Anchorage Real Estate

Home Loan Programs


CONVENTIONAL - Traditional loan programs that usually require 5% down and offer competitive interest rates. Documentation and fair-to-good credit are necessary.
 
NO INCOME VERIFICATION - Loans where your income is not requested or verified with as little as 10% down are stated income loans.  There are several varieties of the "no-doc" loan today. The type of loan that is best suited for a particular borrower depends on that borrower's situation. Some borrowers choose not to disclose employment, income, or asset information, while others may be willing to disclose employment and asset information but not income. Still others might be willing to disclose income but select a program that doesn't calculate debt-to-income ratios, allowing those borrowers to exceed the traditional guidelines in order to qualify for a larger mortgage amount. With all the different variations of the no-doc loan, there is definitely a mortgage program for today's non-conventional borrowers.

NO DOWN PAYMENT - 0% Down payment required and closing costs paid by the borrower (seller can contribute up to 6% towards closing costs).

   
CREDIT PROBLEMS - Troubled credit? Bankruptcy? Been turned down somewhere else? We offer loan programs for customers with credit problems.
   
80/15/5, 80/20, 80/10/10 - These are loans which carry a second mortgage for up to 5%, 10%, or 20% of the purchase price of the property. It is usually used when wishing to avoid PMI insurance or to keep your first mortgage under the FNMA/FHLMC limit to avoid Jumbo rates. The borrower puts down a 0%, 5%, or 10% down payment and then finances a first mortgage up to the FNMA/FHLMC limit and a second mortgage of up to 10%, 15%, or 20% of the purchase price.

JUMBO LOANS - Offers 30 and 15 year fixed rate mortgage and competitive ARM products with full document, alternate documentation and limited documentation.

Cash out and No cash out refinance are allowable.  Single family detached, Condos, PUDs and single-family second homes can be financed with no prepayment penalty. 

   
A - THRU D LOANS -  These mortgages are for the credit challenged. They can vary from slightly damaged credit to severely damaged. Whatever the situation we have a mortgage that will get you back on track.
   
HIGH DEBT RATIO LOANS - A ratio of monthly bills to monthly income higher than 50% is considered a high debt ratio.  Loan programs are available for borrowers in this situation, allowing them to finance the purchase of a home or property.
   
ALASKA HOUSING FINANCE CORPORATION (AHFC) - Homestate Mortgage is an AHFC Approved Lender. Click on their website for more information or call us today to learn more about AHFC's programs. http://www.ahfc.state.ak.us.
   
COOK INLET HOUSING - Homestate Mortgage works in conjunction with Cook Inlet Housing. Click on their website for more information or call us today to learn more about Cook Inlet Housing's program. http://www.cookinlethousing.org Once there click on "Home Ownership".
   
MULTI-FAMILY LOANS - Multi-Family loans are available for apartment buildings containing five or more rental units. Financing is available for both purchase and refinance.

2ND MORTGAGE LOANS - Subordinate to the first mortgage these loans offer the borrower the ability to get money for home improvement, debt consolidation or many other reasons without disturbing their first mortgage. Convenient when you have a low interest first mortgage. 
   
INVESTOR LOANS - Used to finance 1-4 family properties that will be for investment with as little as a 10% down payment. Aggressively priced these programs have many variations such as No Doc, Limited Doc and Full Doc. Program may not be available in some states.
   
FHA MORTGAGE - Backed by the Department of Housing and Urban Development, this mortgage offers the borrower the ability to put as little a 2.25% down payment – with a total 3% investment. Seller can contribute up to 6% of the purchase price to the buyer towards closing costs. 
   
FLEX 97% - Similar to FHA but without maximum mortgage amount limitations. Must be a single family, owner occupied home and borrower must have a credit score of over 680.
   

VA MORTGAGE – Backed by the Veterans Administration and the federal government, it is similar to FHA except that you have to be a qualified Veteran or military person.

 

Source:  Homestate Mortgage Co. and Alaska USA Federal Credit Union

 

Alison Lane