Capital Home Mortgage Anchorage

Anchorage home purchase loans

Home Purchase lender Anchorage Alaska

Home Purchase Loans In Anchorage

The housing market in Anchorage, Alaska, is presently characterized by a high level of competitiveness. There has been a notable increase in property values, with a jump of 5.0% compared to the previous year. Additionally, residences are sold within a relatively short period, about seven days after being listed on the market. Residential properties are being sold at a premium of approximately 2% above their listed prices, suggesting a balanced housing market.

Purchase Loan Programs in Anchorage

Anchorage home buyers have various home loan options when buying a property. The most prevalent among them are the following:

  • Conventional Loan

A conventional home loan in Anchorage, Alaska, is not guaranteed by a government agency such as the FHA, VA, or USDA. Because of its flexibility and easy terms, it is a popular choice among homebuyers. Conventional loans often come in various alternatives, such as fixed-rate or adjustable-rate mortgages, and allow you to put down as little as 3% of the home’s purchase price.

Typical eligibility requirements for a conventional loan include a high credit score, typically over 620, and a debt-to-income ratio below 43%. Additional qualifications, such as employment history, income stability, and the property’s appraised value, may be considered. 

Conventional loans are classified as conforming or non-conforming. They differ in compliance with loan limits set by government-sponsored enterprises such as Fannie Mae and Freddie Mac. Conforming loans meet these standards and are frequently easier to sell on the secondary market, allowing lenders to offer them at reduced interest rates. Conversely, non-conforming loans exceed these lending restrictions and are regarded as riskier, frequently incurring higher interest rates. Lower interest rates, smaller down payments, and more liberal credit score criteria make conforming loans an attractive alternative for many homeowners.

The 2023 conforming loan limits in Anchorage are $1,089,300 for a single-unit home, $1,394,775 for a duplex, $1,685,850 for a triplex, and $2,095,200 for a quadplex.

  • FHA Loan

An FHA (Federal Housing Administration) home loan is a federally guaranteed mortgage intended to lessen the barrier to entry for homebuyers. FHA loan restrictions for Anchorage, Alaska, in 2023 determine the maximum amount to be borrowed under this program. Conversely, conventional loans are not guaranteed by the government and are often made available by private lenders. The key distinction is the level of risk assumed by lenders, which is lessened by government backing in the case of FHA loans.

The 2023 FHA loan limits in Anchorage are $472,030 for a one-unit home, $604,400 for a duplex, $730,525 for a triplex, and $907,900 for a quadplex.

FHA home loans include lower minimum down payments and less stringent credit score criteria than conventional loans. An FHA loan typically demands a 3.5% down payment and a credit score of 580 or higher. Conventional loans frequently require higher credit scores and down payments, making them less accessible to first-time homeowners and those with less-than-perfect credit.

In general, the eligibility requirements for FHA loans are more lenient. The applicant must have an acceptable debt-to-income ratio of less than 45%, and the property must satisfy specific appraisal requirements. Conventional loans have more stringent eligibility requirements, typically higher income and more rigorous property appraisal requirements. Both types of loans offer a range of term lengths and interest rate options, but the more flexible requirements of FHA loans make them an attractive choice for a broader pool of applicants.

  • VA Loan

The United States Department of Veterans Affairs guarantees a VA housing loan in Anchorage, Alaska. Designed to assist veterans, active-duty service members, and certain surviving spouses, this loan option provides favorable terms for homeownership. These loans include several advantages, including no down payment requirements, no private mortgage insurance (PMI), and generally more competitive interest rates than conventional mortgage loans.

Applicants must satisfy specific eligibility requirements to qualify for a VA home loan. These include factors such as duration of service, duty status, and commitment to the military. The Department of Veterans Affairs establishes these guidelines, and those who qualify will receive a Certificate of Eligibility (COE) as evidence of their eligibility for the loan program.

Although the core requirements for VA home loans are federally standardized, individual lending institutions and even specific geographical areas may differ. Anchorage, Alaska, like other cities, will have lending limits and maybe localized veterans programs to help qualifying veterans purchase a property. Potential applicants should engage with home loan experts or VA-approved lenders in Anchorage to better understand the local elements of VA home loans.

  • USDA Loan

A USDA home loan in Anchorage, Alaska, is a mortgage option sponsored by the United States Department of Agriculture to support low- to moderate-income people purchasing homes in rural areas. These loans have various benefits, including no down payment, competitive interest rates, and lower mortgage insurance costs. It is crucial to remember that Anchorage, as a major city, may have only a few locations that qualify as “rural” under USDA rules.

Various variables, including income limits, creditworthiness, and property location, decide eligibility for a USDA home loan. An applicant must meet specific income standards, which vary depending on household size and area median income (AMI). Furthermore, the property must be located in a USDA-defined qualifying rural area.

Federal criteria primarily regulate the USDA home loan program. However, seeking advice from approved lenders in Anchorage is crucial to obtaining the most up-to-date and region-specific information. This includes being aware of state or regional programs that may further assist in purchasing rural homes in Alaska.

  • Jumbo Loan

A jumbo home loan in Anchorage, Alaska, is a mortgage loan that exceeds the Federal Housing Finance Agency’s (FHFA) conforming loan limits. Unlike conventional mortgages, Jumbo loans are ineligible for purchase, guarantee, or securitization by Fannie Mae and Freddie Mac. Key characteristics include more significant loan amounts, typically requiring at least a 20% down payment and potentially higher interest rates.

The primary benefit of a jumbo loan is the ability to finance properties that exceed the loan limits for conventional loans. This makes them especially useful for homebuyers in high-priced areas or those purchasing luxury properties. However, because federal agencies do not back these loans, they typically have more stringent requirements, such as a higher credit score, a lower debt-to-income ratio, and substantial financial reserves.

The qualifying requirements for jumbo home loans in Anchorage, Alaska, generally encompass several specific criteria. These include a minimum credit score of around 700, a debt-to-income ratio that does not exceed 43%, and the provision of verifiable evidence demonstrating consistent income and financial stability. Certain lenders may also stipulate the necessity of maintaining cash reserves equivalent to six to twelve months’ worth of mortgage payments.

  • Construction Loan

In Anchorage, Alaska, a construction home loan is a short-term loan that covers the cost of building a new home. This loan differs from a standard mortgage in that the lender disburses payments in stages to finance the construction project rather than funding a flat sum for property purchase. The borrower typically makes interest-only payments during construction, followed by a conversion to a standard mortgage once construction is completed.

The primary distinction between a one-time close and a regular construction loan is the number of loan closings and loan agreements involved. A one-time close construction loan combines a construction loan and a permanent mortgage into a single loan with a single set of closing charges. This removes the need for two separate closings and has the added benefit of locking in mortgage rates from the beginning. On the other hand, a regular or two-time close construction loan consists of two independent loans: one for the construction period and one for the permanent mortgage, each with its own closing process.

Construction loans possess several notable characteristics that distinguish them from traditional mortgages. Firstly, these loans often have a shorter duration, ranging from 12 to 18 months. Additionally, construction loans are associated with higher interest rates when compared to conventional mortgage loans. One of the benefits of one-time close construction loans is the availability of flexible payment alternatives during the construction period, allowing borrowers to tailor their payments to their financial circumstances. Additionally, these loans offer the opportunity to secure mortgage rates, providing borrowers with the advantage of locking in favorable interest rates.

  • Non-Qualified Mortgage Loan

In Anchorage, Alaska, a Non-Qualified Mortgage (Non-QM) loan is a financial product that does not comply with the Consumer Financial Protection Bureau’s guidelines for a Qualified Mortgage. These loans are designed for borrowers who may not suit the typical profile for qualified mortgages, such as those with unusual income sources or higher debt-to-income ratios. In general, non-QM loans provide flexibility but have higher interest rates and stricter terms.

Non-QM loans include, among others, interest-only loans, stated income loans, and balloon payment loans. Interest-only loans enable borrowers to pay only the interest for a specified period, typically 5 to 10 years. Stated income loans are intended for self-employed or freelance borrowers needing a consistent income stream. Loans with balloon payments necessitate a substantial balloon payment at the end of the loan term.

The primary benefits associated with non-qualified mortgage (non-QM) loans are their inherent flexibility and inclusiveness. These loans serve as a viable alternative for those unable to meet the eligibility criteria for traditional loans due to their distinctive financial circumstances. Furthermore, non-qualified mortgage (non-QM) loans can be tailored to accommodate individual financial requirements, albeit frequently accompanied by elevated interest rates and less advantageous conditions.

Apply for an Anchorage Home Purchase Loan

Capital Home Mortgage Alaska offers a comprehensive range of mortgage solutions as both a direct lender and servicer, catering to diverse mortgage needs. Our team of mortgage experts possesses extensive knowledge and expertise in the field, enabling us to assist you in selecting the most suitable loan program that aligns with your financial constraints and specific requirements. Given the inherent variability among loans, our loan officers provide consumers with the necessary tools, support, and flexibility to select the most suitable mortgage package. 

Call (907) 531-5048 to speak with an Anchorage Home Loan Specialist about your home purchase loan options.

Purchase Home Loans in Anchorage Alaska

Capital Property Mortgage Anchorage is available to assist you if you’re wanting to purchase a home in the great state of Alaska. Homebuyers can choose the mortgage program that best fits their budget and level of financial responsibility because we provide a variety of mortgage packages. The ideal lending choice can be found with the assistance of our mortgage specialists in Anchorage.

Conventional-conforming Home Purchase Loan Programs in Anchorage Alaska

The most popular type of house loan in the nation is a conventional conforming loan. A potential home buyer should be qualified for a conventional loan if they have a sizeable cash reserve and good credit. Good credit qualifies individuals for cheaper interest rates. If you want to avoid paying mortgage insurance, you must put down 20% of the total loan amount.

FHA Mortgages

A mortgage that is insured by the government is known as a Federal Housing Administration loan (FHA). These loans are insured by the FHA to protect lenders from possible financial risk. In order for a lender’s loan to be backed by the FHA in the event that a borrower fails on the mortgage, the lender must adhere to certain criteria set forth by the FHA.

The most often used type of FHA loan across the nation is the 203(b) loan program. The best candidates for FHA mortgages are borrowers who are unable to meet the strict requirements of conventional loans. FHA loans may be available to homebuyers with poor credit and low incomes.

The fact that an FHA loan demands a lower down payment is one of its main benefits. Less than a 3.5% down payment is required for financing a home with an FHA loan. A lot of first-time home buyers use FHA loans. However, it should be noted that those applying for an FHA loan must pay a mortgage insurance premium (MIP). When a borrower defaults, this insurance shields the lender.

VA Mortgages

Veterans, active duty personnel, and their surviving spouses may apply for VA home loans. They are provided by private lenders like banks and mortgage companies, and the Department of Veterans Affairs (VA) ensures repayment (VA). Lenders are able to provide borrowers with better terms, like lower interest rates and no down payment needs, thanks to this assurance.

Although a VA mortgage is a particular type of home loan, getting one is similar to getting any other form of mortgage. To get pre-approved, you’ll engage with a qualified lender. After getting pre-approved, you can start looking at houses, put in an offer, go through the appraisal and underwriting procedures, and then close the deal.

Loans Guaranteed by the USDA

A mortgage that is insured by the US Department of Agriculture is known as a USDA-guaranteed loan (USDA). These loans are meant to assist low-income rural residents in achieving their dream of home ownership. No down payment is required for those who qualify because the USDA provides a 90% loan note guarantee to authorized lenders, reducing the risk of granting 100% loans to qualified rural households.

As part of the USDA Rural Development program, which aims to promote home ownership in rural areas, the USDA makes or guarantees these loans.

To be eligible for a loan that is guaranteed by the USDA, borrowers must make no more than 115% of the area’s median income. To be eligible for financing, the subject property must also be situated inside the USDA-eligible region map.

Loans for home renovation

Repairs, renovations, extensions, and upgrades are financed with a home renovation loan. These loans could be personal loans or mortgages with built-in rehabilitation money. Many home improvement projects, such as remodeling a kitchen or bathroom, finishing a basement, or adding a second storey to a house, can be financed with a home renovation loan. The type of loan and its terms will be determined by the borrower’s requirements and creditworthiness. For instance, there are various terms and fixed or variable interest rates for loans for renovations.

Loans for home improvements come in a variety of forms. The FHA 203(k) loan is the one that is most widely used. There are also the HomeStyle Renovation Loan from Fannie Mae and the Choice Renovation Loan program from Freddie Mac.

Mortgage Loans That Are Not Qualified

A non-qualified mortgage (non-QM), as defined by the Consumer Financial Protection Bureau’s (CFPB) Qualified Mortgage rule, is a specific category of house loan that does not meet the standard documentation requirements. Non-QM loans may therefore have different features, such as longer loan terms, negative amortization, and softer eligibility standards.

House buyers who don’t match the strict conditions of a qualifying mortgage are expected to benefit from non-QM loans. A non-QM loan might be a better option for you if you are self-employed or do not have a traditional source of income because you might not be able to qualify for a qualifying mortgage. Non-QM loans make it possible for borrowers to get a house loan even if they wouldn’t normally be eligible for one. If your credit score is low, your debt-to-income ratio is high, or your income fluctuates significantly enough that a conventional mortgage is not an option for you, a non-QM loan might be appropriate.

Application for Alaska Home Purchase Loan

There are various options available to you if you wish to apply for a house purchase loan in the state of Alaska. As an Alaska-based direct mortgage lender is called Capital Home Mortgage Alaska, we are dedicated to provide outstanding customer service and are eager to help you. In order to speak with one of our loan professionals, please dial (907) 531-5048.

Why Anchorage 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 Mortgage Payment

Anchorage 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

Home Purchase Loans ANCHORAGE Alaska

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

fixed rate Mortgage Loans Anchorage Alaska

All Fixed Rate Mortgage Loans are designed to have equal payments for the specified term. These loans offer predictability and are deemed to be less risky for borrowers. Fixed Rate Mortgage Loans are available with all mortgage products and are typically offered in 15 year and 30 year terms. However, Fixed Rate Mortgage Loans are also offer in 10 year, 20 year and 25 year terms although less common due to demand.

Adjustable Rate Mortgage Loans ANCHORAGE Alaska

Adjustable Rate Mortgage Loans known as ARM’s are  available with most mortgage products although limited with FHA, VA and USDA. ARM’s are great fit for homebuyers who plan to sell or refinance their home between 1 and 10 years and are looking for the lowest possible payment.  ARM’s offers lower rates during times where fixed rates are higher. An adjustable rate mortgage is fixed for a specific time then adjusts on a predetermined time period and a predetermined amount based on a financial index and a fixed margin.

Anchorage Mortgage Programs

Anchorage Home Purchase

Thinking of Buying an Anchorage 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

Anchorage renovation home loans

Looking to Rehab an Anchorage 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

Anchorage FHA Home Loans

Great for 1st Time Anchorage 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

Anchorage VA Home Loans

100% Financing for Anchorage 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

Anchorage Conventional Home Loans

Flexibility for Anchorage 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

Anchorage Jumbo Home Loans

Anchorage 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

Anchorage USDA Home Loans

100% Rural Anchorage 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

Anchorage Native American Home Loans

Anchorage 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

Anchorage Manufactured Home Loans

Great Alternative Anchorage Housing

Anchorage reverse mortgages

Your Anchorage 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

Anchorage Non QM Home Loans

Making Anchorage 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

Anchorage One Time Close mortgages

Build Your Anchorage 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

Anchorage Refinance Mortgage Loans

Anchorage 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

Anchorage Cash-out Home mortgages

Anchorage 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

Anchorage Alaska Mortgage Team

Dale Gremillion

Sr Loan Officer
NMLS #210325

Conor Hayhurst

Branch Manager
NMLS #743506

Sam Klaburner

Sr Loan Officer
NMLS #140132

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