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: Mortgage Loans FAQ :

Q: How do I apply for a Home loan or a Construction Loan?
A: Call 459-5971 or come in and make a Pre-Qualifying appointment to meet with a mortgage loan officer. Loan officers are available at the Gillam Branch during the week and at the Geist Branch on Saturdays.

Q: Do I need to bring anything to the Pre-Qualifying appointment?
A: Yes, you need to bring:

• The last two years complete tax returns with W-2’s (three years if you are a first time homebuyer).
• The last two current pay stubs for all the borrowers and/or proof of other income.
• The three months of your bank statements for all accounts.

Q: How long will the appointment be?
A: Less than an hour

Q: What special loan programs do you offer?
A: We work with many special loan rate programs such as VA, FHA, AHFC, and the Home Start Program.

Q: What is AHFC?
A: Alaska Housing Finance Corporation. AHFC offers a wide variety of programs which have attractive rates such as First-time Homebuyer, IRRLIB (Income Rate Reduction for Low Income Borrowers), Energy Rate Reduction, and VMP (Veterans Mortgage Program) to name a few. At your pre-qualification appointment, we will evaluate your specific financial situation and recommend the AHFC program that best suits your individual needs. See also the AHFC Website.

Q: How can I get a loan to purchase land?
A: SoAFCU does not offer land loans only. If you are planning to build on land you want to purchase within a year then you may want to consider a construction loan, which will include your land in the loan and funds for construction of your residence.

Q: How long will it take to make a draw on my construction loan?
A: We process construction draw requests immediately, 10-15 minutes at most.