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Alaska Mortgage and Refinance Information
- • Mortgages
- • Mortgage refinancing
- • Homebuying
- • Mortgages
- • Homebuying
- • Mortgages
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Current mortgage rates in Alaska
As of Thursday, October 10, 2024, current mortgage interest rates in Alaska are 6.54% for a 30-year fixed mortgage and 5.92% for a 15-year fixed mortgage.
In 2024, the conforming mortgage loan limit in the state, which is the maximum amount Fannie Mae or Freddie Mac will guarantee, is $1,149,825. That’s far higher than in most states, where the limit stands at $766,550. Likewise, limits for Federal Housing Administration (FHA) loans in the state, which typically serve low- to moderate-income buyers, vary by county in 2024, from $498,257 to as high as $1,149,825.
Alaska mortgage refinancing
When it comes time to refinance your mortgage in Alaska, remember you’re not required to work with the same lender who provided the initial loan. In fact, it’s important to take the time to shop around and do your research to make sure you’re getting the best rates and loan terms possible. There are many private lenders and mortgage companies that provide refinancing options.
In addition, the Alaska Housing Finance Corporation (AHFC), the state’s housing finance authority, offers its own refinancing programs:
- The Streamline Refinance for existing Alaska Housing borrowers doesn’t require an appraisal or (in most cases) credit screening. It also doesn’t require occupying the home as the owner. (However, the original loan must have been made to an owner occupant.)
- There’s also a refinance option for those who did not purchase their home with an Alaska Housing program. This program can be used to obtain better loan terms or to provide the cash needed for renovations or home improvements.
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Mortgage options in Alaska
- 3% down payment mortgages: These are conventional loans backed by Fannie Mae and Freddie Mac, requiring only 3 percent down with a minimum credit score of 620 (for Conventional 97 and HomeReady loans) to 660 (for a HomePossible loan). Note: Both HomeReady and HomePossible loans have an income limit of 80 percent of the area median income (AMI) where you’re purchasing.
- FHA loan: FHA loans are government-insured loans for homebuyers with lower credit scores. You can get an FHA loan with a credit score of 580 and just 3.5 percent down. FHA loans are insured by the Federal Housing Administration.
- VA loans: VA loans are offered to qualifying active-duty military, veterans and their spouses. These loans are guaranteed by the U.S. Department of Veterans Affairs (VA) and don’t require a down payment.
- USDA loans: Buyers in rural areas might be able to take advantage of a no-down payment loan guaranteed by the U.S. Department of Agriculture (USDA). Along with buying in a specific rural area, as determined by the USDA, your income must be below area-specific limits to qualify.
First-time homebuyer programs in Alaska
AHFC, also known as Alaska Housing, offers programs that can be helpful to first-time homebuyers. In order to qualify as a first-time homebuyer, you can’t have owned a primary residence in the past three years. Here’s an overview of some of the agency’s programs:
First Home
The First Home mortgage program is aimed at first-time buyers with higher incomes and offers reduced interest rates. To apply, you must furnish federal income tax returns from the past three years.
First Home Limited
Similar to First Home, the First Home Limited mortgage program provides lower interest rates to first-time buyers, but you must meet income limits and purchase price limits to qualify. The first-time buyer requirement can be waived if the purchase property is located in a targeted area, which are locations that have higher income and purchase price limits.
How to find the best mortgage rate in Alaska for you
- Well ahead of shopping for a mortgage, check your credit reports and scores. If your credit is lacking, now’s the time to improve your score, whether that’s by paying down or paying off debt or disputing incorrect information on your report.
- Learn the different types of mortgages so you have a sense of what might work best for your needs. You can then begin comparing rates for that specific type of loan.
- Compare offers from at least three different mortgage lenders, including where you bank if it offers home loans. As you compare, look at the difference between the APR (annual percentage rate) and interest rate. This indicates how much a lender is charging in fees and points.
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Compare mortgage lenders side by side
Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.
Garden State Home Loans
NMLS: 409701
|
3.6
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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Bankrate's take
Garden State Home Loans doesn’t solely work with borrowers in New Jersey; it also lends in a handful of other states, including Florida, New York, Pennsylvania and Texas. While that limits who can work with this lender, if you’re in one of its operating states, Garden State can be a smart choice if you’re looking for dedicated service — including a loan officer available nights and weekends — and swift closings.
Loans offered
Conventional, jumbo, FHA, VA, USDA, refinancing and more
Min. credit score required
Nationwide availability
Connecticut, Delaware, Florida, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Pennsylvania, Tennessee, Texas and Virginia
Min. down payment
3% for conventional loans, 3.5% for FHA loans, none for VA loans or USDA loans
Recent Customer Reviews
5.0
Homefinity
NMLS: 2289
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State License: 4965
4.5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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Bankrate's take
Homefinity is an imprint of Fairway Independent Mortgage, one of the top five mortgage lenders in the U.S. It offers many of the perks of an online lender, including up-to-the-minute rates and calculators to help you estimate your homebuying budget, refinance savings and more. If you’re looking for a lender with a fast, convenient process, Homefinity could be a good choice for you. Also, if you’re a medical professional, Homefinity can help you get financing for your unique financial situation.
Loans offered
Conventional, FHA, VA, refinancing and more
Min. credit score required
Nationwide availability
All U.S. states except New York
Min. down payment
3% for conventional loans, 3.5% for FHA loans, none for VA loans or USDA loans
Recent Customer Reviews
4.9
Additional Alaska mortgage resources
Meet our Bankrate experts
Written by: Jeff Ostrowski, Principal Reporter, Mortgages
I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.
Edited by: Suzanne De Vita, Senior Editor, Home Lending
I’ve covered the housing market, mortgages and real estate for the past 12 years. At Bankrate, my areas of focus include first-time homebuyers and mortgage rate trends, and I’m especially interested in the housing needs of baby boomers. In the past, I’ve reported on market indicators like home sales and supply, as well as the real estate brokerage business. My work has been recognized by the National Association of Real Estate Editors.