Capital Home Mortgage Fairbanks

Fairbanks FHA home loans

FHA Mortgage Lender Fairbanks Alaska

FHA Home Loans Fairbanks, Alaska 

A lender that has been approved by the Federal Housing Administration (FHA) may offer a loan that is guaranteed by FHA mortgage insurance. Lenders are safeguarded from losses through FHA mortgage insurance. They have in the past allowed Americans with lower incomes to borrow money and purchase homes that they otherwise would not have been able to.

FHA loans come with a number of advantages over conventional loans. They are a good option for people who would not be qualified for conventional loans because of their more lenient credit and income requirements. A smaller down payment is needed for FHA loans, usually 3.5% of the home’s cost. It might be simpler for first-time homebuyers to purchase homes.

FHA loans have larger debt-to-income ratios and less severe requirements for the types of residences that may be purchased. Lenders can relax knowing they will be paid if a borrower defaults on the loan because the Federal Housing Administration backs FHA loans.

What Is The Process For An FHA Loan?

To be eligible for an FHA loan, a potential homeowner must fulfill a number of standards.

Credit

To qualify for the 3.5% low down payment option, borrowers must have a credit score of at least 580. Being approved for an FHA loan is often one of the easier processes due to the low down payment needed and the less-than-perfect credit that is acceptable.

Candidates with FICO scores under 580 might still be qualified for an FHA loan, but they’ll need to put down a minimum of 10% and meet any other criteria that might be necessary.

Income

In general, there are fewer conditions to meet in order to qualify for an FHA loan than there are for a conventional loan. The upper limits for debt to income are 31% and 43%. According to this, the housing payments should account for 31% of the gross monthly income, while the monthly loan payment should be 43% of the monthly income. However, these standards allow for higher ratios of up to 56.9% with compensatory variables.

Assets

An FHA loan requires a minimum 3.5% down payment as part of the collateral requirements. The borrower is also required to keep a minimum amount of reserves. These reserves typically consist of one month’s worth of principal, interest, taxes, insurance, and, if necessary, homeowners association dues. The reserves cannot be gifts, seller concessions, or lender credits; they must originate from the borrower’s own resources.

Assets must have been sourced or seasoned for 60 days in order to be considered. Unsourced cash deposits are not acceptable as a borrower’s asset.

It’s important to note that asset requirements will be expressed in terms of PITI (Principal, Interest, Taxes, and Insurance), which means you’ll need enough money to pay for a specific number of months’ worth of mortgage payments, including principal, interest, taxes, homeowners insurance, mortgage insurance, and HOA dues, if applicable.

Required Documents For An FHA Loan

Several supporting documents are needed after submitting a loan application. The following records, which may not be all of the following, are required by the lender:

Personal identification documents (such as a driver’s license, state-issued identification, a passport, etc.); a recent 30-day pay stub; and a social security card
W2s from the previous two years; bank statements from the last two months; most current account statement from a retirement plan; signed tax returns from the previous two years, if self-employed; and, if relevant, a divorce decree and child support orders.
Utilize Capital Home Mortgage to submit an FHA loan application.

We at Capital Home Mortgage are aware of how challenging it may be to obtain a mortgage. It is our responsibility to keep you from going through something similar. Call our Alaska Loan Officers at (907) 531-5048 to start your application.

Why Fairbanks 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

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

FHA Home Purchase Loans FAIRBANKS Alaska

FHA Purchase Mortgage Lender
FHA Home Loans are mortgage loans for 1st time home buyers, buyers with limited credit, buyers with less than perfect credit and buyers with higher debt to income ratios.  As the goal of FHA is to make homeownership more attainable, FHA underwriting guidelines are less strict than other mortgage loan programs.  This FHA flexibility allows for easier loan qualification making the barrier to homeownership less challenging.
  • Simple Qualifying
  • Smaller Down Payment
  • Seller Paid Closing Costs
  • Flexible Underwriting
  • Higher Debt to Income Ratios Allowed
  • Lower Credit Scores Allowed
  • Manufactured Housing OK

FHA Refinance Home Loans FAIRBANKS ALASKa

FHA Refinance Mortgage Loans

FHA offers a streamline refinances that simply reduces the interest rate and lowers the payment or shortens the term of the loan.  This rate and term option can be fully documented loans, or can be reduced documentation. The other FHA option is a cash-out refinance allowing homeowners the ability to access the equity in the property.

FHA Standard Refinance

  • Appraisal Required
  • 97.75% Max Loan to Value
  • Closing Costs Can Be Rolled In
  • 80% Max Loan to for Cash-out
  • Cash-out Option Available
  • County Loan Limits Apply

FHA Streamline Refinance

  • FHA to FHA
  • No Income Qualification
  • No Appraisal Required
  • Closing Costs Cannot Be Rolled In
  • No Lates on Mortgage in Last Year
  • Payment Must Drop on Fixed Rates

FHA Renovation Home Loans FAIRBANKS ALASKA

FHA 203K Mortgage Loans

FHA offers both a Steamline and Full Rehabilitation Loans.  This is a great option for 1st time homebuyers looking to purchase a home that needs a little TLC.

  • Purchase & Refinance Options
  • Primary Residences Only
  • Single, Multi Family & Condo’s
  • As-Is Improved Renovated Value
  • 203K Streamline
  • Less < 35K, Cosmetic Repairs Only
  • 203K Full Rehab
  • Greater > 35K, No Restrictions
Fairbanks Mortgage Programs

Fairbanks Home Purchase

Thinking of Buying a Fairbanks 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

Fairbanks renovation home loans

Looking to Rehab a Fairbanks 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

Fairbanks FHA Home Loans

Great for 1st Time Fairbanks 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

Fairbanks VA Home Loans

100% Financing for Fairbanks 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

Fairbanks Conventional Home Loans

Flexibility for Fairbanks 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

Fairbanks Jumbo Home Loans

Fairbanks 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

Fairbanks USDA Home Loans

100% Rural Fairbanks 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

Fairbanks Native American Home Loans

Fairbanks 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

Fairbanks Manufactured Home Loans

Great Alternative Fairbanks Housing

Fairbanks reverse mortgages

Your Fairbanks 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

Fairbanks Non QM Home Loans

Making Fairbanks 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

Fairbanks One Time Close mortgages

Build Your Fairbanks 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

Fairbanks Refinance Mortgage Loans

Fairbanks 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

Fairbanks Cash-out Home mortgages

Fairbanks 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

Fairbanks Alaska Mortgage Team

Dale Gremillion

Manager / Sr Loan Officer
NMLS 210325

Conor Hayhurst

Manager / Sr Loan Officer
NMLS 743506

Brad Rund

Director Native American Lending
Director Manufactured Housing

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