FHA Loan Limits in Alaska | Special Exception Areas
The FHA loan limits in Alaska depend on the county in which the property is located. In general, the limit for a single-family home is $498,257. However, some counties have higher limits, such as $545,100 in Aleutians or $586,500 in Sitka City. Borrowers should check with their local FHA office to determine the loan limit for their county.
In this blog post, we will discuss the FHA loan limits in Alaska and how they are determined. We will also cover some of the benefits of these loans and why they might be a good option for borrowers looking to purchase or refinance a home in Alaska.
FHA Loan Limits in Alaska by County in 2024
| County | FHA Limit | 2 Family | 3 Family | 4 Family | FHFA limit | Median House Price |
|---|---|---|---|---|---|---|
| ALEUTIANS EAST | $498,257 | $637,950 | $771,125 | $958,350 | $194,000 | $323.7 |
| ALEUTIANS WEST | $545,100 | $697,800 | $843,500 | $1,048,300 | $450,000 | $354.25 |
| ANCHORAGE MUNIC | $498,257 | $637,950 | $771,125 | $958,350 | $420,000 | $323.7 |
| BETHEL CENSUS A | $498,257 | $637,950 | $771,125 | $958,350 | $151,000 | $323.7 |
| BRISTOL BAY BOR | $498,257 | $637,950 | $771,125 | $958,350 | $345,000 | $323.7 |
| CHUGACH CENSUS | $498,257 | $637,950 | $771,125 | $958,350 | $253,000 | $323.7 |
| COPPER RIVER CE | $498,257 | $637,950 | $771,125 | $958,350 | $253,000 | $323.7 |
| DENALI BOROUGH | $498,257 | $637,950 | $771,125 | $958,350 | $273,000 | $323.7 |
| DILLINGHAM CENS | $498,257 | $637,950 | $771,125 | $958,350 | $209,000 | $323.7 |
| FAIRBANKS NORTH | $498,257 | $637,950 | $771,125 | $958,350 | $311,000 | $323.7 |
| HAINES BOROUGH | $498,257 | $637,950 | $771,125 | $958,350 | $282,000 | $323.7 |
| HOONAH-ANGOON C | $524,400 | $671,300 | $811,450 | $1,008,450 | $327,000 | $340.6 |
| JUNEAU CITY AND | $553,150 | $708,150 | $855,950 | $1,063,750 | $481,000 | $359.45 |
| KENAI PENINSULA | $498,257 | $637,950 | $771,125 | $958,350 | $294,000 | $323.7 |
| KETCHIKAN GATEW | $498,257 | $637,950 | $771,125 | $958,350 | $375,000 | $323.7 |
| KODIAK ISLAND B | $517,500 | $662,500 | $800,800 | $995,200 | $450,000 | $336.05 |
| KUSILVAK CENSUS | $498,257 | $637,950 | $771,125 | $958,350 | $98,000 | $323.7 |
| LAKE AND PENINS | $498,257 | $637,950 | $771,125 | $958,350 | $156,000 | $323.7 |
| MATANUSKA-SUSIT | $498,257 | $637,950 | $771,125 | $958,350 | $420,000 | $323.7 |
| NOME CENSUS ARE | $498,257 | $637,950 | $771,125 | $958,350 | $375,000 | $323.7 |
| NORTH SLOPE BOR | $498,257 | $637,950 | $771,125 | $958,350 | $281,000 | $323.7 |
| NORTHWEST ARCTI | $498,257 | $637,950 | $771,125 | $958,350 | $176,000 | $323.7 |
| PETERSBURG CENS | $498,257 | $637,950 | $771,125 | $958,350 | $300,000 | $323.7 |
| PRINCE OF WALES | $498,257 | $637,950 | $771,125 | $958,350 | $258,000 | $323.7 |
| SITKA CITY AND | $586,500 | $750,800 | $907,550 | $1,127,900 | $489,000 | $380.9 |
| SKAGWAY MUNICIP | $524,400 | $671,300 | $811,450 | $1,008,450 | $327,000 | $340.6 |
| SOUTHEAST FAIRB | $498,257 | $637,950 | $771,125 | $958,350 | $258,000 | $323.7 |
| WRANGELL CITY A | $498,257 | $637,950 | $771,125 | $958,350 | $300,000 | $323.7 |
| YAKUTAT CITY AN | $498,257 | $637,950 | $771,125 | $958,350 | $247,000 | $323.7 |
| YUKON-KOYUKUK C | $498,257 | $637,950 | $771,125 | $958,350 | $104,000 | $323.7 |
How FHA Loan Limits in Alaska Are Calculated
As many of you may know, HUD is the federal agency that oversees housing policy and administers various home loan programs in the United States. One of its primary responsibilities is to set limits on the maximum amount of mortgage financing available to eligible borrowers through HUD-insured loans, known as “HUD loan limits”.
The calculation of these loan limits is based on several factors, including population size and median income levels in a particular region. For example, loan limits may be higher in areas with lower housing costs and higher incomes, while they may be lower in areas where housing costs are high relative to income levels.
Other considerations go into determining HUD loan limits, including the number of borrowers who will apply for financing and the amount of equity that they have in their homes. However, Population size and median income levels are two of the most important factors in this calculation.
Now that we’ve covered some of the basics, let’s take a more in-depth look at how HUD loan limits are calculated.
As we mentioned before, one of the key factors that go into determining these loan limits is population size. This means that in areas with larger populations, the maximum amount of financing available will tend to be higher.
Additionally, median income levels are also taken into account when calculating HUD loan limits. This means that lenders will generally look at both the cost of living and average earnings in a particular region, and then adjust the loan limits accordingly.
Overall, it’s important to understand how these loan limits are calculated in order to better understand HUD’s role in the housing market and how it affects borrowers. So if you’re looking to apply for a home loan, be sure to do your research and find out what kind of financing is available to you in your area.
Benefits of FHA Loans in Alaska
One of the main benefits of an FHA loan is that it comes with lower down payment requirements than conventional loans. In most counties in Alaska, borrowers only need to put down 3.5% of the purchase price, making it easier for many people to afford their dream homes. Additionally, FHA loans often have more flexible qualification criteria than conventional loans, making them ideal for those who may not qualify otherwise.
Overall, if you are looking to buy or refinance a home in Alaska, an FHA loan could be the right choice for you. To learn more about these loans and whether they might be a good option for your situation, talk to your local FHA office or consult with an experienced mortgage broker today.
Below is the FHA checklist of all requirements when applying for an FHA loan in Alaska. The property needs to meet certain safety and habitability standards and appraisal will be required.
| FHA Loan Requirements Checklist in Alaska | |
|---|---|
| FHA Minimum Required FICO Score: | 500 |
| Required FHA Minimum Down Payment | 3,5% (10% with credit under 580) |
| Debt to Income FHA Ratio | Up to 56.9% |
| FHA Minimum Required Job History | 2 years of full-time employment |
| FHA Minimum Required Income | Must be fully documented |
| FHA Mortgage Insurance (MI) | Required |
| An FHA-approved lender | Required |
| Tax Returns | 2 Years |
| Bank Statements | 2 Months |
| Pay stubs | 2 Months |
Top 3 Cities in Alaska to Live in
Anchorage
If you’re thinking of buying a house in Anchorage Alaska, then you need to know about the current state of the housing market. Here’s a brief overview of what you can expect. The average price for a home in Anchorage is $323.700, which is about on par with the national average. However, prices have been steadily increasing over the past few years, so they may continue to rise. The median home price is slightly higher at $315,000. Several factors contribute to the high cost of living in Anchorage. One is that there is very little new construction taking place. This means that there are fewer homes available for sale, which drives up prices. In addition, the city is in a very desirable location and has lots of natural beauty, which draws many people to it.
Juneau
The Juneau Alaska house market is booming, and there are many reasons why. The weather is perfect for those who love the outdoors, and there are plenty of activities to keep everyone busy. The cost of living is also very reasonable, making it a great place to raise a family. If you’re thinking about buying a home in Juneau, now is the time to do it. Here’s a look at some of the reasons why Juneau’s house market is so hot right now. One of the main reasons why the Juneau in Alaska house market is so hot is the great weather. With long, sunny days and mild temperatures throughout the year, it’s the perfect place to enjoy all of your favorite outdoor activities. Whether you love hiking, kayaking, fishing, or skiing, there are plenty of opportunities for you to get out and explore the stunning Alaskan wilderness.
Fairbanks
Fairbanks Alaska is a booming market for houses. The market has been steady for the past few years, but there are some new factors at play that could mean big things for the future of the market. The first factor is population growth. Fairbanks is growing rapidly, and as more people move to the area, the demand for housing will increase. This population growth is being driven by job growth in the area. There are many new businesses moving to Fairbanks, and they are bringing new jobs with them. This increased job availability is attracting people from all over Alaska, and even from outside of the state. The second factor is the recent discovery of oil in the area. This could have a big impact on the economy of Fairbanks and could lead to even more job growth. The oil industry is already starting to have an impact on the housing market, as many workers in the industry are moving to Fairbanks. This is only going to increase in the future, as the oil industry expands in Alaska.
If you’re looking to buy a home in Alaska, you may be wondering how the FHA loan limit affects you. Here’s what you need to know about FHA loan limits in Alaska. The FHA loan limit is the maximum amount that you can borrow from the federal government for an FHA loan. In most cases, the loan limit is set at 115% of the median home price in your area. For example, if the median home price in your county is $100,000, the FHA loan limit would be $115,000.
This means that you could borrow up to $115,000 from the federal government for your FHA loan. However, in some high-cost areas, the FHA loan limit can be as high as $765,600 for a 1-unit home. This higher loan limit applies to counties with median home prices of $610,400 or more. There are no counties in Alaska with median home prices above $610,400, so the maximum FHA loan limit in Alaska is $765,600. The city of Anchorage is the only exception to this rule. In Anchorage, the maximum FHA loan limit is $498,257 for a 1-unit home.
This higher loan limit applies to all areas of Anchorage with a median home price of $392,000 or more. If you’re looking to buy a home in Anchorage, you may be able to borrow up to $498,257 from the federal government for your FHA loan. The FHA loan limit is just one factor that you’ll need to consider when you’re buying a home in Alaska. You’ll also need to budget for things like your down payment, closing costs, and moving expenses.
FHA Loan Requirements in Alaska
FHA loans are a popular financing option for first-time homebuyers, but they come with some major drawbacks that you should be aware of before signing on the dotted line. Here are three things you need to know about FHA loans:
- They require a large down payment. The minimum down payment for an FHA loan is 3.5% of the purchase price of the home. This can make it difficult to save up enough money for a down payment, especially if you’re a first-time homebuyer.
- They have high interest rates. Interest rates on FHA loans are typically higher than market rates, making them more expensive in the long run.
- They come with no strict credit requirements. In order to qualify for an FHA loan, you’ll need just 580 or 500 with a larger downpayment. If you have a good credit score, you may be able to qualify for a traditional conventional mortgage with a lower interest rate.