What Do I Need For a Down Payment for Homes for Sale in Anchorage Alaska
by Dan Wolf
on Thursday, December 4th, 2014 at 9:09am.
When thinking of looking at homes for sale in Anchorage Alaska, most people have a few questions about the financing needed to buy a new house in Anchorage. We hear a lot of questions about down payments for Anchorage homes, so we wanted to discuss some of the typical down payments amounts to help prospective home owners prepare.
Down Payment Amounts
Home owners can put own as little as 5 percent of their own money in as a down payment - and in some cases even zero percent down, such with Federal or State veterans programs and with other specific home buyer assistance programs. In these cases, home owners may need to purchase additional mortgage insurance that guarantees home mortgage payment. As a general guideline to avoid mortgage insurance, mortgage lenders will expect home owners to put down 25 percent of the home price down in cash to get a 75% loan to value mortgage on the property.
Options for Anchorage Homebuyers
If you want to purchase a home in Alaska, but do not have 20 percent to put down, there are options for putting down a smaller down payment and getting down payment assistance with your home purchase. We can connect you to programs that offer home buyer assistance, so that you can explore your options for getting a mortgage for your new home. Alaska Housing Finance Corporation (AHFC) FHA, VA and even conventional lenders offer loan programs with nominal downpayments in the 5% range.
There are many different options when it comes to financing a home, and we can help you explore them so that you can find your dream home in Anchorage. Don't be afraid! Some of these assistance programs can also help you cover additional costs associated with buying a home, such as home inspection costs or real estate closing costs. If you have flexibility in your time line, then you can make it work and find a home that meets your needs and fits your budget for a monthly mortgage payment.
To learn more about available homes for sale in Anchorage, or to discuss getting mortgage pre-approval for your Anchorage home, contact us today at 907-248-9653 or visit us online at www.anchoragehomesearch.com. Thanks!