Quick Links

» Real Estate Loans

» Prequalify

» Refinance

» Loan Payments

» Title 1 Loans

» AHFC

» VA Loans

» FHA Loans

» Conventional Loans

» Construction Loans

» Home Equity Loans

» HELOC

» Homestart Program

» Financial Calculators

: Mortgage Loans :

Buying a home is one of the most important decisions you make and multiple lending choices for SoAFCU members can be confusing. Whether you are planning to buy, build, or refinance your home our experienced loan officers will simplify your lending experience. They will guide you step-by-step through the maze of loan programs to help you make the choice that is right for your individual needs and get you started on the appropriate application process.

» Ask how you can get $100 off your next mortgage loan closing costs with Rewards Cache! (907) 459-5900, 800-478-1949, or send an email to: info@spiritofak.com

» Want to make a SoAFCU loan payment and need a payment coupon? Click here to print a loan coupon.

The first step in buying a home is to determine how much of a house payment can you afford. To help you determine what you can afford, schedule a pre-qualification appointment with our knowledgeable loan officers. Please be prepared to bring 2 years tax returns with W-2s, (3 years if first-time homebuyer) 2 most recent pay stubs for all borrowers, 3 months of bank statements, and a list of your current assets and liabilities. With that information we can let you know "how much house" is right for you and discuss all our loan program options. Use our online calculators to explore your financial options.

Refinancing your existing mortgage could mean substantial savings for you. Refinances are done usually to lower your existing interest rate but also can be done to get "cash out" of your equity to consolidated other existing debt, do home improvements or for other productive purposes. If your current loan is either through FHA or VA, both programs offer "streamline" refinancing to lower your interest rate only. In looking to refinance, it is generally accepted that the new refinanced interest rate should be at least 1% lower than your current rate to be cost effective. Use our online calculators to explore potential financial options.

If you have an "in-house" mortgage loan with SoAFCU, you may establish an automatic payment from your Spirit of Alaska share savings or share draft account. Please contact Member Services at 459-5974 or email to info@spiritofak.com to establish your automatic payment.

If you are purchasing a new or existing home, we can originate the first mortgage or simply help you finance improvements to your new property. Click here to find out more!

Spirit of Alaska FCU is an approved lender with Alaska Housing Finance Corporation (AHFC). AHFC's mission is to "provide Alaskans access to safe, quality, affordable housing." To this end, in cooperation with Spirit of Alaska, 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.

VA Loans are insured by the Veterans Administration and are designed to help qualified veterans purchase a home. VA loans are generally available to both active duty military and veterans. On purchases, VA loans can offer up to 100% financing for qualified individuals. VA loans offer several refinancing opportunities including a "streamline" refinance that lowers interest rate only.

FHA (Federal Housing Administration) is a government loan program with funds available to qualifying borrowers through HUD (Department of Housing and Urban Development). FHA insures the loan in excess of 80% loan-to-value through its own mortgage insurance program. FHA Loans are assumable and streamline refinancing to lower the interest rate is available. At your pre-qualification appointment, we will evaluate your specific financial situation and determine if a FHA loan is best suited to your individual needs.

Conventional loans are not issued by, or guaranteed by an agency of the federal government. Spirit of Alaska has several conventional loan opportunities that may be right for you.

Spirit of Alaska offers construction loans for owner/builders and Contractors. The construction loan is usually considered a two-part process. Part one pertains to the actual building of the residence where the owner/builder assumes the role of general contractor and facilitates the construction of the home from start to finish. Part two involves the conversion of that construction loan to long-term financing. The owner/builder may elect to contract for services of a licensed residential contractor to provide a "turnkey" home or may elect (depending on the owner/builder's expertise) to do the majority of the work. ICBO inspections are required. Since there are extensive regulations which govern financing for new construction, always check with SoAFCU before starting any construction project. Construction loans may also be used to finance large remodeling or add-on projects. We also encourage Contractors to inquire about construction loans for non-owner/builder projects.

Home equity loans are designed to enable a current homeowner with or without a current mortgage to obtain funds depending upon the current equity available in their personal residence based upon the Fairbanks North Star Borough tax assessment or current appraisal. These funds may generally be used for any purpose such as debt consolidation, college funding, medical bills etc.

A HELOC, or Home Equity Line of Credit, allows you revolving access to funds based on the equity in your home and your good credit. The HELOC's do have some restrictions depending upon what the member plans to do with the funds. Interest payments may be tax deductible. (See your tax advisor.) No appraisal is needed and minimal closing costs apply. Contact the credit union for additional details.

The Home$tart Program is designed to help you accumulate funds for the down payment and closing costs on a new home purchase. In cooperation with the Federal Home Loan Bank this income sensitive program matches every $1 you save with $3 up to a maximum of $5,000.

To be eligible you must be a first-time homebuyer, meet the income and savings requirements, complete a homebuyer education class and qualify for mortgage financing with Spirit of Alaska Federal Credit Union. After enrollment you have up to one year to purchase your home and receive matching funds.

+ go to top