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Alaska VA loans

What are Veterans Affairs Home Loans?
VA home loans provide our military veterans as well as qualifying active duty service members that qualify a clear advantage when purchasing or refinancing. Present day VA home loans usually have the most beneficial terms available for veterans. VA home loans can be used to buy a home with no money down and no mortgage insurance or they can help veterans refinance their home's equity up to 90% of it's appraised value.




What determines my eligibility for an VA loan in Alaska?
There are two methods currently used to qualify a veteran's income for a VA loan in Alaska. The primary method is called the residual income method. This method determines if the veteran will have sufficient income to cover all of their daily living expenses once the housing, taxes, home insurance and all other credit payments such as credit cards and car notes are made. The second method is called a debt to income ratio (DTI). To calculate a DTI ratio, the veteran's total debt burden can not exceed 41% of the their total income. The veteran's credit score will also be carefully reviewed. Many lenders require a minimum credit score of 620 or above for approval.

How much can be financed using a VA home loan?
The maximum amont that can financed is determined by a couple things:

The maximum VA home loan amount in Alaska: The largest loan allowed for VA mortgages with zero down is $625,500 in AK. You can learn more about the loan limits for your area on the Alaska VA loan Limit chart below.

The maximum finance limit (LTV): For home purchases, the maximum LTV for VA home loan is 100% of either lower the sales price or the appraised value, whichever is lower. For VA Refinance, the maximum LTV amount is 100% of the appriased value for a Streamline Interest Rate Reduction Refinance Loans or 90% of the appraised value for a Cash Out Refinance.

What about the down payment and closing costs?
Alaska VA loans have zero money down up to $625,500 in most counties.

What property types can I use a VA loan to purchase or refinance in Alaska?
VA home loans can be used to buy or refinance a currently owned single family residence or VA approved condo project. The property must be the veteran's primary residence.

More information on VA Mortgages.

What are my VA loan refinance options in Alaska?
There are a few VA Refinance programs are available for veterans in Alaska.

. Rate/Term VA Refinance
VA home loans can be used can be used to change the rate and/or term of a current conventional, FHA or subprime mortgage into a new, fixed rate VA mortgage.

. VA Cash-Out Refinance
A VA cash-out refinance is a great way for veterans to access the equity that they have built up in their home. VA cash-out refinance can be used to refinance up to 90% LTV of the home's current appriased value and the veteran may take cash out for any reason they want.


. VA Interest Rate Reduction Refinancing Loan (IRRRL) "Streamline Refinance"

A VA Streamline refinance, otherwise known as an interest rates reduction refinancing loan (IRRRL) can reduce the interest and monthly payment on current VA loans with no appraisal or income verification. VA Interest Rate Reduction Refinancing Loans are only used for VA to VA refinances.

What is the maximum VA refinance amount in Alaska?
The maximum refinance loan amount for an AK VA loan is determined by:

. The maximum VA home loan amount in Alaska: The maximum loan limit for a VA refinance can vary from county to county. The highest maximum VA refinance right now is $1,094,625. The lowest maximum VA refinance loan amount available in any county is $417,000. To see what the limit is in the county of your subject property, visit the following page: http://www.homeloans.va.gov/docs/2009_county_loan_limits.pdf.

. The maximum finance limit (LTV): In Alaska, The maximum VA refinance loan amount can be up to 100% loan-to-value (LTV) of the current appraised value of the home if the refinance is rate/term (no cash out) or 90% LTV of the appraised value if it is a VA cash out refinance.

What factors determine if I am eligible for a VA refinance loan?
VA refinance loans use two methods to qualify a borrowers income in Alaska. The primary method is called the residual income method. This method determines if the veteran will have sufficient income to cover all of their daily living expenses once the housing, taxes, home insurance and all other credit payments such as credit cards and car notes are made. The second method is called a debt to income ratio (DTI). To calculate a DTI ratio, the veteran's total debt burden can not exceed 41% of the their total income. The veteran's credit score will also be carefully reviewed. Many lenders require a minimum credit score of 620 or above for approval.

More information about VA Refinance.

Complete Online Application

Alaska VA loan Limits
Updated 04/01/2009

County Name                 
Maximum Single Family Mortgage
(No Money Down)
Maximum VA Jumbo
(No Money Down to 417k, 25% Down Above)
KETCHIKAN GATEW  
625,500
 
1,094,625
KETCHIKAN, AK (MICRO)
KODIAK ISLAND  
625,500
 
1,094,625
KODIAK, AK (MICRO)
MATANUSKA-SUSIT  
625,500
 
1,094,625
ANCHORAGE, AK (MSA)
FAIRBANKS NORTH  
625,500
 
1,094,625
FAIRBANKS, AK (MSA)
JUNEAU  
625,500
 
1,094,625
JUNEAU, AK (MICRO)
DENALI  
625,500
 
1,094,625
NON-METRO
ALEUTIANS EAST  
625,500
 
1,094,625
NON-METRO
HAINES  
625,500
 
1,094,625
NON-METRO
BRISTOL BAY  
625,500
 
1,094,625
NON-METRO
BETHEL  
625,500
 
1,094,625
NON-METRO
LAKE AND PENINS  
625,500
 
1,094,625
NON-METRO
YAKUTAT CITY  
625,500
 
1,094,625
NON-METRO
KENAI PENINSULA  
625,500
 
1,094,625
NON-METRO
NORTHWEST ARCTI  
625,500
 
1,094,625
NON-METRO
VALDEZ-CORDOVA  
625,500
 
1,094,625
NON-METRO
NOME  
625,500
 
1,094,625
NON-METRO
SOUTHEAST FAIRB  
625,500
 
1,094,625
NON-METRO
NORTH SLOPE  
625,500
 
1,094,625
NON-METRO
WADE HAMPTON  
625,500
 
1,094,625
NON-METRO
ALEUTIANS WEST  
625,500
 
1,094,625
NON-METRO
ANCHORAGE  
625,500
 
1,094,625
ANCHORAGE, AK (MSA)
SKAGWAY-HOONAH  
625,500
 
1,094,625
NON-METRO
YUKON-KOYUKUK  
625,500
 
1,094,625
NON-METRO
DILLINGHAM  
625,500
 
1,094,625
NON-METRO
PRINCE OF WALES  
625,500
 
1,094,625
NON-METRO
WRANGELL-PETERS  
625,500
 
1,094,625
NON-METRO
SITKA  
625,500
 
1,094,625
NON-METRO

More Information on VA Mortgages and VA Refinance.

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. Why choose a VA home loan?

  • Alaska VA Mortgages require no down payment.
  • There are no prepayment penalties for VA home loans.
  • A Alaska VA Loan is fully assumable, provided the person assuming is qualified.
  • VA Mortgage Loans have no PMI premiums.
  • A VA Mortgage Loan is eligible for non-credit qualifying, Streamline Refinance or "IRRRL".
  • A VA Home Mortgage is available all areas of the country, provided a market exists for the property and the home meets VA's property standards.
  • A VA home loan may be used to purchase or refinance a new or existing home.
  • Alaska VA Loans are offered at terms of 15 or 30 years.


. VA Refinance Programs

VA Rate/Term Refinance
The VA Rate/Term Refinance is for borrowers who currently have a conventional fixed rate or ARM mortgage and wish to refinance into a VA Mortgage. This program helps borrowers who wish to have a stable, VA insured fixed rate mortgage.

Cash-Out Refinance
A VA Cash Out Refinance is perfect for the homeowner who wants to access up to 90% of 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.

VA Streamline Refinance
The VA Streamline Refinance is designed to lower the interest rate on a current VA mortgage or convert a current VA adjustable rate mortgage into a fixed rate. A VA Streamline Refinance can be performed quickly and easily. It requires much less hassle and paperwork than a normal refinance including no credit check, no appraisal, no qualifying debt ratios and no income verification.


. VA Refinance Questions & Answers

What are the guidelines for a VA Refinance?
If the borrower wishes to take cash out of the property, then the maximum financing amount is 90% of the appraised value, depending on the borrowers qualifications. If the borrower does not take cash out then the maximum financing will be 100% of the appraised value of the home or the amount you are refinancing plus closing costs, whichever is lower.

Why should I consider refinancing into a VA-insured mortgage?
VA refinance mortgages do not come with prepayment penalties, have no teaser rates nor balloon payments. They are offered at market rate with terms up to 30 years and are fully amortized, meaning that you pay towards principal and interest every month.

What if I have a prepayment penalty and other refinancing costs and there isn’t enough equity in my home to refinance?
If you do not have sufficient equity in your home to add your prepayment penalty and/or other refinancing costs into your new VA mortgage, then you should ask your current lender to consider a second mortgage to pay the difference or a short payoff on your existing loan. Offering either of these options is at the discretion of the lender.

Does it matter that the value of my home is now less than what I still owe?
Not to VA, but the current mortgage lender considering the refinance would have to be willing to accept a short payoff on the existing loan OR to hold a second mortgage to make up the difference needed to pay off the existing mortgage and the home’s value.

I have already obtained one VA loan. Can I get another one?
Yes, your eligibility is reusable depending on the circumstances. Normally, if you have paid off your prior VA loan and disposed of the property, you can have your used eligibility restored for additional use. Also, on a one-time only basis, you may have your eligibility restored if your prior VA loan has been paid in full but you still own the property.

Only a portion of my eligibility is available at this time because my prior loan has not been paid in full even though I don’t own the property anymore. Can I still obtain a VA guaranteed home loan?
Yes, depending on the circumstances. If a veteran has already used a portion of his or her eligibility and the used portion cannot yet be restored, any partial remaining eligibility would be available for use. The veteran would have to discuss with a lender whether the remaining balance would be sufficient for the loan amount sought and whether any down payment would be required.

Is the surviving spouse of a deceased veteran eligible for the home loan benefit?
The unmarried surviving spouse of a veteran who died on active duty or as the result of a service-connected disability is eligible for the home loan benefit.




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