At Premier Mortgage, we make homeownership achievable for first-time buyers and those with less-than-perfect credit in Wasilla, Anchorage, Palmer, Homer, and across Alaska. FHA loans, insured by the Federal Housing Administration (FHA), offer low down payments and flexible qualifications, ideal for Alaskans seeking affordable financing. As FHA loan specialists, we provide customized solutions to fit your family’s needs.
The FHA insures loans rather than lending directly, reducing lender risk and making it easier for you to qualify. This government backing allows us to offer FHA mortgages to borrowers in Anchorage or Wasilla who might not qualify for conventional loans. Our team at Premier Mortgage ensures you meet FHA requirements and structures your loan to maximize benefits. Apply Online or call (907) 841-1600 to get started.
FHA-insured mortgages are perfect for Alaska’s homebuyers due to their accessibility. Key benefits include:
- Easier Qualification: Government backing allows leniency for credit challenges.
- Low Down Payment: Only 3.5% down (e.g., $14,000 on a $400,000 Anchorage home), which can be gifted.
- Flexible Credit: Qualify with credit scores as low as 580 (3.5% down) or 500 (10% down).
- Competitive Rates: 30-year fixed rates ~6-6.5% in 2025, often lower than conventional loans for similar profiles.
- Foreclosure Prevention: FHA programs help you keep your Palmer or Homer home during financial hardship.
- Energy Efficiency: Finance 100% of energy-saving upgrades via the Energy Efficient Mortgage Program.
To qualify for an FHA loan in Alaska, you typically need:
- Stable employment for 2+ years.
- Steady or increasing income over 2 years.
- No more than two missed payments in recent credit history; 2 years post-bankruptcy or 3 years post-foreclosure with good credit since.
- Debt-to-Income (DTI) Ratio: Monthly mortgage ~30% of gross income, total DTI up to 50% in some cases.
- Minimum 3.5% down payment (can be gifted).
- ~2.25% in closing costs.
- Primary residence: Single-family homes, condos, double-wide manufactured homes, modular homes, or 2-4 unit properties meeting FHA standards.
Uncertain about eligibility? Contact our Wasilla team at (907) 841-1600 for a free consultation!
Gather these documents to streamline your FHA loan application in Anchorage or Homer:
- Employment: 2 years’ tax returns, W-2s, 1099s; 1 month of recent pay stubs; self-employed need 3 years’ tax returns and YTD Profit & Loss.
- Savings: 3 months’ full bank statements; recent investment account statements (retirement, 401k, etc.).
- Personal: Driver’s License or state ID, Social Security Card, divorce/alimony documents (if applicable), green card or work permit (if applicable).
Need help? Call our Palmer experts at (907) 841-1600.
If you have an FHA loan in Wasilla or Homer, an FHA Streamline Refinance (IRRRL) can lower your interest rate or payment with minimal effort. Benefits include:
- No Appraisal: Uses your home’s original purchase price, even if underwater.
- No Income/Credit Verification: No pay stubs, W-2s, tax returns, or credit score checks; requires no late payments in 90 days, max one in 12 months.
- No Prepayment Penalty: Refinance without extra costs.
- Net Tangible Benefit: Must reduce principal, interest, and MIP by 5% or switch from ARM to fixed-rate.
- Loan Balance Limits: Can increase only to cover Upfront MIP; other costs (origination, title, escrow) paid in cash or credited.
Refinance your Anchorage home today! Apply Online or call (907) 841-1600.
- What is the FHA? The Federal Housing Administration, created in 1934, insures loans to promote homeownership.
- What’s the 2025 FHA loan limit in Alaska? $557,750 for single-family homes.
- Can I pay off an FHA loan early? Yes, but review prepayment terms in your contract.
- Do FHA loans require mortgage insurance? Yes, upfront MIP (1.75%) and annual MIP (0.45-0.85%), often for the loan’s duration.
- Can I buy a fixer-upper? Yes, via FHA 203(k) loans, though some repairs may be required pre-closing.
- Are FHA loans assumable? Yes, subject to lender approval.
- Can I refinance? Yes, via Streamline Refinance or FHASecure programs.
Visit HUD’s Homebuying Page or call our Homer team at (907) 841-1600 for details.
- Local Expertise: We understand Alaska’s housing market, from Anchorage’s urban homes to Palmer’s rural properties.
- FHA Specialists: We stay updated on FHA changes to deliver tailored solutions.
- Seamless Process: Apply online or visit our Wasilla office for a fast, secure experience.
- First-Time Buyer Focus: We make homeownership affordable for Alaskans.
Apply for Your FHA Loan Today
Ready to buy or refinance in Wasilla, Anchorage, Palmer, or Homer? Premier Mortgage simplifies FHA loans. Apply Online or call (907) 841-1600 for a free consultation. Start your Alaska homeownership journey today!
Disclaimer: These materials are not from HUD, VA, FHA, or USDA and were not approved by any government agency. Premier Mortgage is not affiliated with any government entity. Refinancing may result in higher finance charges over the loan term.
