VA Loan Programs
Alaska USA Mortgage Company, a wholly owned subsidiary of Alaska USA Federal Credit Union, has a proud, decades-long tradition of providing affordable home loans to active duty military families and veterans.
In 1978, Alaska USA closed the first 30-year mortgage loan originated by a federally chartered credit union. Today, Alaska USA Mortgage Company offers a variety of VA loan products for purchase or refinance, and employs Certified Military Home Specialists to ensure that military borrowers receive the level of expert customer service they’ve earned and deserve.
Certified Military Housing Specialists
Alaska USA Mortgage Company employs Certified Military Home Specialists (CMHS) who understand the unique circumstances brought about by military service.
Home mortgage lenders with CMHS certification are well versed in military language, rank, and pay system, and use that knowledge to help a large number of military personnel obtain affordable homes.
Certified Military Home Specialists represent Alaska USA Mortgage Company’s commitment to providing exceptional, quality service to military borrowers.
- Challenge Coin
Designed to recognize and reward soldiers, the U.S. military has a more than 100-year tradition of issuing Challenge Coins to its military members. Challenge Coins are prized by their owners as symbols of honor, loyalty, and commitment to serving the United States of America.
In honor of their military service, Alaska USA Mortgage Company presents every VA Loan borrower with a unique Challenge Coin after their home loan is finalized. It represents both our commitment to providing military borrowers and their families with the best possible service, and as a meaningful symbol of an important milestone in their life—becoming a homeowner.
- VA mortgage
Why a VA mortgage?
The VA loan program has been specifically tailored to fit the needs of today’s active-duty military, veterans, and military families.
Many traditional, non-VA loans require a down payment of around 20% and private mortgage insurance of up to 1% a year. On a $200,000 loan, that can mean $40,000 upfront, plus an additional $2,000 a year for mortgage insurance—on top of your monthly mortgage payment!
VA loans are backed by the U.S. government, so there’s no down payment, no private mortgage insurance requirement, and the overall requirments for qualifying are more flexible. That means a lot less money up-front, and less money on a yearly basis than you’d see from a traditional loan.
On top of that, if you’re an active duty member you can use your Basic Allowance for Housing (BAH) to pay for some or all of your mortgage costs.
Purchase a home
The fist step to purchasing a home is to get preapproved by your lender. An Alaska USA home loan expert will evaluate your current financial situation to determine how much home you can afford to buy.
Preapproval also lets the seller of your future home know that you’re ready to do business, putting you in front of other home shoppers.
To get started with preapproval you can either contact us directly or get started online.
Additional benefits of preapproval:
- Your mortgage payment won't be affected if interest rates increase. This is especially helpful if you plan to own your home for five or more years.
- You know what your monthly mortgage expense will be for the entire term of your mortgage. This can help you plan for other expenses and long-term goals.
- While your actual mortgage payment will not change, your total monthly payment can occasionally increase based on changes to your taxes and insurance. In many cases you can choose to pay these costs as part of your monthly payment through an escrow account.
Refinance a home
VA refinance loans are available to qualified homeowners to either reduce the amount of their monthly mortgage payment, or to take cash out of their home’s equity for debt consolidation, home improvements, college, and more.
VA Streamline Refinance
A great option to take advantage of when home interest rates are low. A low interest rate can mean a smaller monthly payment, or reduced loan term. Refinance closing costs can rolled into loan, meaning little or no out of pocket expense.
VA Cash-Out Refinance
A Cash-Out Refinance can be used on your current VA or conventional loan to access cash for a variety of purposes. Most often money is used for debt consolidation, home improvements, or emergencies.
To get started with refinancing you can either contact us directly or get started online.
- Get started
Whether purchasing a new home, or refinancing you current mortgage, you can get started with a just a few documents.
- 30 days recent pay stubs for all borrowers
- 2 months recent bank or credit union account statements
- For income from other sources please provide Award Letters or statements from those accounts showing amounts paid monthly
- Most recent 3 years complete tax returns for all borrowers, with all schedules if applicable
- Most recent 3 years W-2s and/or 1099s for all borrowers
- Most recent 2 years complete tax returns for all borrowers with all schedules if applicable
- Most recent 2 years W-2s and/or 1099s for all borrowers on the application
- Current mortgage statement
- Homeowner’s insurance declaration page, something showing your annual premium and due date, and your agent’s contact information
Don’t have all the documents on hand? Not a problem. Just contact us directly or get started online. We’ll help you fill in the blanks as we go.