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Mortgage
Loan Information

Following is general information you may find helpful regarding the various Mortgage Loan Programs available at Alaska USA.  Because most mortgage loans are sold to the secondary mortgage market, it is necessary to meet the requirements of those markets to qualify for the loan.  In most cases, the servicing of your mortgage can be retained by the credit union.  There are a wide variety of loan programs with differing terms and requirements (including programs designed for members with special needs like first-time home buyers). Consequently, it is recommended that you contact a Mortgage Loan Originator at one of our Alaska USA Mortgage Company offices to discuss your specific circumstances.

TYPES OF MORTGAGES OFFERED:  All types of mortgage loan programs are available.  They include various types of conventional loans, FHA loans, VA loans, Alaska Housing Finance Corporation (AHFC) loans, jumbo mortgages, and various types of specialty programs to meet every need.

PROPERTY CRITERIA: Long term mortgage financing is available for a member's primary residence.  The loan must be secured by a first Deed of Trust (or Mortgage) on that property.  All programs are available in the state of Alaska, most programs are available in Washington, and limited products are available throughout the United States.  Property restrictions and requirements vary from one program to another. 

PROPERTY VALUATION:  Appraisals are required for most mortgage programs.  The type and cost of the appraisal will be dependent upon the type of mortgage being requested.  In almost every case, it is necessary for the credit union to order the appraisal or the secondary market may not accept the valuation provided.

LOAN AMOUNT:  The amount you can finance will vary depending upon the mortgage program that you select.  There are various no-down-payment or low-down-payment mortgages available.

LOAN TERMS:  The maximum loan term for most mortgages is 30 years (360 months), but 40 year terms (480 months) are available for selected loan types. Shorter terms are available upon request.  The interest rates and other applicable terms vary based upon the mortgage program selected.  Many types of fixed-rate and adjustable-rate mortgage loans (ARMs) are available to meet your needs.

COSTS:  The following costs may be incurred in obtaining financing.   (1) Loan Origination Fee - 1% of loan amount with a $750 minimum;  (2) Document Preparation Fee (includes flood determination and credit reports) - $200.00;  (3) Appraisal Fee - up to $500 (for single-family dwellings);  (4) Recording Fees - $65;  (5) ALTA Policy of Title Insurance and Escrow Closing Fee - Costs vary depending on loan amount; (6) Tax Registration Fee - $66.50.  After the loan has been fully paid, a fee will be charged by the title company to remove Deed of Trust.

INSURANCE REQUIREMENTS:  The credit union must be included as additional loss payee on the hazard insurance, and flood insurance if required, covering the property.

BORROWER QUALIFICATIONS: Generally, borrowers must be members of Alaska USA (or become members prior to locking an interest rate) and have good credit histories.  If there were past credit problems, there should be no ongoing problems or negative items in the credit record during the past 2 years other than minor entries.  Special programs do exist for those with more recent credit problems.  However, those programs tend to have more restrictive terms. 

Monthly obligations should not exceed a reasonable percentage of monthly income. Typically, the proposed monthly mortgage payment should not exceed 28% of the borrower's gross monthly income, and monthly payments on total long term debts (ones that will last longer than 10 months) inclusive of the new mortgage payment should not exceed 36% of monthly income.  However, several programs allow higher ratios.  Every borrower's situation is unique and is reviewed accordingly.

DOCUMENTS YOU MAY NEED TO PROVIDE:  Following is a list of documents that you may need to provide in addition to a completed application form, depending upon the type of mortgage being requested.  For some loan programs, if the following materials are provided at the time of application, a credit approval can be obtained in as little as 30 minutes.

  • Account Statements - Copies of the most recent three full months of checking, savings and/or brokerage account statements reflecting the source of your down payment and closing funds.
  • Pay Stubs - Copies of the pay stubs for all applicants for the most recent 30 days.
  • W-2s - Copies of the last two years of W-2 forms for all applicants.  (First Time Homebuyer Programs require three years of W-2s and copies of the associated tax returns.)
  • Landlord Information - Name, address and phone number of your current landlord (if any) for verification purposes.
  • Purchase Contract - If you have already selected a home and negotiated a purchase, you will need to provide the Earnest Money Agreement.  However, we recommend that you initiate your mortgage application prior to taking this action.
  • Self Employed Applicants or Those With Non-Wage Income - Self employed applicants and those having rental or other non-wage income will normally need to provide copies of the most recent two years tax returns with all accompanying schedules.  Self employed applicants will also need to provide current Profit and Loss Statements and Balance Sheets on their businesses.
  • Applicants for Veterans Administration Loans - Applicants requesting VA mortgage loans will also need to provide (1) Certificate of Eligibility,  (2) DD214 Discharge Paper or Statement of Service, if applicable,  (3) DD1747 Authorization to Live Off Base, if applicable, and (4) Nearest living relative's name, address and phone number.
  • Refinance Applications - If you will be applying for a refinance of an existing mortgage, the processing of your loan will be expedited when you provide a check to the credit union for the following:  (1) ordering an appraisal (usually around $500), (2) ordering a preliminary commitment for title insurance (usually $250), which will cover a portion of the title insurance cost when your loan closes.

Completed applications may be submitted at any branch office, Alaska USA Mortgage Company office, faxed to (907) 786-2177, or mailed to Alaska USA's Real Estate Telephone Loan Center at P.O. Box 196613, Anchorage, AK 99519-6613. If you have any questions about mortgage loan programs or wish to submit an application telephonically, please call the Real Estate Telephone Loan Center. In Anchorage, please call 786-2800. In all other locations, please call (888) 425-9813

*Loan Information last updated 09/15/05.