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In addition to meeting the loan limits, you need to make sure your credit score is good enough to qualify for one of these mortgages.
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- Conforming loan limits are the same throughout Alaska and FHA loan limits vary by county.
- If you get a conforming mortgage, you can get up to 1 in all counties.089.Borrow $300.
- FHA mortgage limits start at $472.030 $ and increase to 586.500 $, depending on the county in which you are buying a home.
If you live in Alaska and plan to apply for a conforming or FHA mortgage to purchase your next home, you must ensure that your loan amount does not exceed certain loan limits
Alaska has a higher conforming loan limit than most other states. In 2023, Alaska homebuyers in all boroughs will be able to obtain a conforming mortgage of up to 1.089.Borrow $300.
FHA mortgage limits vary by county. Depending on where in Alaska you buy a home, your credit limit in 2023 could range from 472.030 and 586.500 US dollars lie.
How do mortgage loan limits work?
The Federal Housing Finance Agency sets loan limits for conforming mortgages, while the Federal Housing Administration sets limits for FHA mortgages. These limits are based on average home values and are therefore higher in counties where homes are more expensive.
These limits are the maximum amount of money a borrower can receive with any type of loan. Remember, however, that credit limits don't refer to what you can personally afford to spend. Your lender will determine what you can afford to repay based on your income, debt, and assets. This number may be much lower than the maximum borrowing limit for your county.
Alaska credit limits in 2023 by borough
| District | Conforming loan-to-value limit (single-family house) | FHA mortgage limit (single family home) |
| Aleutian East Borough | 1.089.300 $ | 472.030 $ |
| Aleutian West Census Area | 1.089.300 $ | 545.100 $ |
| Municipality of Anchorage | 1.089.300 $ | 472.030 $ |
| Bethel Census Tract | 1.089.300 $ | 472.030 $ |
| Bristol Bay Municipality | 1.089.300 $ | 472.030 $ |
| Chugach Census Area | 1.089.300 $ | 472.030 $ |
| Denali County | 1.089.300 $ | 472.030 $ |
| Dillingham Census Area | 1.089.300 $ | 472.030 $ |
| Fairbanks North Star Borough | 1.089.300 $ | 472.030 $ |
| Borough of Haines | 1.089.300 $ | 472.030 $ |
| Hoonah-Angoon Census Area | 1.089.300 $ | 472.030 $ |
| City and County of Juneau | 1.089.300 $ | 524.400 $ |
| Kenai Peninsula District | 1.089.300 $ | 533.600 $ |
| Ketchikan Gateway Borough | 1.089.300 $ | 472.030 $ |
| Kodiak Island Borough | 1.089.300 $ | 485.300 $ |
| Kusilvak census tract | 1.089.300 $ | 485.300 $ |
| Lake and Peninsula Borough | 1.089.300 $ | 472.030 $ |
| Matanuska-Susitna District | 1.089.300 $ | 472.030 $ |
| Nome Census Area | 1.089.300 $ | 472.030 $ |
| North Slope Borough | 1.089.300 $ | 472.030 $ |
| Northwest Arctic Borough | 1.089.300 $ | 472.030 $ |
| Petersburg Census Area | 1.089.300 $ | 472.030 $ |
| Prince of Wales-Hyder Census Area | 1.089.300 $ | 472.030 $ |
| City and borough of Sitka | 1.089.300 $ | 472.030 $ |
| Skagway Borough | 1.089.300 $ | 586.500 $ |
| Southeast Fairbanks Census Area | 1.089.300 $ | 524.400 $ |
| Valdez-Cordova census area | 1.089.300 $ | 472.030 $ |
| Wrangell City and Borough | 1.089.300 $ | 472.030 $ |
| City and district of Yakutat | 1.089.300 $ | 472.030 $ |
| Yukon-Koyukuk Census Area | 1.089.300 $ | 472.030 $ |
Quick tip: You'll need to take out a jumbo mortgage if you have more than $1.089.Want to borrow $300, regardless of which Alaska county you live in. Jumbo mortgages tend to be a little harder to qualify for, so you should make sure your credit is available is good standing and you have a sufficient down payment if you plan on buying a higher-priced home.
How to find out which mortgage type is best for you
If you plan to buy a home at the high end of the average price range for your area, credit limits are an important part of your decision about what type of mortgage to get. But you are also limited by what you can get approved for.
To qualify for a conforming mortgage, you need a credit score of at least 620 and a down payment of at least 3%. FHA mortgages typically require a minimum credit score of 680 and down payment of 3.5. You may be able to qualify for an FHA mortgage with a credit score as low as 500 if you make a 10% down payment.
If you need to borrow more than the allowable loan limit for your county, you will need to apply for a jumbo mortgage. You'll likely need a credit score of at least 680 and a down payment of 10% or 20% to be approved for one of these mortgages, but this can vary from lender to lender.
VA mortgages and USDA mortgages are other options for those who qualify. None of these mortgage types have credit limits. VA mortgages are available to service members or veterans who meet minimum service requirements. Some surviving spouses may also be eligible. USDA mortgages aim to help low-income households in rural or suburban areas get into a home, so they are subject to certain income and location restrictions. You can check your eligibility on the website of the USDA. Both mortgage types allow 0% down payments.