There are many programs to help you finance your new home. Conventional, VA, FHA and are the three most common forms of new financing. In order to determine which program is best for you, visit one of the mortgage company sites listed below or see your own lender.

Conventional

A conventional loans for financing a home are the standard offered by most lenders. They are 30 year loans at the market interest rate. These loans require up to 20% of the appraised value for a down payment unless the purchaser buys mortgage insurance. The down payment can then be reduced to as low as 5%.

VA

Veterans Administration (VA) loans are available for eligible veterans and requires no down payment for loan amounts up to $203,000. Active duty and prior service veterans from all branches of service including those in the Reserves or the National Guard, and certain Public Health Services officers, could be eligible for this loan.

FHA

Federal Housing Administration (FHA) loans are government insured loans which require the borrower to invest as little as 3 percent in the purchase of a property in Alaska. Eligible properties include single family dwellings, including condominiums, planned unit developments, and 2 to 4-unit properties, as long as the borrower occupies one unit.

In addition to the common examples listed above, there are many subsidized and/or assistance programs available through various local and national entities. One of the most popular is the program for buyers who have not owned a primary residence in three or more years could be eligible for a lower interest rate through Alaska Housing Finance Corporation's (AHFC) First Time Homebuyer Program.

For more information, contact one of the mortgage companies list below.

Seattle Mortgage

Residential Mortgage

GMAC Mortgage