Alaska Mortgage

Conventional fixed rate mortgagees are generally the only type of mortgages issued in Alaska by banks and lending institutions. This is simply because there are four distinct programs issued by the Alaska Home Finance Corporation (AHFC) that has specific mortgage programs for people living in the state. Of the mortgages obtained from private lenders the normal 20, 20 and 40 year fixed rate mortgage is available. The four AHFC programs for mortgages are:

  • Rural Owner-Occupied Loan Program. These mortgages are for housing in rural areas of Alaska for home purchase or renovations
  • Veterans Mortgage Program. This program is for any military personnel that have been out of the military for less than 25 years.
  • Tax Exempt First Time Home Buyer Program. This program offers a low interest rate for anyone who has not owned a home in the past three years.
  • Taxable First Time Home Buyer Program. This program offers the same low interest program but without the cost or income restrictions of the tax exempt program.


Alaska Mortgage Rates

Mortgage rates in Alaska are generally lower than those found in the continental United States. While this is always subject to change, on average the mortgage rates are considerably lower here. It is believed that the mortgage rates remain low to encourage people to move to Alaska. As large as Alaska is, it has the smallest population in comparison.

Alaska Refinance Rates

Refinancing in Alaska is held to the same standards as their mortgage programs. Refinancing rates are slightly lower than the national average, but are a little higher than a first time mortgage. Refinance rates will be based on the amount of the refinancing, if money is taken from the equity of the home and on credit score and employment. Because most mortgages originate through the Alaska Home Finance Corporation, many refinancing loans are done through private lenders.

Alaska Mortgage Brokers And Lenders

Alaska’s largest mortgage writer is the Alaska Home Finance Corporation. However, banks, credit unions and private lending corporations all are valid places to obtain a mortgage in the state. Internet mortgages are acceptable if they fall within the guidelines of Alaskan law. Before applying for an internet loan verify if the lender is allowed to do business in Alaska.