Home Loans

Take out a loan for some much-needed home improvements, tap into your home equity to pay for something important, or buy a piece or land and build your dream house on it—Alaska USA has the real estate loan you’re looking for.

Mortgage loans

Mortgage loans

If you're planning to purchase a new home, investment property, second home, or refinance your existing home loan, contact Alaska USA Mortgage Company.

For current rates, visit alaskausa.org or call 907-786-2800 in Anchorage or 888-425-9813 outside Anchorage.

Home Equity

Home Equity

Use the Equity you’ve built in your personal residence to secure a loan or line of credit that can be used for a range of purposes. Home equity loans and Home Equity Lines of Credit (HELOCs) are first or second deeds of trust available on residential property.

Home equity loan – Similar to a mortgage or consumer loan, a home equity loan is one lump sum to be paid back in regular payments, over a specified term. Often used to finance a major purchase, like remodeling your home or purchasing a new vehicle.

HELOC – A line of credit you can access any time, similar to a credit card. HELOCs are great for when you need to access funds over a period of time, such as college, a wedding, or just to be prepared for unexpected expenses. HELOC funds can be accessed at a branch, ATM, through Online Account Access, or telephone transfer.

Additional details

Home equity loan HELOC
Mobile homes and condominiums are not eligible. Mobile homes, condominiums, rental properties, and non-owner occupied properties are not eligible.
Available in Alaska, Arizona or Washington states only.
Residence must be detached single-family home, duplex, or zero-lot-line that meets certain criteria. HELOCs are available for primary residences only. Home equity loans can be secured by second homes and non-owner occupied properties, in addition to primary residences.
  Can be drawn upon for up to 7 years.
May provide tax savings through interest payment reduction (see your tax advisor).

For current rates, visit alaskausa.org or call 907-786-2800 in Anchorage or 888-425-9813 outside Anchorage.

Home Improvement

Home Improvement

When you need a new roof, new plumbing, or other improvements to the basic livability of your home or investment property in Alaska, Arizona or Washington, you can benefit from a Federal Housing Administration (FHA) Title I Home Improvement Loan through Alaska USA.

An annual FHA insurance fee equal to 1% of the original loan amount is required. There is no origination fee, no credit report fee, no title insurance, and no appraisal necessary. Loan approval based on Alaska USA credit lending policy.

The amount of the loan is based, in part, on the type of property you own:
Single-family – up to $25,000
Duplex – up to $24,000 (maximum $12,000/unit)
Tri-plex – up to $36,000 (maximum $12,000/unit)
Four-plex – up to $48,000 (maximum $12,000/unit)
Mobile home – up to $5,000

About the improvements

  • You can do the work yourself, but payment for your own time cannot be included in the financing.
  • You should provide a written summary of the planned improvement. Copies of bid estimates for materials and labor from your contractor must be submitted to determine maximum loan amount.
  • Improvements financed with a home improvement loan must be started after the loan is approved. If you’re in the middle of a project and need additional financing, you may be able to finance the unfinished part of your project. Alternatively, you may consider an Alaska USA Home Equity Loan or Home Equity Line of Credit (HELOC).
  • If your plans change after the loan is approved, you should send a change request letter to Alaska USA for approval to ensure that your new plans meet the program guidelines.

Additional details

Items such as hot tubs, greenhouses, and landscaping are considered luxury items by the Federal Housing Authority (FHA) and cannot be financed with a home improvement loan. Removable appliances cannot be financed with a home improvement loan. Ask about an Alaska USA Home Equity Loan or HELOC as an affordable alternative.
FHA insurance fee equal to 1% of the original loan amount is required. There is no origination fee, no title insurance necessary, and no credit report fee. Loan approval based on Alaska USA credit lending policy.
Improvements must be completed within 6 to 12 months.
A final inspection and a certificate of completion will also be necessary as specified by HUD (U.S. Department of Housing and Urban Development).

For current rates, visit alaskausa.org or call 907-786-2800 in Anchorage or 888-425-9813 outside Anchorage.

Recreational Property

Property Loans

Get started on your dream home or getaway spot with an Alaska USA residential lot or recreational property loan located in Alaska, Arizona or Washington.

Residential lot loan – Think about a residential lot loan when you’d like to finance a piece of property intended as the future site of your personal residence – or a residential lot that is adjacent to your current residence.

Recreational property loan – A recreational property loan is available for that getaway spot intended for your personal recreational use.

Size and location requirements

  • Typically, the property should not exceed 10 acres, and must be located in Alaska, Arizona or Washington. This requirement is for Residential Lot Loans only.
  • In addition, eligible residential lots must be located within the service area of an Alaska USA office, on a publicly/community maintained road, in a predominantly residential area. The property must have reasonable access to water, sewer, and electric services. This requirement is for Residential Lot Loans only.
  • Eligible recreational property must be accessible by road from a major population center, or accessible by water from a public launch site using small watercraft on a navigable waterway. Fly-in locations or properties located long distances from the launch site or across unprotected water do not qualify.

Additional details

For current rates, visit alaskausa.org or call 907-786-2800 in Anchorage or 888-425-9813 outside Anchorage.
May include a loan processing fee, title insurance policy (varies depending on loan amount), appraisal fee or plat map, as-built survey, and an escrow closing fee (for purchases only; varies depending on loan amount).
Hazard insurance and/or flood insurance may be required if you are financing a structure in addition to land.
Residential Construction

Residential Construction

 * Available in Alaska only.

Start your home construction project with a residential construction loan from Alaska USA. It’s the perfect solution when you need to finance the building of a home from the ground up or for extensive remodeling.

Building on the future

When you want to build your own home, where do you begin? A residential construction loan is a short-term financing option that gives you the means to pay for construction as your new home is being built.

It’s affordable because you only pay the interest due each month. At the end of the loan term, you’ll need to pay off the construction loan. Most people do this with a new mortgage loan on the completed property.

Alaska USA residential construction loans require that you prequalify for a mortgage loan from Alaska USA Mortgage Company for at least the amount of the construction loan, and that you choose a contractor that meets Alaska USA’s requirements for approval.


Qualification – The home must be a one-to-four family home to be used as a member’s primary dwelling (excluding spec homes and land development).

Term – The initial term is up to 12 months. Members may be granted a one-time extension – up to an additional three months.


  • Interest rates are variable and may adjust daily
  • Low origination fees
  • Inspection fees – a minimum of $75.00 will be assessed for each inspection

Repaying the loan –While the loan is outstanding, you’ll pay the monthly interest due. All principal is due at maturity, and can be paid with a mortgage loan.

Financing – You may borrow up to 80% of your home’s value (lesser of total construction cost or appraised value). Cost of construction includes land, cost to construct plus 10% contingency, closing fees, and estimated interest payments and other soft costs.

Approved contractors –General contractors must meet Alaska USA’s requirements for approval. Your request to add a contractor to the Alaska USA approved list will be considered if your contractor is not currently listed. General contractor qualifications include:

  • Licensed and bonded with a residential endorsement
  • Business license
  • Primary business must be residential construction
  • In business for the past five consecutive years and have built a minimum of five homes
  • Satisfactory credit history and a Certificate of Insurance with appropriate limits