Overview of Mortgage Loan Programs
Alaska USA Mortgage offers a wide range of mortgage loan options at competitive rates. Our professional staff can help you decide which program is best for you.
General Mortgage Types
These mortgage types are generally available to anyone, and provide a range of financing options.
Special Mortgage Loan Programs
These are specialty programs designed to serve either specific groups of people, such as veterans or first-time home buyers, or specific types of property, such as those located in rural Alaska.
General Mortgage Types |
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Fixed Rate Mortgages (VA, FHA, RD and Conventional) |
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For 15 and 30 year terms that provide a fixed rate of interest for the life of the loan
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Adjustable Rate Mortgages (FHA and Conventional) |
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Offer a lower initial note rate because the rate changes are based on market conditions.
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Alaska USA 3/1 and 5/1 Adjustable Rate Mortgages |
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Below-market rates fixed for the first three or five years, which then convert to an adjustable rate. Low down payment and no points help you get more home for your money.
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No Cost/Low Cost Mortgages |
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Allow the borrower to pay a slightly higher interest rate in lieu of paying closing costs. This provides the opportunity for a borrower with good income but minimal savings to purchase or refinance a home.
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Special Mortgage Loan Programs |
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First Time Home Buyer Program
(AHFC) |
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Provides a reduced note rate for qualified first-time home buyers.
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Refinancing Existing Mortgages |
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Many of the programs described here can be applied to the refinance of your existing mortgage, so be sure to ask about any of the programs that may apply to you.
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Rehabilitation Mortgages |
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(FHA 203K or AHFC Rehab/Renovation)
Allows borrowers to finance both the purchase and rehabilitation of a property in a single loan.
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Rural Alaska Mortgages (AHFC)
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Provides a reduced note rate for home buying and construction in remote areas of Alaska.
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Low Income Assistance |
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Programs to provide reduced rates or payment assistance to low-income families.
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