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A Residential Lot Loan from Alaska USA could be your first step toward building the home of your dreams.  If you need financing for the purchase or refinance of a residential lot intended for the future construction of your personal residence or to purchase a lot contiguous to your primary residence, call Alaska USA.  Choose a fixed or variable rate program to meet your needs.

Terms:

Residential Lot Loans are available for properties located in Alaska and Washington.

The loan will be a first deed of trust secured by the residential lot.

Property must be intended for the future construction of your home or must be located contiguous to your current primary residence and must meet various criteria associated with suitability.

Residential Lot Loan Guideline

1. Maximum Amount:

75% of appraised value or 75% of tax assessed value supported by an inspection, generally not to exceed 75% of original purchase price. Different loan-to-values periodically established by the Board of Directors by geographical area.

2. Maximum Term:

144 months.

3. Type of Lien:

First Deed of Trust.

4. Annual Percentage Rate:

Periodically established by the Board of Directors.

5. Fees:

Periodically established by the Board of Directors.  (See Fees.)

6. Miscellaneous:

Title search, title insurance policy, plat map and appraisal or current tax assessment are required.  Limitation regarding 75% of original purchase price does not affect lots that have been owned by the borrower for five or more years.

7. Restrictions:

Limited to those properties intended for and suitable for construction of the member's future personal residence or a lot (or lots) contiguous to their current primary residence.  The property must be of a size standard to the area (generally not to exceed ten acres), be on a publicly/community maintained road within the service area of a community with an Alaska USA office, and be zoned for (if zoned) and situated in a developed predominantly residential area.  The property must have reasonable access to public water, sewer, and electric services.  Exceptions to the requirement for public water and sewer will be allowed if the property passes a percolation test, and it is determined that suitable wells have been drilled on properties in reasonable proximity.  Certain subdivision limitations may also apply.  New loans granted under this guideline may be suspended or otherwise restricted from time to time by the Board of Directors.

This guideline is approved by the Board of Directors and is effective on May 26, 2004.

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