2024 FHA Loan Limits in Alaska
Timothy Manni started his career as a writer, but for the better part of the last 15 years he has been an editor and content team leader in the mortgage and home buying space. For six years, he lead the Mortgage Content team at NerdWallet, and before that he was the managing editor at HSH.com. Currently, he’s utilizing his years of expertise to help websites like LendingTree, Yahoo Finance and MoneyGeek elevate the information they are sharing with consumers.
Aspiring Alaska homebuyers worried about a low credit score or lack of substantial down payment savings keeping them from purchasing property, should consider an FHA loan. Insured by the Federal Housing Administration (FHA), these mortgages can help those struggling to qualify for a conventional home loan secure funding to buy a home – provided the loan amount doesn’t top certain borough and census-area-specific limits. For most Alaska residents purchasing a single-family home, the FHA loan limit is $498,257, but those looking in more expensive areas, like the city of Sitka, can borrow as much as $586,500.
Alaska FHA loan limits by county
| County name | One unit | Two units | Three units | Four units | Median sales price |
|---|---|---|---|---|---|
| ALEUTIANS EAST | $498,257 | $637,950 | $771,125 | $958,350 | $194,000 |
| ALEUTIANS WEST | $545,100 | $697,800 | $843,500 | $1,048,300 | $450,000 |
| ANCHORAGE | $498,257 | $637,950 | $771,125 | $958,350 | $420,000 |
| BETHEL | $498,257 | $637,950 | $771,125 | $958,350 | $151,000 |
| BRISTOL BAY | $498,257 | $637,950 | $771,125 | $958,350 | $345,000 |
| CHUGACH | $498,257 | $637,950 | $771,125 | $958,350 | $253,000 |
| COPPER RIVER | $498,257 | $637,950 | $771,125 | $958,350 | $253,000 |
| DENALI | $498,257 | $637,950 | $771,125 | $958,350 | $273,000 |
| DILLINGHAM | $498,257 | $637,950 | $771,125 | $958,350 | $209,000 |
| FAIRBANKS NORTH STAR | $498,257 | $637,950 | $771,125 | $958,350 | $311,000 |
| HAINES | $498,257 | $637,950 | $771,125 | $958,350 | $282,000 |
| HOONAH-ANGOON | $524,400 | $671,300 | $811,450 | $1,008,450 | $327,000 |
| JUNEAU | $553,150 | $708,150 | $855,950 | $1,063,750 | $481,000 |
| KENAI PENINSULA | $498,257 | $637,950 | $771,125 | $958,350 | $294,000 |
| KETCHIKAN GATEWAY | $498,257 | $637,950 | $771,125 | $958,350 | $375,000 |
| KODIAK ISLAND | $517,500 | $662,500 | $800,800 | $995,200 | $450,000 |
| KUSILVAK | $498,257 | $637,950 | $771,125 | $958,350 | $98,000 |
| LAKE AND PENINSULA | $498,257 | $637,950 | $771,125 | $958,350 | $156,000 |
| MATANUSKA-SUSITNA | $498,257 | $637,950 | $771,125 | $958,350 | $420,000 |
| NOME | $498,257 | $637,950 | $771,125 | $958,350 | $375,000 |
| NORTH SLOPE | $498,257 | $637,950 | $771,125 | $958,350 | $281,000 |
| NORTHWEST ARCTIC | $498,257 | $637,950 | $771,125 | $958,350 | $176,000 |
| PETERSBURG | $498,257 | $637,950 | $771,125 | $958,350 | $300,000 |
| PRINCE OF WALES-HYDER | $498,257 | $637,950 | $771,125 | $958,350 | $258,000 |
| SITKA | $586,500 | $750,800 | $907,550 | $1,127,900 | $489,000 |
| SKAGWAY | $524,400 | $671,300 | $811,450 | $1,008,450 | $327,000 |
| SOUTHEAST FAIRBANKS | $498,257 | $637,950 | $771,125 | $958,350 | $258,000 |
| WRANGELL | $498,257 | $637,950 | $771,125 | $958,350 | $300,000 |
| YAKUTAT | $498,257 | $637,950 | $771,125 | $958,350 | $247,000 |
| YUKON-KOYUKUK | $498,257 | $637,950 | $771,125 | $958,350 | $104,000 |
How are FHA loan limits determined?
The FHA reviews its loan limits each year to ensure they accurately reflect current home prices across the country based on a formula outlined in the National Housing Act. This rule means the maximum amount you can borrow with an FHA loan will always be a percentage of the national conforming loan limit set by the Federal Housing Finance Agency for conventional loans – or mortgages that conform to a list of Fannie Mae and Freddie Mac standards.
In 2024, the largest FHA loan available in most counties, or the loan limit floor, is $498,257 — or 65% of the national conforming loan limit of $766,550. To help those living in major cities or pricer areas afford homes, the FHA allows them to borrow up to the ceiling amount of $1,149,825 — or 150% of the same national conforming loan limit.
The standard ceiling amount doesn’t apply in Alaska, however, as the state is considered a “special exception area.” This means residents could borrow up to $1,724,725 with an FHA loan to account for the higher costs of construction, but no boroughs or census areas were given such large loan limits this year.
The largest FHA loan offered in Alaska is for buyers in the city of Sitka, who can finance up to $586,500 of their home purchase. Homebuyers in the boroughs of Kodiak Island, Juneau and Skagway or the census areas of Aleutians West and Hoonah-Angoon may also borrow an amount above the loan limit floor. The rest of the state can take out a maximum FHA loan of $498,257.
How to qualify for an FHA loan in Alaska
FHA loans have different qualification requirements than conventional loans because they’re backed by the government, meaning lenders will be reimbursed if you default on your repayments. To qualify for an FHA loan, you’ll need to meet the following requirements:
→ Minimum credit score of 500. You’ll need a down payment of 10% or more to get an FHA loan with a credit score between 500 and 579, but higher scores can put down 3.5%.
- If your credit was dinged because of a past bankruptcy or foreclosure, you can also get an FHA loan sooner than a conventional loan.
→ 3.5% down payment. Those with credit scores of at least 580 only need to put down 3.5% when purchasing a home with an FHA loan.
→ Maximum debt-to-income ratio of 43%. Lenders will check your ability to repay the mortgage by dividing your total debt by your pretax income. Less risky borrowers have a lower ratio, which is why the FHA recommends applicants have a ratio at or below 43%. You may still be approved with a higher ratio if you have a strong credit score or large cash savings.
→ Live in the purchased home. The home you buy must be used as your primary residence for at least one year. You cannot purchase vacation homes or rental properties with an FHA loan.
→ Stable work history. You don’t need to meet any income limits or requirements to get an FHA loan, but lenders will want to see pay stubs, W-2s or 1099s showing at least two years of steady employment.
→ FHA mortgage insurance. You’ll need two additional kinds of insurance with an FHA loan: an upfront mortgage insurance premium which costs 1.75% of the total loan, and an annual mortgage insurance premium which runs 0.15% to 0.75% of the total loan.
→ Get an FHA appraisal. The home you buy with an FHA loan must pass a $400-$700 FHA appraisal first to verify its value, condition and safety.
Buying a multifamily property with an FHA loan
FHA loans can also be used to purchase multifamily properties with between two and four separate housing units, allowing you to get a home for yourself as well as a rental property or two. You’ll only need to put down 3.5% to take advantage of higher loan limits. To qualify for a multifamily FHA loan, you also need to meet these requirements:
→ Credit score of at least 500. You’ll need to put down 10% to get an FHA loan with a credit score below 580.
→ 3.5% down payment. You can put down as little as 3.5% if your credit score is 580 or higher.
→ Debt-to-income ratio of 43% or less. Your outstanding debts shouldn’t total more than 43% of your pretax income. If it does, you may still get approved for an FHA loan, but you’ll need a strong credit score and cash reserves.
→ Live in one of the units. One of the units within the property must be used as your primary residence for at least one year. Any remaining units can be rented out.
→ FHA mortgage insurance. FHA loans require additional insurance expenses, including an upfront mortgage insurance premium of 1.75% of the total loan and an annual mortgage insurance premium of 0.15% to 0.75% of the loan amount.
→ Get an FHA appraisal. For the loan to be approved, a $400-$700 FHA appraisal must be conducted first.
→ Stable work history. You’ll need to show lenders proof of your income dating back at least two years, but future rental earnings from the property can also be factored into your application.
| Number of units | Low-cost FHA loan limit |
|---|---|
| Two | $637,950 |
| Three | $771,125 |
| Four | $958,350 |
FHA lenders in Alaska
Lender | LendingTree rating | Min. FHA credit score | |
|---|---|---|---|
 | 580 | ||
 | Not disclosed | ||
 | 580 | ||
 | 580 | ||
 | 580 |
