Conventional & Standard Programs
The most widely used loan types, available through most lenders in Alaska.
Fixed-Rate Mortgage (Conventional)
Your interest rate and monthly payment stay the same for the life of the loan — no surprises, no adjustments. A reliable choice for buyers who plan to stay put and want long-term stability.
Adjustable-Rate Mortgage (ARM)
Starts with a lower introductory rate that adjusts periodically over time. A good option if you're planning to sell or refinance within a few years. Hybrid ARMs offer a fixed rate for an extended initial period, followed by adjustable rates thereafter.
Non-Conforming or Jumbo Loan
For properties that don't meet conventional financing requirements, or loan amounts that exceed the area's conforming loan limits. Common for higher-value homes in the Anchorage and Mat-Su markets.
Government-Backed Programs
Federally insured loan programs that expand access to homeownership for qualifying buyers.
Federal Housing Administration (FHA)
A strong option for buyers with a smaller down payment or lower credit scores. FHA loans also offer a streamlined refinance path for existing FHA borrowers — with minimal documentation required.
Veterans Administration (VA)
Reserved for active duty service members, reservists, and veterans. VA loans offer little to no down payment, no monthly mortgage insurance, and up to 100% financing. Closing costs are limited by the VA and may be covered by the seller. An interest rate reduction refinance option is also available for existing VA loans.
HUD Section 184
Designed to support homeownership for Alaska Native and American Indian tribal members. Benefits include lower down payments, reduced interest rates, and limited closing costs. Eligibility requires enrollment in a Federally Recognized Tribe.
USDA Rural Development
Offers up to 100% financing for qualified buyers purchasing a home in designated rural areas of Alaska. A practical option for buyers looking outside of Anchorage and the urban core.
Alaska Housing Finance Corporation (AHFC)
First Home
Offers below-market interest rates to eligible first-time homebuyers. Unlike the First Home Limited program, this option has no income limits, acquisition cost limits, or recapture provisions.
First Home Limited
Provides reduced interest rates for first-time buyers — defined as anyone who has not owned a primary residence within the past three years. Income and purchase price limits may apply.
My Home
A statewide option for buyers or properties that don't qualify for other AHFC programs. A flexible fallback when other program requirements aren't met.
Renovation Loan
Finances renovations as part of a home purchase or refinance. Requires a property appraisal and detailed renovation cost estimates. A solid option for buyers willing to put in some work on the right property.
Rural
Supports the purchase or renovation of owner-occupied or rental housing in small Alaskan communities. Long-term financing is also available for owner-built or newly constructed homes — and rental housing in rural areas.
Uniquely Alaskan
For properties that fall outside the scope of private, state, or federal mortgage programs — this program fills the gap. If you've been told financing isn't available for a property, this may be worth exploring.
Veterans Mortgage
An AHFC program offering qualified veterans the opportunity to finance a home at a below-market interest rate. Can complement other veteran benefits depending on eligibility.
Disclaimer: Alaska Real Estate Connection is a real estate team brokered by Herrington and Company — not a mortgage lender or financial institution. The loan program information provided on this page is intended for general informational purposes only and may not reflect current program availability, eligibility requirements, interest rates, or terms. Program details can change at any time and vary by lender. We strongly encourage you to consult directly with a licensed lender or mortgage professional to discuss which programs you may qualify for and to obtain accurate, up-to-date information before making any financing decisions. All information deemed reliable but not guaranteed.