Do you come from Anchorage, the fishing bays or the oil and gas-producing areas of this most northerly of American states? Then here is a friendly homeownership program: the FHA mortgage Alaska. You do not need a strong credit score: with as low as 620, FHA Home Loan Group (www.fhahomeloangroup.com) will help you pass the test! There are no income limits, though there is a maximum amount up to which you can borrow, based on your county. This makes it so easy to qualify for this loan program, as the following guidelines show:
Eligibility
There are three important areas under eligibility, including:
- Pre-qualification.
- Home selection.
- Finding an eligible lender.
Easy Pre-Qualifications
Unlike conventional programs, FHA mortgage Alaska has very few requirements. You just require the following documentation:
- Statements from your bank covering the forgoing 60 days.
- Levy returns going back 24 months to date.
- If you have done any investment, you can pass it via the 401(K) form, a document which verifies the details for the government.
- Credit score of at least 620.
Additionally, you ought to be intending to reside in the home you have an eye on in order to qualify for FHA mortgage Alaska.
Home Selection Requirements
Do you need property that meets specifications of the Federal Housing Administration? Then here are the guidelines:
- You can either select a condominium, single-to-four-unit home or a property that has existed for the past five years. Alternatively, you can go for a planned development or a mobile residence.
- The home value ought to be within the limits of FHA mortgage AK in your county. The maximum for a single-unit stands at $271050.
If still in doubt whether you pass the above stipulations, just give us a call for further assistance!
Finding a Lender
The lending institution is perhaps the most essential partner during your application. Contrary to popular belief, the Housing Department (HUD) is not a lender but offers certifications to private financiers with these expectations:
- The institution has participated in the program consistently.
- The financier has certifications from the government.
You need to get a lending partner who offers a comparatively minimal interest rate.
Two Interest-rate Plans to Choose
You can opt for any of the following interest plans for your FHA mortgage AK. These include:
- 1. Fixed Rate. This is a scheme that carries the same interest margin throughout the amortization. Indeed, most of our applicants go for this plan because it does not suffer from frequent market changes.
- 2. Variable Rate. Alternatively, you can go for the adjustable-rate loan. It allows you to refinance to a new margin whenever the market conditions improve.
In short, passing eligibility for FHA mortgage Alaska is as easy as going through our easy application. You will not have to even pay 20% down payment as is normally the case in conventional home purchase programs: this scheme only demands 3.5%. We can also negotiate for the seller to settle up to 6% of the closing costs.
Give us a call today for further assistance!