Are you considering buying a home in Alaska? You’re not the only one. Alaska is an adventurous place to buy a home with almost 320,000 housing units and a homeownership rate of 66%, according to the U.S. Census Bureau’s 2018 American Community Survey.
Alaska’s median housing value is $276,100, which is slightly above the national median of $229,700. Even so, home values vary by region. Some areas have higher priced homes, while other areas have lower housing costs.
U.S. News’ Best Alaska Mortgage Lenders of 2021
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Before You Apply
- Mortgage types: conventional, FHA, VA, USDA, ARM, Carrington Flexible Advantage, first-time buyers, refinancing
- Minimum FICO credit score: 500
- Maximum loan amount: $2.5 million
- Better Business Bureau rating: A+
Best Features
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Applicants with credit scores as low as 500 are accepted for some products.
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Conventional loans are offered with down payments as low as 3%.
Best for consumers with credit scores between poor and good
Before You Apply
- Mortgage types: conventional, fixed rate, ARM, FHA, refinance, VA, FHA Streamline Refinance, Refi Plus, VA Streamline Refinance
- Minimum FICO credit score: 620
- Maximum loan amount: Not disclosed
- Better Business Bureau rating: A+
Best Features
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Borrowers with fair credit may qualify.
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It features a simple online application process.
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VA loan borrowers aren’t charged lender fees.
Before You Apply
- Mortgage types: conventional, FHA, VA, USDA, ARM, refinancing, renovation, jumbo
- Minimum FICO credit score: 620
- Maximum loan amount: $2 million
- Better Business Bureau rating: A+
Best Features
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A broad range of mortgage products are offered.
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Special mortgage programs for first-time buyers and manufactured homebuyers are available.
Before You Apply
- Mortgage types: VA, VA jumbo, refinance
- Minimum FICO credit score: 640
- Maximum loan amount: $1.5 million
- Better Business Bureau rating: A+
Before You Apply
- Mortgage types: fixed rate, Affordable Loan Solution, FHA, VA, ARM, home equity line of credit, fixed-rate refinancing, FHA refinancing, VA refinancing, cash-out refinancing, adjustable-rate refinancing, jumbo
- Minimum FICO credit score: Not disclosed
- Maximum loan amount: $2.5 million
- Better Business Bureau rating: A+
Best Features
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Bank of America has a wide variety of mortgage products.
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The lender offers origination fee discounts for qualifying Bank of America and Merrill Lynch clients.
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Home equity lines of credit have no annual, application or cash advance fees or closing costs.
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Bank of America offers a first-time homebuyer program.
Before You Apply
- Mortgage types: fixed rate, FHA, VA, USDA, ARM, home equity line of credit, refinancing, medical professional mortgage program, jumbo, PNC Community
- Minimum FICO credit score: Not disclosed
- Maximum loan amount: $5 million
- Better Business Bureau rating: A+
Best Features
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Multiple types of mortgages are available.
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Some mortgage options require no or low down payments.
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PNC supplies an online home ownership cost tool.
Before You Apply
- Mortgage types: Traditional, ARM, refinancing, home equity line of credit, Alliant Advantage Mortgage
- Minimum FICO credit score: 620
- Maximum loan amount: $2.5 million
- Better Business Bureau rating: A+
Best Features
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No-down-payment mortgages are available for first-time homebuyers with excellent credit.
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Mortgages are available to borrowers with FICO credit scores as low as 620.
Before You Apply
- Mortgage types: conventional, FHA, VA, USDA, ARM, refinancing, bond, renovation, Freddie Mac HomeOne, Freddie Mac Home Possible, Fannie Mae HomeReady
- Minimum FICO credit score: 620
- Maximum loan amount: $3 million
- Better Business Bureau rating: A
Best Features
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The first-time homebuyer program HomeOne can require a down payment of as little as 3% and borrowers may qualify with a minimum 620 credit score.
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Government-insured loans including Federal Housing Administration, Veterans Affairs, and United States Department of Agriculture programs are available.
Before You Apply
- Mortgage types: conventional, FHA, VA, USDA, jumbo, All in One Loan, 203K Renovation Loan, Fannie Mae HomeReady, Freddie Mac Home Possible, HomeFundIt, refinance
- Minimum FICO credit score: 620
- Maximum loan amount: $3 million
- Better Business Bureau rating: A+
Best Features
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Exclusive mortgage products include the HomeFundIt for crowdfunding a down payment.
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The lender has a national presence with regional fulfillment and local support.
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CMG Financial offers a mobile app.
Before You Apply
- Mortgage types: conventional, VA, ARM, FHA, USDA, jumbo, refinance, home equity
- Minimum FICO credit score: Not disclosed
- Maximum loan amount: $3 million
- Better Business Bureau rating: A+
Best Features
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Flagstar Bank provides a broad selection of mortgages and home equity loans.
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Some mortgages require no or a low down payment.
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Borrowers can apply for loans online.
What Are the Mortgage Rates in Alaska?
Home interest rates range from 2.5% to 2.75% in Alaska.
What Are Today’s Mortgage Rates?
Mortgage Calculator
Is your dream home within reach? U.S. News’ mortgage calculator will show you how much house you can afford.
What Are Some Alaska Homebuyer Programs?
Alaska homebuyers can get interest rate reductions as well as help with down payments and closing costs from these Alaska Housing Finance Corporation (AHFC) programs.
- Available to: Eligible Alaska homebuyers who have not owned a primary residence in the last three years, unless the house is within a targeted area or if the homebuyer is a qualified veteran, along with other conditions such as acquisition cost limits.
- Income limits: Vary by area and household size (see income limits for non-targeted areas and targeted areas).
- First-time homebuyers only?: No.
- Benefits: Lower interest rates to eligible homebuyers.
- Available to: Eligible Alaska homebuyers who have not owned a primary residence in the last three years.
- Income limits: None.
- First-time homebuyers only?: No.
- Benefits: Reduced interest rate for qualified homebuyers.
- Available to: Eligible Alaska homebuyers purchasing a primary residence who have not owned a primary residence in the last three years and do not own other residential property within 50 miles of the home being purchased.
- Income limits: Vary by area and household size (see income limits).
- First-time homebuyers only?: No.
- Benefits: Interest rate reduction of 0.5% or 1%, depending on family income, on the first $180,000 of the loan amount.
- Available to: Eligible Alaska homebuyers purchasing a manufactured home in a mobile home park or on land, not on a permanent foundation.
- First-time homebuyers only?: No.
- Benefits: Ability to finance this particular type of home.
- Available to: Eligible Alaska homebuyers occupying the purchased property within 60 days of loan closing.
- Income limits: None.
- First-time homebuyers only?: No.
- Benefits: Competitive interest rate.
- Available to: Eligible Alaska homebuyers with a minimum credit score of 640 purchasing an owner-occupied residence.
- Income limits: None.
- First-time homebuyers only?: No.
- Benefits: Closing cost or down payment assistance of up to 4% of the initial principal balance of the loan, depending on credit qualifications.
- Available to: Eligible Alaska homebuyers who are qualified veterans.
- Income limits: Vary by area and household size (see income limits).
- First-time homebuyers only?: No.
- Benefits: A 1% interest rate reduction on the first $50,000 of the loan amount.
- Available to: Eligible Alaska homebuyers buying an energy-efficient property or improving the energy efficiency of an existing property they’re purchasing.
- First-time homebuyers only?: No.
- Benefits: An interest rate reduction of up to 0.750% based on energy efficiency standards on the first $200,000 of the loan amount.
View More Best Alaska Mortgage Lenders
Before You Apply
- Mortgage types: refinance, jumbo, hybrid ARM, fixed rate, HARP, VA, FHA, 203k loan
- Minimum FICO credit score: 620
- Maximum loan amount: $3 million
- Better Business Bureau rating: A+
Best Features
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LoanDepot mortgages have a lifetime guarantee, which means if you ever decide to refinance an existing LoanDepot loan, the company will waive the lender fees and reimburse appraisal fees.
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The company offers a variety of mortgage products.
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It’s licensed in all 50 states.
Best for digital customer care
Before You Apply
- Mortgage types: fixed rate, ARM, conventional, cash-out refinance, refinance, jumbo, FHA, VA, USDA, new construction, interest rate reduction refinance loan
- Minimum FICO credit score: 640
- Maximum loan amount: undisclosed
- Better Business Bureau rating: A+
Best Features
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Homebuyers can choose from a variety of mortgage products.
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Home loans are available nationwide.
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Down payment and closing cost assistance is available.
Before You Apply
- Mortgage types: conventional, FHA, VA, ARM, refinancing
- Minimum FICO credit score: 620
- Maximum loan amount: $765,600
- Better Business Bureau rating: A+
Best Features
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PennyMac accepts a 50% debt-to-income ratio for conventional loans in some instances.
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Online capabilities include a 24/7 access center and email status updates.
Before You Apply
- Mortgage types: ARM, cash-out refinance, conventional, FHA, HELOCs, jumbo, reverse, USDA and VA
- Minimum FICO credit score: 620
- Maximum loan amount: $3 million
- Better Business Bureau rating: A+
Best Features
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Provides multiple mortgage options, including low and no down-payment loans
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Offers fixed- or adjustable-rate mortgages
Highlights
• Mortgage types offered: Conventional, FHA, VA, USDA, Refinancing (conventional), Refinancing (FHA), Refinancing (VA), Refinancing (USDA)
• Minimum FICO score: 620 (conventional), No minimum (VA), 540 (FHA), No minimum (USDA)
• Max DTI: Not disclosed
• J.D. Power satisfaction rating: Two out of five
Best Features
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Wide selection of mortgage loans.
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Prequalification is available.
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Borrowers with fair credit may qualify.
Before You Apply
- Mortgage types: conventional, refinancing, fixed-rate, ARM, affordable financing, Federal Housing Administration loans, Department of Veterans Affairs loans, USDA Rural Development loans, conventional financing for high-cost areas, doctor loan program, jumbo, premier loans for professionals and entrepreneurs
- Minimum FICO credit score: undisclosed
- Maximum loan amount: $3 million
- Better Business Bureau rating: A+
Best Features
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FHA, USDA and VA loans are available.
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Special terms are offered to medical professionals.
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An online application is available.
Best for: Borrowers who want an online experience plus top-notch customer service
Highlights:
- Mortgage types offered: ARM, FHA, VA, Refinancing (FHA), USDA, Conventional, Refinancing (conventional)
- Minimum FICO credit score: 580 (FHA), other loans vary
- Maximum debt-to-income ratio: 60%
- J.D. Power satisfaction rating: Five out of five
Best Features
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Complete loan process available online.
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Wide variety of mortgage products.
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Good customer service ratings.
Highlights:
- Mortgage types: conventional, refinancing, fixed-rate, ARM, Federal Housing Administration loans, Department of Veterans Affairs loans, jumbo
- Minimum FICO credit score: undisclosed
- Maximum loan amount: $3 million
- Better Business Bureau rating: A
Best Features
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Provides mortgage loans nationwide.
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Allows you to apply online without first speaking with a loan officer.
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Assists U.S. Bank customers with closing costs.
Best for home borrowers who don’t want to go the bank route
Highlights:
•Mortgage types offered: Conventional, FHA, VA, ARM, Refinancing
•Minimum FICO score: 500
•Max DTI: Not disclosed
•J.D. Power satisfaction rating: Three out of five
Best Features
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Loans are available in all 50 states.
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Low down payment options are available, including FHA and VA loans.
Advertising Disclosure: Some of the loan offers on this site are from companies
who are advertising clients of U.S. News. Advertising considerations may impact
where offers appear on the site but do not affect any editorial decisions,
such as which loan products we write about and how we evaluate them. This site
does not include all loan companies or all loan offers available in the marketplace.
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