Alaska VA Loans

Secure a VA Mortgage in Alaska

Alaska is home to many veterans of the US Armed Services, and if you’re one of them, you may qualify for an Alaska VA Mortgage.  A VA loan can be used for either a home purchase or a refinance.  All VA loans are backed by the Department of Veteran Affairs (VA).

Jump to: Eligibility | Loan Limits

What is the VA Loan?

The VA loan program is a government initiative designed to help veterans purchase homes and build wealth.  The VA does not originate loans, however.  All loans are made through traditional lenders.  The VA guarantees these loans, which lowers the risk that the lenders take on and allows them to offer lower rates and better terms to veterans who apply.  This makes VA loans highly advantageous to conventional loans.

VA Loan Benefits in Alaska

The benefits of VA loans are well known throughout the mortgage industry.  The exact value of the benefits will vary depending on your financial needs and how important some of the characteristics of the VA loan program are to you.  The basic benefits are listed here.

• You aren’t required to make a down payment.  This is a highly attractive benefit for many veterans who haven’t had the time to save up significant cash reserves for a home purchase.
• Credit and income requirements are minimal.  You can get a VA loan with less than perfect credit, though poor credit will still increase the mortgage rate you’re offered.
• You don’t have to pay for private mortgage insurance.  This is true even though no down payment is required.
• There are many different loan term lengths and payment arrangements available.
• Closing costs are often reduced.  Some fees can be eliminated altogether.

VA Loan Requirements and Eligibility

There are basic requirements that veterans must meet to establish eligibility for the VA loan program.  These basic requirements are outlined below.

• You must be an American citizen.  There are no exceptions to this.
• You must be a veteran of a branch of the US Armed Services.  This can include the Air Force, the Navy, the Army, and so on.
• You must have served at least 90 consecutive days of active duty.
• You must not have been dishonorably discharged.
• Credit should be at least 620.

VA Refinance

You can apply your VA loan eligibility to an Alaska VA streamline refinance, or VA IRRRL.  The process is streamlined in order to alleviate the stress and frustration of paying minor fees and dealing with excess paperwork.  The streamline refinance eliminates many of these minor distractions and allows you to focus on finding the best mortgage rates available.

A refinance can save you a lot of money in several different ways.  You’ll save money on your monthly payments if you secure a lower interest rate than your current mortgage, and if you’re able to pay off your mortgage faster, you’ll save significant money on interest over the course of your loan.  You can also use a refinance to access your home equity and take out cash through the VA Cash-Out refinance option.

Alaska VA Mortgage Rates

Mortgage rates vary from lender to lender and from place to place.  They also adjust up and down depending on the market conditions.  This can make it difficult to pin down where mortgage rates will go next.  But this is essential to securing a good deal on your VA loan.  In order to track mortgage rates, contact several local lenders to find out what they offer.  Compare the options they give you and determine which deal is best.

VA Lenders in Alaska

Local lenders are the best resources available for you when researching your VA loan options.  Fill out the form above and we’ll connect you with up to four lenders in your part of Alaska who can help you pin down the mortgage deal that’s best for you.  You’ll need to talk to a local lender about VA loan limits in your area as well.  For additional information, contact the Department of Veteran Affairs.

Alaska Military Information

Alaska has a major military presence and is home to 4 active military bases.  These include Eielson Air Force Base, Elmendorf Air Force Base, Fort Richardson, and Fort Wainwright. Fort Wainwright is located in Fairbanks, whereas both Fort Richardson and Elmendorf Air Force Base are in Anchorage.  Eielson Air Force Base is in the southeast side of Fairbanks. These military bases are where most VA loan applicants in Alaska call home.

VA Loan Lending Limits in Alaska

Lenders in: Alaska.