Alaska FHA Loan Rates, Closing Costs & Stats

Alaska

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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.

    Alaska FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Alaska averaged 6.75% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.74% and one month ago for the week of 2024-03-15, the average rate was 6.51%.

    The average rate one year ago was 6.14%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.86%.

    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).