What are Conventional Loans and Conforming Loans?
By definition, a Conventional Loan is any mortgage that’s not guaranteed or insured by the federal government. Alaska conventional loans may be either “conforming” and “non-conforming”, although ‘conventional loans’ generally refer to ‘conforming loans’. Therefore Alaska conventional loan limits are the same thing as Alaska conforming loan limits.
2017 Alaska Conventional Loan Limits
What is the maximum amount that I can borrow?
Conventional loan limits in Alaska are determined by:
Maximum LTV Ratio: The maximum financing loan-to-value ratio for conventional mortgages is 80% – 97% of the appraised value of the home or its selling price, whichever is lower. Learn how to calculate loan-to-value.- Maximum Loan Amount: Conventional loan limits in Alaska are set at an elevated amount of $636,150 across the entire state. Metro areas in AK with a $636,150 mortgage limit include Anchorage, Fairbanks, Juneau and Sitka.
Search all Conventional Loan Limits in Alaska:
County Name | Area | 1-Unit | 2-Unit | 3-Unit | 4-Unit |
|---|---|---|---|---|---|
| ALEUTIANS EAST | NON-METRO | $765,600 | $980,325 | $1,184,925 | $1,472,550 |
| ALEUTIANS WEST | NON-METRO | $765,600 | $980,325 | $1,184,925 | $1,472,550 |
| ANCHORAGE MUNIC | ANCHORAGE, AK | $765,600 | $980,325 | $1,184,925 | $1,472,550 |
| BETHEL CENSUS A | NON-METRO | $765,600 | $980,325 | $1,184,925 | $1,472,550 |
| BRISTOL BAY BOR | NON-METRO | $765,600 | $980,325 | $1,184,925 | $1,472,550 |
| DENALI BOROUGH | NON-METRO | $765,600 | $980,325 | $1,184,925 | $1,472,550 |
| DILLINGHAM CENS | NON-METRO | $765,600 | $980,325 | $1,184,925 | $1,472,550 |
| FAIRBANKS NORTH | FAIRBANKS, AK | $765,600 | $980,325 | $1,184,925 | $1,472,550 |
| HAINES BOROUGH | NON-METRO | $765,600 | $980,325 | $1,184,925 | $1,472,550 |
| HOONAH-ANGOON C | NON-METRO | $765,600 | $980,325 | $1,184,925 | $1,472,550 |
| JUNEAU CITY AND | JUNEAU, AK | $765,600 | $980,325 | $1,184,925 | $1,472,550 |
| KENAI PENINSULA | NON-METRO | $765,600 | $980,325 | $1,184,925 | $1,472,550 |
| KETCHIKAN GATEW | KETCHIKAN, AK | $765,600 | $980,325 | $1,184,925 | $1,472,550 |
| KODIAK ISLAND B | NON-METRO | $765,600 | $980,325 | $1,184,925 | $1,472,550 |
| KUSILVAK CENSUS | NON-METRO | $765,600 | $980,325 | $1,184,925 | $1,472,550 |
| LAKE AND PENINS | NON-METRO | $765,600 | $980,325 | $1,184,925 | $1,472,550 |
| MATANUSKA-SUSIT | ANCHORAGE, AK | $765,600 | $980,325 | $1,184,925 | $1,472,550 |
| NOME CENSUS ARE | NON-METRO | $765,600 | $980,325 | $1,184,925 | $1,472,550 |
| NORTH SLOPE BOR | NON-METRO | $765,600 | $980,325 | $1,184,925 | $1,472,550 |
| NORTHWEST ARCTI | NON-METRO | $765,600 | $980,325 | $1,184,925 | $1,472,550 |
| PETERSBURG CENS | NON-METRO | $765,600 | $980,325 | $1,184,925 | $1,472,550 |
| PRINCE OF WALES | NON-METRO | $765,600 | $980,325 | $1,184,925 | $1,472,550 |
| SITKA CITY AND | NON-METRO | $765,600 | $980,325 | $1,184,925 | $1,472,550 |
| SKAGWAY MUNICIP | NON-METRO | $765,600 | $980,325 | $1,184,925 | $1,472,550 |
| SOUTHEAST FAIRB | NON-METRO | $765,600 | $980,325 | $1,184,925 | $1,472,550 |
| VALDEZ-CORDOVA | NON-METRO | $765,600 | $980,325 | $1,184,925 | $1,472,550 |
| WRANGELL CITY A | NON-METRO | $765,600 | $980,325 | $1,184,925 | $1,472,550 |
| YAKUTAT CITY AN | NON-METRO | $765,600 | $980,325 | $1,184,925 | $1,472,550 |
| YUKON-KOYUKUK C | NON-METRO | $765,600 | $980,325 | $1,184,925 | $1,472,550 |
Alaska conforming limits can change anytime. Check back often to ensure accuracy.
What factors determine if i’m eligible for a Conventional Loan in Alaska?
Conventional conforming loans follow the terms and conditions set forth by government sponsored enterprises (GSE’s) like Fannie Mae or Freddie Mac. To be eligible for a Conforming Loan in Alabama, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be considered. A FICO credit score of 620 or above is generally required to obtain a conventional loan approval. You must also have enough income to pay your housing costs plus all additional monthly debt.
How much money will I need for the down payment and closing costs?
Conventional home loans require the home buyer to invest between 3% and 20% of the sales price towards the down payment and closing costs. If the sales price is $100,000 for example, the mortgage applicant must invest at least $3,000 – $20,000 to meet conventional mortgage down payment requirements, depending on the program.
Minimum Alaska Conventional Loan Down Payment:
| Residence Usage | Fixed-Rate Mortgage (FRM) | Adjustable-Rate Mortgage (ARM) |
|---|---|---|
| 1 Unit Primary | 3% Down Payment | 10% Down Payment |
| 2 Units Primary | 15% Down Payment | 25% Down Payment |
| 3 Units Primary | 25% Down Payment | 35% Down Payment |
| 4 Units Primary | 25% Down Payment | 35% Down Payment |
| 1 Unit Second Home | 10% Down Payment | 20% Down Payment |
| 1 Unit Investment | 15% Down Payment | 25% Down Payment |
| 2 Units Investment | 25% Down Payment | 35% Down Payment |
| 3 Units Investment | 25% Down Payment | 35% Down Payment |
| 4 Units Investment | 25% Down Payment | 35% Down Payment |
What property types are allowed for Conventional Conforming Mortgages?
Conventional mortgage guidelines allow you to purchase warrantable condos, planned unit developments, modular homes, manufactured homes, and 1-4 family residences. Conventional loans can be used to finance primary residences, second homes and investment property.
Learn more about conventional mortgages.
What types of refinance programs do Conventional Loans offer in Alaska?
There are two main types of conventional refinance loans available in Alaska:
- Conventional Rate/Term Refinance: Conventional Rate/Term refinancing loans are for borrowers who currently have an FHA, VA, USDA or conventional fixed rate mortgage or ARM loan and wish to refinance into a conventional mortgage with a lower interest rate. If you’re a homeowners considering a stable, conventional fixed-rate mortgage, this program may also eliminate your mortgage insurance.
- Cash-Out Refinance: An Conventional Cash Out Refinance is perfect for the homeowner who wants to access the equity that they have built up in their home. This program is beneficial to homeowners whose property has increased in value since it was purchased.
What factors determine if I am eligible for a Conventional Refinance Loan?
To meet conventional refinance mortgage requirements in Alaska, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be considered. You must be able to cover closing costs and have enough income to pay your monthly debt.
Conventional Loan Requirements
More Alaska Mortgage Limits
- FHA Loan Limits in Alaska
- Alaska Conforming Loan Limits
- VA Loan Limits in Alaska
- USDA Loan Limits in Alaska
- USDA Loan Income Limits in Alaska
You may also want to visit these additional conventional loan resources before deciding on a mortgage:
