FHA Loans: What You Need to Know in 2022
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2022 FHA Loan Limits in Alaska

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Alaska homebuyers looking for the flexibility of a loan backed by the Federal Housing Administration (FHA) can borrow up to $420,680 for a single-family home in most counties within the state. However, higher-cost areas, such as the county of Aleutians West, may be able to borrow up to $545,100 under the new 2022 limits for a one-unit home.

Alaska FHA loan limits by county

County NameOne unitTwo UnitThree unitFour unitMedian Sales Price
ALEUTIANS EAST$420,680$538,650$651,050$809,150$136,000
ALEUTIANS WEST$545,100$697,800$843,500$1,048,300$461,000
ANCHORAGE MUNIC$450,800$577,100$697,600$866,950$392,000
BETHEL CENSUS A$420,680$538,650$651,050$809,150$95,000
BRISTOL BAY BOR$420,680$538,650$651,050$809,150$214,000
DENALI BOROUGH$420,680$538,650$651,050$809,150$265,000
DILLINGHAM CENS$420,680$538,650$651,050$809,150$208,000
FAIRBANKS NORTH$420,680$538,650$651,050$809,150$285,000
HAINES BOROUGH$420,680$538,650$651,050$809,150$188,000
HOONAH-ANGOON C$420,680$538,650$651,050$809,150$125,000
JUNEAU CITY AND$511,750$655,150$791,900$984,150$445,000
KENAI PENINSULA$420,680$538,650$651,050$809,150$267,000
KETCHIKAN GATEW$420,680$538,650$651,050$809,150$365,000
KODIAK ISLAND B$453,100$580,050$701,150$871,350$394,000
KUSILVAK CENSUS$420,680$538,650$651,050$809,150$81,000
LAKE AND PENINS$420,680$538,650$651,050$809,150$131,000
NOME CENSUS ARE$440,450$563,850$681,550$847,000$357,000
NORTH SLOPE BOR$420,680$538,650$651,050$809,150$214,000
NORTHWEST ARCTI$420,680$538,650$651,050$809,150$161,000
PETERSBURG CENS$420,680$538,650$651,050$809,150$222,000
PRINCE OF WALES$420,680$538,650$651,050$809,150$165,000
SITKA CITY AND$503,700$644,800$779,450$968,650$438,000
SKAGWAY MUNICIP$441,600$565,300$683,350$849,250$384,000
SOUTHEAST FAIRB$420,680$538,650$651,050$809,150$161,000
WRANGELL CITY A$420,680$538,650$651,050$809,150$205,000
YAKUTAT CITY AN$420,900$538,800$651,300$809,450$241,000
YUKON-KOYUKUK C$420,680$538,650$651,050$809,150$87,000

How are FHA loan limits determined?

The FHA loan limits are set based on a percentage of the conforming loan limits published by the Federal Housing Finance Agency (FHFA) for conventional loans. The limits adjust yearly to reflect changes in the average U.S. home price over the past year, and include a limit for both low-cost areas and more expensive, high-cost areas.

Here’s how the calculations work:

The low-cost limit or “floor” is $420,680 for a single-family home and is 65% of the national conforming loan limit of $647,200 for 2022. If you’re buying a multifamily home, the low-cost limits increase with each unit:

  • $538,650 for a two-unit home
  • $651,050 for a three-unit home
  • $809,150 for a four-unit home

If you’re buying a home near an expensive part of the country, the high-cost limit is set at 150% of the conforming loan limit, which allows you to borrow up to $970,800 for a single-family home. Also known as the “ceiling,” this amount also gives you more borrowing power for multifamily homes.

There are several counties in Alaska with higher loan limits. The highest, single-family loan limit is in Aleutians West County at $545,100, while the lowest “high-cost” bump goes to the area of Nome Census at $440,450.

How to qualify for an FHA loan in Alaska

FHA loans may be a good choice if you’re having trouble qualifying for a conventional mortgage. With the median home price topping out at $461,000 for the most expensive counties in the state (as of January 2022), the highest loan limits will come in handy.

Here’s a breakdown of the most current requirements to qualify for an FHA loan in Alaska:

Down payment and credit score. You’ll need a minimum 3.5% down payment and a credit score of at least 580. The money can come from friends, family and even employers. It’s possible to get approved for an FHA loan with a score as low as 500, but you’ll need at least a 10% down payment to qualify.

Debt-to-income (DTI) ratio. FHA lenders measure how much monthly debt you carry compared to your income to calculate your DTI ratio. A 43% DTI ratio is the guideline maximum for your total debt in most cases, but exceptions may be possible if you have strong credit scores or extra cash reserves.

Mortgage insurance. You’ll pay two types of FHA mortgage insurance to protect lenders in case you default. The first is an upfront mortgage insurance premium (UFMIP) worth 1.75% of your loan amount, which is usually added to your mortgage balance. The other is an annual mortgage insurance premium (MIP) of 0.45% to 1.05% of the loan amount, divided by 12 and added to your monthly payment. One note about FHA mortgage insurance: You’ll pay it regardless of your down payment.

Occupancy. You’ll have to live in the home you purchase with an FHA loan. The program doesn’t allow financing on second homes or rental properties.

FHA home appraisals. The FHA requires an appraisal for any purchase loan, and FHA appraisal guidelines are stricter than conventional loans.

Buying a multifamily home with an FHA loan

You may be able to buy a multifamily home with a low down payment and use the rental income to help you qualify. As long as you plan to live in the home for at least 12 months after you purchase it, you can use the higher multifamily FHA loan limits to buy up to a four-unit home with only a 3.5% down payment (conventional guidelines typically require at least a 15% down payment for multifamily purchases). The rent from the other units can be added to your qualifying income.

This is a great way to buy a home and let your tenants help you build home equity with their rent checks, as long as you don’t mind being a homeowner and a landlord at the same time.

FHA lenders in Alaska

Lender nameLT ratingMinimum FHA credit score
Guaranteed Rate Mortgage9/10620
BMO Harris Bank 8.5/10580
Rocket Mortgage9.5/10580
Fairway Independent Mortgage8/10600
AmeriSave Mortgage8/10600


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