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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.

Home Loan Programs

Mortgage Loans

30-Year Fixed Rate Mortgage
The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly principal and interest payments that never change. Any included property taxes and insurance may change from year to year.

This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper.

As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

15-Year Fixed Rate Mortgage
This loan is fully amortized over a 15-year period and features the same fixed principal and interest payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home twice as fast.

The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great.

  • Funding for a 30 and 15 year Fixed Rate Mortgage can go up to 95% of the property value or sales price on a conventional loan.
  • Maximum loan amounts vary depending on different programs.
  • Fixed and  Adjustable Rate Mortgage options are available for both 30 and 15 year terms.

Federal Housing Administration (FHA) Loan
The Federal Housing Administration provides mortgage insurance on loans made by FHA approved lenders throughout the United States. FHA loans are insured by HUD, the Department of Housing and Urban Development. FHA Loans include single and multi-family homes.

FHA mortgage insurance provides lenders with protection against losses as the result of homeowners defaulting on their mortgage loans.

If you qualify for an FHA loan, we will work with you to see if this is the best program option for your situation.

  • Funds up to 96.5% of the property value or sales price, or up to 97.75% for a refinance.

Veterans Affairs (VA) Loan
Insured by the Veteran's Administration, these loans are designed to help qualified veterans move into their own home. There are also options for veterans to refinance their home.

  • Up to 100% financing of the property value or sales price for qualified veterans.

Alaska Housing Financial Corp (AHFC)
As an AHFC approved lender, we partner with AHFC, as an investor, in a mutual mission "to provide Alaskans access to safe, quality, affordable housing". AHFC programs include:

 More information available in the provided links.

Fairbanks Neighborhood Housing
We are a community lending partner with Fairbanks Neighborhood Housing for down payment and closing cost assistance to low and moderate-income families.

Interior Regional Housing Authority (IRHA)
The Interior Regional Housing Authority offers grants through the Tribal Equity Advantage Mortgage (TEAM) program to Native Alaskans and American Indians. IRHA loans are designed to help with down payment and closing costs. Spirit of Alaska can supply a pre-approval letter to meet IRHA's application requirements.

Home Equity Line of Credit
A home equity line of credit, known as a HELOC, is an open-ended loan. It works like a credit card, but in this case it is a line of credit extended to you based on your home’s value minus the mortgage due on the home. Additionally, HELOC’s are extended based on your good credit.

With a HELOC, you can use the funds to make home improvements, pay for significant expenses, and even cover a child’s college tuition.

Most importantly, you take advantage of the credit line when you need it, pay it off, and use it again if you need to without having to reapply. Further, you can access your home equity in a cinch.

FHA Title 1 Property Improvement Loan
FHA Title 1 Property Improvement Loans, also known as Title 1 loans, are insured by the Department of Housing and Urban Development (HUD). You can enjoy a warmer home by performing repairs and upgrades with a fixed rate mortgage that exists alongside your current mortgage. It’s an opportunity to leave a smaller carbon footprint, and lower monthly bills substantially.

Title 1 loans are great for projects of all sizes. Eligible home improvements include new heating systems, new efficient appliances, windows, insulation, roof, wiring, plumbing, and septic systems.

  • $25,000 max loan amount for a single family house
  • Fixed interest rates
  • No pre-payment penalty
  • Homeowners with a second mortgage may still be eligible.

Home Refinance Loan 
Refinancing your existing mortgage could mean substantial savings for you. Refinances are usually done to lower your existing interest rate, but can also be done to:

  • "Cash out" your home's equity
  • Consolidate other existing debt
  • Finance Home Improvements

 

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
homeloans@spiritofak.com
Copyright © 2018 Spirit of Alaska Federal Credit Union
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