FHA Loan Calculator for Alaska

FHA Loans in Alaska

FHA loans require a minimum 3.5% down payment (10% if credit score is 580-619). On Alaska's median home of $316,000, that's a minimum down payment of $11,100.

FHA Loan Limits in Alaska

FHA loan limits vary by county and are tied to conforming limits. In most Alaska counties, the FHA floor limit is $498,257 (2024). High-cost areas like Alaska (limit: $1,089,300) may qualify for higher limits up to $1,149,825. Alaska qualifies for high-cost area conforming loan limits, the same as Hawaii, enabling larger conventional loans without jumbo pricing.

FHA vs Conventional in Alaska

FHA MIP (Mortgage Insurance Premium) is required regardless of down payment. Conventional loans eliminate PMI at 20% equity. With Alaska's median home at $316,000, buyers who can put down $63,200 (20%) are better served by conventional financing. FHA makes sense for buyers with limited savings or credit scores below 740.

Closing Costs

Alaska closing costs average $3,800. Alaska closing costs are elevated by remoteness and higher lender fees. Title insurance rates are also above average. Sellers can contribute up to 6% of the purchase price toward FHA buyer closing costs.

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