Depending on who you ask, Alaska may be the most beautiful state in these United States boasting beautiful mountains, vast stretches of untouched wilderness and northern lights in the sky. You can’t go wrong settling down in the Last Frontier, so whether you want to be tucked up in the mountains, or down in the valleys closer to the salmon runs, Alaska is a great choice for those craving a connection with the great outdoors.
If only buying a home was as peaceful as actually living in Alaska. To make your home buying process easier and more affordable, consider choosing an FHA loan to finance the home of your dreams in Alaska.
Despite the population density in Alaska being the lowest in the country, over $19 million FHA loans were granted as of 2019. Alaskans trust the FHA loan program when purchasing their family homes, and rightfully so when you consider the benefits of an FHA loan.
While there is a maximum loan limit on Alaska FHA loans, the limit varies depending on where you live and is adjusted every year. The maximum loan limit ensures most people can qualify for the loan.
In most of Alaska, the baseline limit of $498,257 applies, but in a place like Anchorage and Ketchikan, the limit is higher to account for the higher cost of real estate in the cities. Check out the link below for a full list of Alaska FHA loan limits.
You may be eligible for an FHA loan, if you:
Credit Requirements
Employment Requirements
Mortgage Insurance Premium Requirements
Buyers must be able to provide the following information and documents as requested by lenders:
Note: Facts and figures sourced from the latest statistics available at the time of this writing including data from the United States Department of Labor, United States Census Bureau and the United States Department of Housing and Urban Development.