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2021 FHA Loan Limits in Alaska

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The federal government has set the maximum amount an Alaskan homebuyer can borrow with an FHA loan between $356,362 and $545,100 for a single-family home, depending on the borough or census area (equivalent to a county) where the property is located. The lower number applies to homes in regions such as the boroughs of Bristol Bay and Fairbanks, whereas folks buying homes in the capital of Juneau might be able to qualify for as much as $483,000. A $545,100 maximum is allowed to homebuyers in the Aleutians West census area.

Dreaming about buying a house in Alaska? This may be the perfect time to make the leap. And thanks to the Federal Housing Administration (FHA), some Alaskans can qualify for federally backed loans to help get them into a new house. This year, residents will be able to borrow even more with an FHA loan in some areas to make their homebuying dreams come true.

Alaska FHA loan limits by county

FHA Loan Limits in Alaska
County Name One-Family Two-Family Three-Family Four-Family Median Sale Price
Aleutians East $356,362 $456,275 $551,500 $685,400 $136,000
Aleutians West $545,100 $697,800 $843,500 $1,048,300 $474,000
Anchorage Munic $417,450 $534,400 $645,950 $802,800 $363,000
Bethel Census A $356,362 $456,275 $551,500 $685,400 $122,000
Bristol Bay Bor $356,362 $456,275 $551,500 $685,400 $298,000
Denali Borough $356,362 $456,275 $551,500 $685,400 $225,000
Dillingham Cens $356,362 $456,275 $551,500 $685,400 $203,000
Fairbanks North $356,362 $456,275 $551,500 $685,400 $270,000
Haines Borough $356,362 $456,275 $551,500 $685,400 $250,000
Hoonah-Angoon C $356,362 $456,275 $551,500 $685,400 $253,000
Juneau City And $483,000 $618,300 $747,400 $928,850 $420,000
Kenai Peninsula $356,362 $456,275 $551,500 $685,400 $240,000
Ketchikan Gatew $407,100 $521,150 $629,950 $782,900 $354,000
Kodiak Island B $417,450 $534,400 $645,950 $802,800 $363,000
Kusilvak Census $356,362 $456,275 $551,500 $685,400 $84,000
Lake And Penins $356,362 $456,275 $551,500 $685,400 $133,000
Matanuska-Susit $417,450 $534,400 $645,950 $802,800 $363,000
Nome Census Are $440,450 $563,850 $681,550 $847,000 $383,000
North Slope Bor $356,362 $456,275 $551,500 $685,400 $211,000
Northwest Arcti $356,362 $456,275 $551,500 $685,400 $146,000
Petersburg Cens $356,362 $456,275 $551,500 $685,400 $236,000
Prince Of Wales $356,362 $456,275 $551,500 $685,400 $191,000
Sitka City And $486,450 $622,750 $752,750 $935,500 $388,000
Skagway Municip $415,150 $531,450 $642,400 $798,350 $348,000
Southeast Fairb $356,362 $456,275 $551,500 $685,400 $204,000
Valdez-Cordova $356,362 $456,275 $551,500 $685,400 $269,000
Wrangell City A $356,362 $456,275 $551,500 $685,400 $235,000
Yakutat City An $420,900 $538,800 $651,300 $809,450 $193,000
Yukon-Koyukuk C $356,362 $456,275 $551,500 $685,400 $86,000

How are FHA loan limits determined?

The U.S. Department of Housing and Urban Development (HUD) sets limits on how expensive a house the FHA will insure in each county in the United States. These limits are set based on the current year’s conforming loan limit — or how large of a mortgage Fannie Mae and Freddie Mac will purchase. In 2021, that conforming limit is $548,250, up roughly $38,000 from 2020’s limit of $510,400.

The FHA “floor” is the largest mortgage the agency will issue in most of the country and is 65% of the conforming loan limit. In 2021, the FHA floor is set at $356,362, an increase of about $24,600 above the 2020 limit of $331,760.

The FHA “ceiling” is a higher limit that only applies to high-cost areas. This is set at 150% of the conforming loan limit, or $822,375 for single-family homes. With a few exceptions, this is generally the largest mortgage amount the agency will insure for a single-family home. In many parts of the country, loan limits fall somewhere between the FHA floor and ceiling.

Outside of the lower 48 states, FHA maximum loan limits are higher because of more expensive construction costs. These include the special exception areas of Alaska, Hawaii, Guam and the U.S. Virgin Islands.

Here are the 2021 standard FHA limits for all property types:

  • One-unit: $356,362
  • Two-unit: $456,275
  • Three-unit: $551,500
  • Four-unit: $685,400

Here are the 2021 standard FHA limits for high-cost areas:

  • One-unit: $822,375
  • Two-unit: $1,053,000
  • Three-unit: $1,272,750
  • Four-unit: $1,581,750

Do you qualify for an FHA loan in Alaska?

FHA loans are a great deal for qualified buyers, thanks to lower down payments and closing costs. Find out if your credit score and income will help you qualify for one of these loans.

 

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