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Financing in Alaska : Real Estate Advice

  • All28
  • Local Info3
  • Home Buying12
  • Home Selling7
  • Market Conditions1

Activity 12
Sun Jun 26, 2016
bruce barcus asked:
I purchased a 4plex last August with a 0 down VA loan. I have refurbished all the apts, installed a water softening system, all new appliances and carpets and the property values have risen…
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Wed Aug 19, 2015
Forgivennt4saken asked:
Anyone know of a va approved lender that can do a va loan for credit score in the 580's?
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Sun Aug 3, 2014
Rob Weber answered:
Your post was a bit confusing, let me know if this is accurate:

I'm thinking the most likely scenario is that you're doing new construction financing on an existing property that you're building a home on (vacant land or a tear-down?). I'm curious as to whether or not the property currently has a mortgage no it. Why you'd quit claim the property to the bulider I have no idea. A builder I work with puts a mechanics lien on the property for the amount of the construction loan (assuming the appraiser verifies it will appraise out). If you were to transfer the deed to the builder then do a rate/term refinance when you funded, you would not be the current owner and you wouldn't be able to close. If you quit claimed it back to you, you would then have a title seasoning issue.

My best advice is to call me and explain in more detail what's going on here. I do a lot of Renovation and Construction-Perm (or New Construction) financing. If I can't help, I'll set you on the right path, at the very least.

P.S. What a small world! I just noticed you're from Kenai. I lived in Soldotna for a year when I was growing up. I lived in Big Lake and Wasilla most of my life until I graduated and moved to Chicago for college. I was just up there last summer (Wasilla).
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Sun Aug 3, 2014
Ellen Chung answered:
The information provided by Pam can be found at the following link:
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Sun Aug 3, 2014
ks82 asked:
When we called to explain our situation to our lender, the rep told us to put the house on the market for 90 days, and if it didn't sell for 200,000 in 90 days, they would help us get a…
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Sun Aug 3, 2014
Lisa Fraser answered:

Just to expound on Luke's response. Properties within the Municipality of Anchorage would not qualify for a USDA Rural loan. For more information on loan programs and interest rate reductions I would check out the Alaska Housing Finance Corporation website at But, again, I would go and speak with a local lender and find out exactly what you would qualify for and any programs that may be available for you. I stress, a local lender. As you know, things here operate a bit differently than they do Outside and not all shop-for-the-cheapest-rates lenders will know about all programs available.

Lisa M. Fraser
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Sun Aug 3, 2014
Brandi Croom answered:
In Eagle River, all the REO's are listed by agents and any agent can assist you in making an offer and represent you and the bank pays our commission. I've had some foreclosures where the bank would barely budge off their list price and offered very little in concessions. Other times, the banks have accepted a very low offer and the paid all the buyers closing costs. It's best if your Realtor does research and attaches a letter to your offer when submitting it to the listing agent that explains why you are offering a low offer (I'm talking drastically low, say 10% or more off the list price). I just submitted one today where I supplied the listing agent with the last 4 sold comparables for that neighborhood showing that the house was priced too high to begin with and a list of items that needed fixed in the house that the buyers would have to pay for out of pocket after closing. Feel free to contact me if you have questions! ... more
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Sat May 12, 2012
Derek Huit answered:
There is two programs that allow for zero down payment. The VA loan program and USDA rural Develpment program. All others loan products require that you do need a down payment. Depending on the program 3.5% for FHA, and 3% or 5% for Conventional. And of course 20% down saves you money on the mortgage insurance. There are many options for mortgage insurance and different cost between lenders As a Senior Mortgage Loan Originator with Alaska USA Mortgage i would advise shoping around for the best investment options that are available .

Derek Huit
NMLS Unique Identifier #203980
Senior Mortgage Loan Originator
Alaska USA Mortgage Company
Mortgage License #Ak157293
500 W 36th Avenue #110
Anchorage, Alaska 99503
Phone:907-261-3426 Fax 375-5095
Cell 244-9368 Toll Free: 800-737-3033 Ext. 3426 
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Mon May 7, 2012
Tina Lam answered:
The key item to look for is the priority of the loan you're assuming. That will determine if you can get a refi.
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Mon Apr 16, 2012
James Ryan answered:
hi Oracle, it is not clear from your question if you plan to continue working in Ohio, but buying in Tenn and still just visiting TN every 5 weeks or if you plan to work in TN as well. That would be a key question to know in terms of qualifying for the FHA products.
Happy to help, Jim. American Bank, 703 615 4675
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Wed Jul 22, 2009
Daniel Castagna answered:

In order for a bank to determine if they can offer you a refinance, they will need some pertitent information such as income, credit score, equity in the home, payment history, etc. If you want to provide the trulia community with some of this informatin, we can give you a general idea if you qualify. however, i suggest contacting a qualified loan officer. Give them the specifics to get the answers you are looking for. if you do not know a qualified loan officer, just to to or ... more
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