Mortgage Rates.

Call now to speak with a Loan Officer or request a no obligation custom rate quote.

Anchorage Alaska Mortgage Loans

Anchorage Home Purchases

Buying an Anchorage Home?

  • Primary, 2nd Home, Investment
  • Low Rates & Low Fees
  • Conventional, FHA, VA, USDA
  • Jumbo, Renovation, Manufactured

Anchorage Renovation Home Loans

Anchorage Rehab Loans

  • Remodel, Renovate or Repairs
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  • Fannie Mae Homestyle Reno
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Anchorage FHA Home Loans

1st Time Anchorage Homebuyers

  • Smaller Down Payment
  • Flexible Underwriting
  • Higher Debt to Income Ratios
  • Lower Credit Scores – Down to 500

Anchorage VA Home Loans

100% Loans for Anchorage Veterans

  • Simply Qualifying for Veterans
  • No Down Payments Requirements
  • Credit Scores Down to 500
  • Manual Underwriting Allowed

Anchorage Conventional Home Loans

Flexibility for Anchorage Buyers

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

Anchorage Jumbo Home Loans

Great Anchorage Rates

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

Anchorage USDA Home Loans

Anchorage Rural Properties

  • Rural Properties Only
  • Primary Residence Only
  • New Manufactured Homes Allowed
  • Closing Costs Can Be Rolled In

Anchorage Native American Loans

Anchorage HUD 184 Loans

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

Anchorage Manufactured Home Loans

Anchorage Mobile Home Loans

  • Existing Purchase or Refinance
  • One Time Close Combo Land & Home
  • Lock Rate Before Completion
  • FHA, VA, USDA, & Native Loans

Anchorage Reverse Mortgages

Your Anchorage Home at Work

  • Primary Residence Only
  • Simple Qualifying – Equity Based
  • Credit Scores Not Applicable
  • Minimum Age 62

Anchorage Cash-Out Refinance

Anchorage Equity Refinance

  • Reduce Mortgage Term
  • Lower Monthly Payments
  • Debt Consolidation
  • Streamline Options Available

Anchorage Mortgage Refinance

Anchorage Rate & Term Refinance

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

Anchorage Alaska Mortgage Team

Dale Gremillion

Managing Director
NMLS 210325

Conor Hayhurst

Managing Director
NMLS 743506

Brad Rund

Director Native Lending
NMLS 1702894

Rob Fisher

Loan Officer
NMLS 1950995

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