Let FHA Loans Help You

FHA loans have been helping people become homeowners since 1934. How do we do it? The Federal Housing Administration (FHA) – which is part of HUD – insures the loan, so your lender can offer you a better deal.

  • Low down payments
  • Low closing costs
  • Easy credit qualifying

What does FHA have for you?

Buying your first home?

FHA might be just what you need. Your down payment can be as low as 3% of the purchase price, and most of your closing costs and fees can be included in the loan. Available on 1-4 unit properties.

Want to make your home more energy efficient?

You can include the costs of energy improvements into an FHA Energy-Efficient Mortgage.


VA loans


The main purpose of the VA home loan program is to help veterans finance the purchase of homes with favorable loan terms and at a rate of interest which is competitive with the rate charged on other type of mortgage loans. For VA housing loan purposes, the term "veteran" includes certain members of the Selected Reserve, active duty service personnel and certain categories of spouses.
This pamphlet should help you to understand what VA can and cannot do for the home purchaser. However, it is not a legal document and should not be interpreted as one Nothing should be taken as a change of law or regulations. The pamphlet does not attempt to go into detail or into unusual problems. Information about VA loans is given in a narrative format followed by questions and answers in those areas of the greatest concern.
It is suggested that the pamphlet be read in its entirety. Please pay particular attention to the information about:

  1. your responsibility to determine the condition of the property you purchase, and
  2. assumption of your VA loan and obtaining a release of liability.

Any questions you have which are not answered here should be referred to the Loan Guaranty Division at the nearest VA regional office, or to your lender who will take them up with VA if necessary. A list of VA offices may be found in the Help section.

Conventional and Jumbo Loans

Conventional loans are secured by government sponsored entities or GSEs such as Fannie Mae and Freddie Mac. Conventional loans can be made to purchase or refinance homes with first and second mortgages on single family to four family homes.
In general, Fannie Mae and Freddie Mac's single family, first mortgage loan limit is $625,500 in 2013. This limit is reviewed annually and, if needed, changed to reflect changes in the national average price for single family homes. The current loan limit applies to all conventional mortgages delivered after January 1, 2013.

Conventional Loan Limits

First mortgages

  • One-family loans: $625,500
  • Two-family loans: $800,775
  • Three-family loans: $967,950
  • Four-family loans: $1,202,025

Alaska Housing Finance Corporation

Single-Family Loan Programs

Tax-Exempt First-Time Home Buyer Program

The Tax-Exempt Program (TEP) offers lower interest rates to eligible first-time homebuyers. First-time homebuyers are borrowers who have not owned a primary residence in the last three years.

Taxable First-Time Home Buyer

This first-time homebuyer program offers a reduced interest rate to eligible borrowers without the income limits, acquisition cost limits, or recapture provisions of the TEP.  

Veterans Mortgage Program

Qualified veterans may obtain financing at lower interest rates. (Veterans must have entered active duty prior to January 1, 1977 and may not be discharged more than 30 years prior to application date.)

Rural Owner Occupied Loan Program

Financing to purchase, construct, or renovate owner occupied housing in small communities.

Rural Non-Owner Occupied Loan Program

Financing to purchase, construct, or renovate rental housing in small communities.

Taxable Program

The Taxable Program is available statewide for applicants or properties not meeting the particular requirements of other AHFC programs.

Refinance Program

The Refinance Program allows applicants to obtain new financing to improve the terms on their existing loan and/or finance renovations (improvements) whether or not the property is currently financed by AHFC.

Streamline Refinance Program

Borrowers with property currently financed by AHFC may obtain new financing without income, credit, or appraisal qualifications.

Manufactured Home Program

Financing for manufactured housing located in a mobile home park or on land, not attached to a permanent foundation.

Non-Conforming Program

This program is available for certain properties for which financing may not be obtained through private, state or federal mortgage programs.

Second Mortgage Program

The Second Mortgage Program provides financing to renovate existing dwellings or for dwelling purchases in conjunction with the assumption of an existing AHFC mortgage loan.

Second Mortgage Program for Health and Safety Repair

Borrowers with an existing AHFC mortgage whose property needs immediate health and/or safety repairs may obtain funds through this program. 

Small Building Material Loan

AHFC direct financing for the renovation or completion of residential properties located in "small communities." Properties may be owner occupied or non-owner occupied.

Multi-Family Loan Programs

Multi-Family Loan Purchase Program

AHFC participates with approved lenders to provide financing for housing consisting of buildings with at least five units and designed principally for residential use.

Multi-Family Federally Insured Loan Program

AHFC participates with approved lenders to provide financing for the purpose of acquisition, rehabilitation, and refinance of multi-family housing. Primarily used to finance existing properties with individuals or for-profits as borrowers.

Multi-Family Congregate and Special Needs Program

Promotes affordable housing for persons of lower to moderate-income for the purpose of development, acquisition, rehabilitation, and refinance.

Senior Housing Loan Program

The Senior Housing Loan program offers financing for the purchase, construction, or rehabilitation of properties that meet the special needs of persons 60 years of age or older.

Assistance Provider Interest Rate Reduction Program

A loan program for housing that is occupied by a live-in care provider, who provides assistance in activities of daily living for individuals with either a physical or mental disability (the "Occupants"). The loan may be for the acquisition, acquisition with rehabilitation and/or improvement of an existing property, or long-term financing of a construction loan for new housing with at least two occupants residing in the housing. The interest rate is adjusted based on the number of occupants residing in the housing.

Cook Inlet Housing Loan Program

Home Buyer Loan Program

Cook Inlet Housing Authority’s (CIHA’s) Home Buyer Loan Program provides assistance to eligible applicants as they finance a home in the Cook Inlet Region area. Homeownership counseling is also provided as the applicant progresses from being an applicant to a homebuyer. The program is designed for Alaska Natives or American Indians whose annual household income does not exceed 80% of the area median income.
CIHA expects that the first mortgage will be funded by a conventional Alaska Housing Finance Corporation (AHFC) loan program. When the applicant qualifies for a home mortgage loan, CIHA will assist them with some of the costs associated with closing the loan. The lending institution is responsible for approving or denying the first mortgage loan.