Anchorage FHA Loan Rates, Closing Costs & Stats

ANCHORAGE, AK

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    • FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

    FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

    While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

    For additional requirements as defined by the FHA, click here.

    Anchorage's 60 lenders originated 820 FHA loans during 2023. The total origination value was $270,900,000, with an average FHA loan value of $330,366.

    Anchorage FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Anchorage averaged 6.4% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Anchorage's average FHA mortgage closing costs are $8,767.

    The average rate for the prior week (2024-11-01) was 6.08% and one month ago for the week of 2024-10-04, the average rate was 5.8%.

    The average rate one year ago was 7.14%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.26%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Anchorage FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Anchorage level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    NEWREZ LLC 113 6.29% $11,919
    UNITED WHOLESALE MORTGAGE, LLC 78 6.39% $13,732
    Alaska USA Federal Credit Union 75 6.56% $10,162
    RESIDENTIAL MORTGAGE, LLC 64 6.48% $10,305
    MOVEMENT MORTGAGE, LLC 44 6.41% $12,451
    QUICKEN LOANS, LLC 43 6.17% $13,689
    GUILD MORTGAGE COMPANY 26 6.48% $13,638
    PRIMELENDING, A PLAINSCAPITAL COMPANY 20 6.50% $15,993
    LOANDEPOT.COM, LLC 19 6.43% $14,122
    GUARANTEED RATE, INC. 19 6.81% $12,951
    SUN WEST MORTGAGE COMPANY, INC. 18 5.97% $19,309
    HOMEOWNERS FINANCIAL GROUP USA, LLC 15 6.39% $14,348
    PRIMARY RESIDENTIAL MORTGAGE, INC. 14 6.67% $12,428
    GENEVA FINANCIAL, LLC 13 6.75% $15,738
    ACADEMY MORTGAGE CORPORATION 12 6.80% $11,324
    Paramount Residential Mortgage Group, Inc. 12 7.24% $15,014
    NuVision Federal Credit Union 10 6.03% $7,272
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 10 6.21% $9,608
    Plains Commerce Bank 9 6.89% $11,225
    BROKER SOLUTIONS, INC. 8 6.81% $12,832
    RESIDENTIAL BANCORP 7 6.77% $13,215
    CHURCHILL MORTGAGE CORPORATION 6 6.13% $15,672
    Chickasaw Community Bank 5 6.75% $6,765
    Mortgage Research Center, LLC 5 6.65% $8,516
    North American Savings Bank, F.S.B. 5 6.10% $9,301
    MUTUAL OF OMAHA MORTGAGE, INC. 5 6.40% $16,696
    ZILLOW HOME LOANS, LLC 4 6.91% $10,810
    AMERISAVE MORTGAGE CORPORATION 4 6.31% $18,502
    CARDINAL FINANCIAL 4 6.81% $12,343
    Century Mortgage Company DBA Century Lending Company 4 6.19% $12,068
    PENNYMAC LOAN SERVICES, LLC 4 6.78% $13,897
    VAN DYK MORTGAGE CORPORATION 4 7.09% $7,358
    LAKEVIEW LOAN SERVICING, LLC 3 6.29% $11,191
    NBKC BANK 3 5.58% $12,605
    Flagstar Bank, FSB 3 6.42% $8,409
    First National Bank Alaska 3 6.08% $10,132
    Equity Prime Mortgage LLC 3 6.29% $12,352
    Prosperity Home Mortgage, LLC 3 5.83% $14,482
    CALIBER HOME LOANS, INC. 3 6.17% $10,375
    ON Q FINANCIAL, INC. 2 7.50% $12,632
    AMERICAN FINANCING CORPORATION 2 6.81% $17,390
    PLAZA HOME MORTGAGE, INC. 2 7.13% $16,130
    CMG MORTGAGE, INC. 2 6.50% $13,648
    Mr. Cooper ( Nationstar Mortgage ) 2 6.50% $18,213
    The Federal Savings Bank 2 6.00% $22,510
    UNION HOME MORTGAGE CORP. 2 7.13% $15,992
    MID AMERICA MORTGAGE, INC. 1 6.75% $4,608
    KeyBank 1 6.88% $11,976
    Carrington Mortgage Services, LLC 1 6.63% $12,485
    HomeStreet Bank 1 6.63% $13,524
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.50% $7,057
    SWBC MORTGAGE CORPORATION 1 7.25% $5,115
    Northpointe Bank 1 6.75% $12,390
    The Loan Store, Inc. 1 7.49% $10,485
    FREEDOM MORTGAGE CORPORATION 1 6.25% $17,400
    Wells Fargo Bank 1 6.63% $5,573
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.00% $24,839
    NEW DAY FINANCIAL, LLC 1 7.99% $7,547
    AMERICAN FINANCIAL NETWORK, INC. 1 7.63% $13,157
    Waterstone Mortgage Corporation 1 6.63% $9,769

    The top Anchorage FHA lender as defined by loan originations is NEWREZ LLC, with 113 FHA loans originated. Their average total fees are $11,919, which is $1,813 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Anchorage FHA lenders (with over 10 loans originated) are NuVision Federal Credit Union ($7,272), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($9,608), Alaska USA Federal Credit Union ($10,162), RESIDENTIAL MORTGAGE, LLC ($10,305) and ACADEMY MORTGAGE CORPORATION ($11,324).

    The lowest rate Anchorage FHA lenders (with over 10 loans originated) are SUN WEST MORTGAGE COMPANY, INC. (5.97%), NuVision Federal Credit Union (6.03%), QUICKEN LOANS, LLC (6.17%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.21%) and NEWREZ LLC (6.29%).

    Anchorage FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    ANCHORAGE, AK ANCHORAGE MUNIC 2022 $450,800 $577,100 $697,600 $866,950
    ANCHORAGE, AK MATANUSKA-SUSIT 2022 $450,800 $577,100 $697,600 $866,950
    ANCHORAGE, AK ANCHORAGE MUNIC 2023 $472,030 $604,400 $730,525 $907,900
    ANCHORAGE, AK MATANUSKA-SUSIT 2023 $472,030 $604,400 $730,525 $907,900

    FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).