Alaska Housing Tax Exempt (TEP) FTHB

• The Tax-Exempt Program (TEP) offers lower interest rates to eligible first-time home buyers. First-time home buyers (FTHB)are borrowers who have not owned a primary residence in the last three years.

• 30 or 15 year fixed rate mortgage

• Must always occupy
• income limits
• higher credit scores required
• Sales price limits

 Alaska Housing Taxable FTHB

This first-time home buyer program offers a reduced interest rate to eligible borrowers without the income limits, acquisition cost limits, or recapture provisions of the TEP. 

30 or 15  year fixed rate mortgage 

• Higher interest rate
• Must always occupy
• Higher Credit scores required

• Do not have to be a first time homebuyer
• Reduced Interest Rates
• No Income or Sales Price Limits
• 30 or 15 year fixed rate mortgage

• Must always occupy
• May not have separated from service before 1984
• Higher Credit Scores Required

• 1/2% to 1% reduction in your interest rate
• 30 year fixed rate mortgage

• Must always occupy
• Higher Credit Scores Required
• Must attend homebuyer class
• Income and Sales Price Limits

• 30 yr fixed
• 20 yr fixed
• 25 yr fixed
• 15 yr Fixed
• 12 yr fixed
• 10 yr fixed

• Monthly payments are fixed over the life of the loan
• Interest rate does not change
• Protected if rates go up
• Can refinance if rates go down

• Higher interest rate
• Higher mortgage payments
• Rate does not drop if interest rates improve

Government FHA/VA

• Lower down payment requirements
• Lower credit scores allowed
• Higher Debt ratio's allowed
• Loans are guaranteed or insured by the federal Government
• Terms avail  30/20/15 Yr

Must Occupy

High Guarantee Fees (VA Funding Fee)

High Mortgage Insurance Premiums (MIP)

Guarantee Fees and MIP Premiums are non-refundable

HUD 184 Native American Program

• Lower down Payment
• Lower Credit Scores
• higher Debt Ratio's
• No Monthly MIP
• Reduced upfront MIP premiums

• Must be Native American or Alaska Native
• Higher Interest Rates
• Must Occupy

USDA Rural Guarantee Program

• No downpayment required
• No Monthly MIP
• Reduced upfron Guarantee Fees

• Property must be in a rural location
• Higher Interest Rates
• Income Limits
• Must Occupy

• You have several payment options
• Lower monthly payments
• Qualify for a higher loan amount
• Qualify at the interest only payment
• Option to pay the full normal payment
• Interest only payments for up to ten years

• Higher rates
• Principal loan balance will not decrease during the interest only payment period
• Payment will be higher for the remaining term

• Lower starting interest rates
• Higher loan amounts
• If rates are expected to fall or stay low, the borrower benefits financially

• Early refinancing is difficult if rates are expected to rise
• Unpredictable mortgage payments
• Long term costs could be higher because rates could rise