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Lending Partners

Alaska Housing Finance Corp (AHFC).  - affordable loans, weatherization programs and more for Alaskan residents.

HomeChoice Classes - homebuyer education through AHFC

Fannie Mae - government-sponsored mortgage loan investment company

Interior Regional Housing Authority - serves Interior villages through the Dept. of Housing and Urban Development.

Construction Loans

Since 1993, Spirit of Alaska has offered committed homeowners in the community the option to renovate or build their home themselves, whom we term as owner-builders.

We have the right type of loan, whether you’re looking to buy land and build a new home, renovate an older home or improve the one you own

Build A New Alaskan Home Of Your Dreams

Whether you decide to hire a contractor to build your home, or even build a home yourself, Spirit of Alaska will be there with you every step of the way.

Features of All Construction and Renovation Loans:

  • We give you 12 months to complete your home. (Extensions are available at a cost.)
  • Periodic inspections from a Spirit of Alaska inspector take place throughout the process.
  • Pay monthly, interest-only payments on funds as you borrow them.
  • For your convenience, taxes and insurance will be included in your payment.

Our mortgage department will be with you during the project all of the way through, with regular consultations over the course of a year. Funds are drawn for the project through a "Construction Draw", which is a reimbursement for receipts of allowable expenditures, or payments to approved sub-contractors and vendors directly.

Helpful Construction Loan Documents

Renovate A Fixer-Upper or Remodel

Did you know most of the homes in Alaska were built in the 1980's? There's a good chance a home-owner is going to need to fix up or remodel an existing home here in the Interior of Alaska. We often call these "mini-construction loans".

We give you choices to do a major renovation on your own, with the help of sub-contractors or you can hire a contractor to manage the project entirely. Build equity into your home by doing work yourself!

  • Major renovations of older and foreclosed homes
  • Non-conforming home renovations, loans often needed here in Interior Alaska.
  • Finish a partially completed home

 Land Loans Also Available



All mortgage programs listed may be subject to change without notice, and are offered on approved credit. All offers of credit + conditions required will be issued in writing upon approval.



Spirit of Alaska Federal Credit Union - NMLS#: 402231 NMLS #477932
1417 Gillam Way, Fairbanks, AK  99701
Office:  (907) 459-5974
Copyright © 2020 Spirit of Alaska Federal Credit Union
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