Loan and Interest Methods
We’ll work with you to choose the loan and interest method that helps you meet your financial goals.
Conventional Loan
Any mortgage loan not insured or guaranteed by the federal government.
Government Backed Loan
For borrowers with minimal cash for a down payment or who meet specific program eligibility requirements.
Fixed-Rate Mortgage
For borrowers who prefer predictable, set monthly payments for the duration of the loan.
Adjustable-Rate Mortgage
For borrowers who aren’t planning to stay in the home for an extended period, prefer lower payments in the short term, and are comfortable with possibly having to pay more in the future.
Home Loan Programs
When you work with our home loan experts, we’ll help you find the right loan for you or your family.
Conventional Loans
Conventional loans have stricter eligibility requirements compared to government-backed mortgages. These loans are available for one-to four-unit dwellings, including owner-occupied and non-owner-occupied investment properties.
Veterans Administration (VA) Home Loans
VA home loans are offered to eligible veterans, service members and spouses of the U.S. military. They require a low down payment (often zero down) and are guaranteed by the federal government. Fannie Mae Home Ready® Mortgages The Home Ready mortgage is designed for today’s creditworthy low-income borrowers. It features a low down payment of as little as 3% and cancellable mortgage insurance once the borrower’s equity reaches 20%. Eligible borrowers can satisfy their homeownership education requirement through Fannie Mae Home View®, an online course that provides a 360-degree perspective on the home-buying process.
Federal Housing Administration (FHA)
Loans FHA loans were originally designed to help low-to moderate-income borrowers become homeowners. However, there is no income requirement to be eligible. FHA loans have a limit on loan amounts and come with other conditions. FHA requires both upfront and annual mortgage insurance for all borrowers, regardless of the amount of down payment. Eligible borrowers can pay as little as 3.5% of the home’s purchase price for adown payment. The federal government insures FHA loans under the U.S. Department of Housing and Urban Development (HUD). These loans can fund a home purchase and refinance an existing loan.
HUD Section 184 Indian Home Loan Guarantee Program
First National offers Section 184 financing to eligible Alaska Natives and Native Americans throughout Alaska. Eligible borrowers can get into a home with a low down payment and no monthly mortgage insurance. The Office of Loan Guarantee within HUD’s Office of Native American Programs guarantees the Section 184 home mortgage loans.
- Low down payment
- No hidden terms or fees
- No monthly mortgage insurance
- No income limits
- Available throughout Alaska
Rural Development Home Loans
The federal government guarantees the Rural Development home loan program under the U.S. Department of Agriculture (USDA). This program offers low down payment loans to finance homes located in eligible rural areas, as defined by USDA.
Alaska Housing Finance Corporation (AHFC) Loans
AHFC offers a wide array of loan programs and options to help eligible Alaskans qualify for an interest rate reduction to purchase, renovate, or improve the terms of their existing loans.
Community and Statewide Home Loan Programs
NeighborWorks offers affordable housing, rental assistance and community development.
Cook Inlet Housing offers affordable housing and community development services in Anchorage, Alaska.
Fairbanks Neighborhood Housing offers housing and homeownership support to low- and moderate-income families.
Home Opportunity Program* offers down payment and closing cost assistance through zero – interest loans.
Ready to Renovate?
First National is an Alaska Housing Finance Corporation-approved lender that offers renovation options to meet your unique needs:
Purchase renovation
Renovate in conjunction with a purchase.
Second loan for renovation
Improve a home you already own.
Refinance renovation
Incorporate renovations into a new loan.
Why renovate?
Turn your house into a dream home
May increase your home’s value
Take advantage of the Energy Efficient Home Credit
Who is eligible for a renovation loan?
- Alaska residents
- Owner-occupied single-family residences, duplexes, triplexes, fourplexes, condominium units or Type I manufactured homes may be eligible for any one of the three renovation options.
- Rural non-owner-occupied duplexes, triplexes and fourplexes are eligible for the purchase renovation or refinance renovation option only.
Contact Us
First National’s home loan experts are here to help. Reach out to our Home Loan Center or contact your local expert to get started.
Disclosures
- Some restrictions apply. Contact a local home loan expert for more information.