Alaska FHA Loan Rates, Closing Costs & Stats

Alaska

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.

Alaska FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Alaska averaged 6% for the week of 2024-10-11, compared to the national average (all FHA variants) of 6.1% for the same period.

Alaska's average FHA mortgage closing costs are $8,726.

The average rate for the prior week (2024-10-04) was 5.72% and one month ago for the week of 2024-09-06, the average rate was 5.95%.

The average rate one year ago was 7.27%.

For refis of the same type during the week of 2024-10-11, the average rate was 5.9%.

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

Alaska 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 Alaska level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
NEWREZ LLC 162 6.39% $11,682
Alaska USA Federal Credit Union 113 6.53% $10,058
UNITED WHOLESALE MORTGAGE, LLC 89 6.36% $13,651
RESIDENTIAL MORTGAGE, LLC 88 6.49% $9,978
QUICKEN LOANS, LLC 63 6.20% $13,559
MOVEMENT MORTGAGE, LLC 53 6.38% $12,771
GUILD MORTGAGE COMPANY 36 6.38% $12,953
PRIMELENDING, A PLAINSCAPITAL COMPANY 32 6.48% $15,709
LOANDEPOT.COM, LLC 29 6.54% $13,074
GUARANTEED RATE, INC. 25 6.90% $12,804
GENEVA FINANCIAL, LLC 20 6.73% $16,792
SUN WEST MORTGAGE COMPANY, INC. 19 6.01% $19,134
CORNERSTONE HOME LENDING, INC. 17 6.39% $15,422
PRIMARY RESIDENTIAL MORTGAGE, INC. 16 6.80% $13,506
HOMEOWNERS FINANCIAL GROUP USA, LLC 15 6.39% $14,348
CROSSCOUNTRY MORTGAGE, LLC 15 6.73% $12,464
Paramount Residential Mortgage Group, Inc. 13 7.27% $14,611
ACADEMY MORTGAGE CORPORATION 13 6.79% $11,474
NuVision Federal Credit Union 13 6.12% $8,144
BROKER SOLUTIONS, INC. 12 6.69% $13,296
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 12 6.35% $10,466
Plains Commerce Bank 9 6.89% $11,225
RESIDENTIAL BANCORP 9 6.88% $12,592
AMERISAVE MORTGAGE CORPORATION 9 6.17% $17,306
CHURCHILL MORTGAGE CORPORATION 8 6.20% $14,414
Mortgage Research Center, LLC 8 6.70% $8,658
MID AMERICA MORTGAGE, INC. 6 6.94% $4,904
CARDINAL FINANCIAL 5 6.70% $12,364
PENNYMAC LOAN SERVICES, LLC 5 6.72% $13,593
North American Savings Bank, F.S.B. 5 6.10% $9,301
First National Bank Alaska 5 6.35% $10,839
Chickasaw Community Bank 5 6.75% $6,765
VAN DYK MORTGAGE CORPORATION 5 7.15% $7,761
ZILLOW HOME LOANS, LLC 5 7.05% $11,451
MUTUAL OF OMAHA MORTGAGE, INC. 5 6.40% $16,696
NBKC BANK 5 5.88% $11,220
AMERICAN FINANCING CORPORATION 4 6.50% $19,182
ON Q FINANCIAL, INC. 4 7.00% $12,812
Century Mortgage Company DBA Century Lending Company 4 6.19% $12,068
LAKEVIEW LOAN SERVICING, LLC 4 6.28% $10,781
CALIBER HOME LOANS, INC. 4 6.19% $10,279
UNION HOME MORTGAGE CORP. 3 6.83% $15,796
Flagstar Bank, FSB 3 6.42% $8,409
KeyBank 3 6.50% $13,163
Equity Prime Mortgage LLC 3 6.29% $12,352
CRESCENT MORTGAGE COMPANY 3 6.71% $11,470
Mr. Cooper ( Nationstar Mortgage ) 3 6.50% $19,327
Northpointe Bank 3 6.54% $14,712
Prosperity Home Mortgage, LLC 3 5.83% $14,482
The Federal Savings Bank 3 5.63% $24,286
FREEDOM MORTGAGE CORPORATION 3 6.58% $21,465
PLAZA HOME MORTGAGE, INC. 2 7.13% $16,130
CMG MORTGAGE, INC. 2 6.50% $13,648
NEW DAY FINANCIAL, LLC 2 7.75% $6,719
Wells Fargo Bank 2 6.63% $9,369
TRUE NORTH FEDERAL CREDIT UNION 2 5.75% $15,904
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.31% $22,576
Community First National Bank 1 6.63% $13,380
AMERICAN FINANCIAL NETWORK, INC. 1 7.63% $13,157
SWBC MORTGAGE CORPORATION 1 7.25% $5,115
NFM, INC. 1 7.63% $19,813
The Loan Store, Inc. 1 7.49% $10,485
Carrington Mortgage Services, LLC 1 6.63% $12,485
PNC Bank 1 6.00% $8,664
ADVANTAGE PLUS 1 6.38% $9,189
HomeStreet Bank 1 6.63% $13,524
Waterstone Mortgage Corporation 1 6.63% $9,769
Barrington Bank & Trust Company, N.A. 1 6.25% $11,292
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.50% $7,057

The top Alaska FHA lender as defined by loan originations is NEWREZ LLC, with 162 FHA loans originated. Their average total fees are $11,682, which is $1,625 higher than the next largest lender, Alaska USA Federal Credit Union.

The lowest fee Alaska FHA lenders (with over 10 loans originated) are NuVision Federal Credit Union ($8,144), RESIDENTIAL MORTGAGE, LLC ($9,978), Alaska USA Federal Credit Union ($10,058), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($10,466) and ACADEMY MORTGAGE CORPORATION ($11,474).

The lowest rate Alaska FHA lenders (with over 10 loans originated) are SUN WEST MORTGAGE COMPANY, INC. (6.01%), NuVision Federal Credit Union (6.12%), QUICKEN LOANS, LLC (6.20%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.35%) and UNITED WHOLESALE MORTGAGE, LLC (6.36%).

Alaska FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
NON-METRO ALEUTIANS EAST 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO ALEUTIANS WEST 2021 $545,100 $697,800 $843,500 $1,048,300
ANCHORAGE, AK ANCHORAGE MUNIC 2022 $450,800 $577,100 $697,600 $866,950
NON-METRO BETHEL CENSUS A 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO BRISTOL BAY BOR 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO DENALI BOROUGH 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO DILLINGHAM CENS 2022 $420,680 $538,650 $651,050 $809,150
FAIRBANKS, AK FAIRBANKS NORTH 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO HAINES BOROUGH 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO HOONAH-ANGOON C 2022 $420,680 $538,650 $651,050 $809,150
JUNEAU, AK JUNEAU CITY AND 2022 $511,750 $655,150 $791,900 $984,150
NON-METRO KENAI PENINSULA 2022 $420,680 $538,650 $651,050 $809,150
KETCHIKAN, AK KETCHIKAN GATEW 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO KODIAK ISLAND B 2022 $453,100 $580,050 $701,150 $871,350
NON-METRO KUSILVAK CENSUS 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO LAKE AND PENINS 2022 $420,680 $538,650 $651,050 $809,150
ANCHORAGE, AK MATANUSKA-SUSIT 2022 $450,800 $577,100 $697,600 $866,950
NON-METRO NOME CENSUS ARE 2021 $440,450 $563,850 $681,550 $847,000
NON-METRO NORTH SLOPE BOR 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO NORTHWEST ARCTI 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO PETERSBURG CENS 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO PRINCE OF WALES 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO SITKA CITY AND 2022 $503,700 $644,800 $779,450 $968,650
NON-METRO SKAGWAY MUNICIP 2022 $441,600 $565,300 $683,350 $849,250
NON-METRO SOUTHEAST FAIRB 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO VALDEZ-CORDOVA 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO WRANGELL CITY A 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO YAKUTAT CITY AN 2014 $420,900 $538,800 $651,300 $809,450
NON-METRO YUKON-KOYUKUK C 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO ALEUTIANS EAST 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO ALEUTIANS WEST 2023 $545,100 $697,800 $843,500 $1,048,300
ANCHORAGE, AK ANCHORAGE MUNIC 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO BETHEL CENSUS A 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO BRISTOL BAY BOR 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO CHUGACH CENSUS 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO COPPER RIVER CE 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO DENALI BOROUGH 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO DILLINGHAM CENS 2023 $472,030 $604,400 $730,525 $907,900
FAIRBANKS, AK FAIRBANKS NORTH 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO HAINES BOROUGH 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO HOONAH-ANGOON C 2023 $524,400 $671,300 $811,450 $1,008,450
JUNEAU, AK JUNEAU CITY AND 2023 $533,600 $683,100 $825,700 $1,026,150
NON-METRO KENAI PENINSULA 2023 $472,030 $604,400 $730,525 $907,900
KETCHIKAN, AK KETCHIKAN GATEW 2023 $485,300 $621,250 $750,950 $933,300
NON-METRO KODIAK ISLAND B 2023 $485,300 $621,250 $750,950 $933,300
NON-METRO KUSILVAK CENSUS 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO LAKE AND PENINS 2023 $472,030 $604,400 $730,525 $907,900
ANCHORAGE, AK MATANUSKA-SUSIT 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO NOME CENSUS ARE 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO NORTH SLOPE BOR 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO NORTHWEST ARCTI 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO PETERSBURG CENS 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO PRINCE OF WALES 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO SITKA CITY AND 2023 $586,500 $750,800 $907,550 $1,127,900
NON-METRO SKAGWAY MUNICIP 2023 $524,400 $671,300 $811,450 $1,008,450
NON-METRO SOUTHEAST FAIRB 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO WRANGELL CITY A 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO YAKUTAT CITY AN 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO YUKON-KOYUKUK C 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).