The Last Frontier. Alaska is the northwest extremity of North America, which borders both Canada and Russia. The Alaska state flag is very representative, the flag has a fascinating history, which was actually designed by Benny Benson a 7th grader born in Chignik, AK attending school in Seward, AK. Here, Benny told the judges what his design means:
“The blue field is for the Alaska sky and the forget-me-not, an Alaska flower. The North Star is for the future of the state of Alaska, the most northerly in the Union. The dipper is for the Great Bear – symbolizing strength.” Benny Benson
What Makes People Want To Move To Alaska
Alaska is over twice the size of Texas. Alaska has also been mapped to size as 1/5th the lower 48 states. Alaska has so much space ready for first time buyers, the state is bigger than Texas, California and Montana combined.
If you love the outdoors, you will find everything for you in the last frontier. Hunt for elk, fish for fresh salmon, go camping or even dog sledding! Go for a hike and try to find a brown, or even a grizzly bear. The picturesque lakes, rivers, parks, mountains and sand dunes are all options to explore. The are several pristine views and many extremely vast landscapes available in Alaska resident’s backyard.
Alaska has 6 widely accepted regions, within them, Anchorage is Alaska’s largest city, located in the south-central region of the state in the Cook Inlet. Anchorage is often a favorite for first time buyers because it’s described to be a urban city surrounded by wilderness. Another popular option for first time buyers is in “The Golden Heart City” Fairbanks, AK. Originally a gold rush town, Fairbanks has evolved into a captivating and quirky place. Take it from local brewery, Silver Gultch’s, slogan:
“Fairbanks, where the people are unusual and the beer is unusually good.” Silver Gultch
2017 First Time Buyer Programs & Loan Pre-Approval In Alaska
Looking for a buyer program specific to AK? If, you’re confused about your options give us a call at (615) 873-0367.
Loan Program Name
Loan Program Requirements
Loan Program Benefits
|USDA||Property must be located in an eligible area. Check property eligibility.||100% financing and 0% down payment||Income restrictions do apply. These are determined by county.||100% financing and 0% down payment|
|HomeReady Program - Purchase or Limited cash-out rate and term refinance.||1.) Home Ownership education is required and certificate must be retained in the mortgage file. |
2.) Occupancy is 1-4 units Principal Residence.
|1.) Standard debt to income is 45%, in certain cases up to 50%. |
2.) Occupant may not have an ownership interest in any other property at the time of closing.
|1.) Non -Occupant borrowers are permitted at max 95% LTV,income can be considered as part of qualifying income. No property limitation on ownership of other property for the non-occupant borrower.|
2.) Loan to Value up to 97%.
|1.) NO First Time home-buyer requirement.|
2.) Adjustable rate and Fixed rate options available.
3.) No Income Limits in low-income census tracts.
4.) 100% AMI (area medium income) census tracts or designated disaster areas
5.) 80% of AMI in other tracts. Use this link to see your eligible AMI. - https://www.fanniemae.com/singlefamily/mortgage-products
|100% GIFT FOR DOWN PAYMENT||Can be Conventional or FHA Loan||Gift can come from a family member, church, employer, etc..|
|FHA - The most common loan for a first time home buyer. FHA Requires a minumum 3.5% down payment||1.) Minimum FICO score of 620. 2.) 640 plus credit score is ideal. If you are below 640 then additional terms must be met and are considered on a case by case basis.||3.5% down payment required||Check single family, condo, and 2-4 unit property loan limits||1.) Flexible underwriting guidelines|
2.) The whole down payment can be from a gift
3.) The seller can pay your closing costs up to 6%
4.) Non Occupant Co signers are allowed