Starter Home Near Airport, Earthquake Park, desirable location for First Time Homebuyers

Worried that a low credit score will affect your mortgage rates? Improving your credit score takes dedication and time, but it can be done. While you work on that, check out some of the loan options out there that may be a good fit for you. FHA Mortgage FHA loans were created by the Federal Housing Administration in 1934 to help increase home ownership. It is designed to lower the risks lenders face by insuring mortgage loans. It is easier to qualify for this loan because it has lenient loan requirements. It offers lower rates and is not risk-based priced- meaning you can avoid paying higher rates compared with conventional loans. Lenders are able to lower the minimum required credit score for a loan for as low as 500 with 10% down and 580 with 3.5% down. VA home loan This is a popular home loan option for veterans designed to help active-duty military personnel, veterans and other groups become homeowners at an affordable cost backed by the US Department of Ve...

Are you thinking of buying land in Alaska? The process of purchasing land is generally more simple compared to a home purchase. Buying land can also be more lucrative as an investment strategy. Your purpose for the land Determine what you’d like to do with the land. Is it for the purpose of investing or do you plan to build? This will greatly affect what and where to buy. There are many factors to consider if you are going the investment route. If you are building a home, be sure to study the comparables in the neighborhood. Is it more cost effective to buy versus build? Are you set on having a custom built home? What suits you and your family’s lifestyle? We can help you work through these thoughts and come to the best decision – call us at 907-720-4663. Understand local zoning requirements Check with your local city hall’s building department about zoning ordinances in the neighborhood. Be sure that they allow for building of the type of property you want ...

Are you planning to invest in real estate by purchasing a multi-family home with two, three or even five or more units and then renting it out to tenants? This is a great way to generate income and build your net worth. Rental income has minimal complexity when it comes to ownership. Maintenance work can be hired out easily, allowing owners to be hands-off for the most part. Passive income from real estate is more resilient to economic up and down cycles. It is a stable investment compared to other types of assets and lenders may provide more financing options.  According to a recent report from Forbes, real estate investing is the number one way to build wealth without getting into stocks. However, just like as any other investment strategy, you need to carefully study and make educated decisions that lead to success. Here are the key things to consider before investing in a multi-family home. Location This is a major factor to consider. Is the unit lo...

Alaska offers an experience different from any other state in the country- especially if you decide to make Anchorage your home . If you’re in the market to buy, here are the important questions to ask yourself. What should I do before buying a home? So, before buying a home, we advise that you get a prequalification for a loan. Determine how much you can afford so you won’t waste time looking at homes outside of your price range. Start saving for a down payment. For more information about the loan– check out my blog on The Difference Between a Mortgage Prequalification and Preapproval . How much house do my family and I need or want? While home hunting, assess your current living space first to better understand your needs. The size of your future house can impact your cost of living, comfort and other needs. Ask yourself - how many rooms will you need realistically? Should the kids have their own room? How about a guest room when the in-laws visit? Do you have ...

Are you planning on getting a mortgage loan but worried about a low credit score? Check out the HUD 184 program. It is designed to help Alaska Native People to achieve homeownership. What is the HUD 184 Program? HUD 184 is a special home loan guarantee program specifically for American Indian and Alaska Native families. Home loans under this program are 100% guaranteed by the Office of Loan Guarantee to encourage national and local banks to provide mortgage loans to Native Americans. With this, the borrower can receive lower loan costs, lower down payments, no monthly mortgage insurance and better interest rates. It can be used for off Native lands, new construction, rehabilitation, refinancing and purchase of an existing or new home. How do I know if I am eligible? You are eligible and you qualify for this program if you are an American Indian or an Alaska Native and a member of a federally recognized tribe. Of course, there are others who are also eligible suc...

Real Estate market has been exciting for the past months in Alaska. Buyers have a lot more homes to choose from and Sellers are still seeing a success with an average of fewer than 3 months marketing time for homes that are correctly priced. On the top of our list is the market in  Anchorage . During the week of 09/01/2018 to 09/07/2018, 728 are currently active listings where 55 of which are new listings. 45 listings were pended and 33 are sold. While in  Wasilla , 495 are active where 23 are of which are new, 30 pended and 25 were sold. You can see from the list below to see  the   full  report.  If you want to know more on latest real estate market update and is interested in buying or selling, give me a call (907) 570-6757 or 907-720-4663.

It is important to improve your credit score prior to getting a mortgage. You will improve your chances of getting approved by cleaning up your credit report and increasing your credit score. If your credit is already good, maintain it or if you can, make it better to increase your chance of getting a lower interest rate. Get your credit reports This is the first step on improving your credit score. Check your credit report to see if there is anything that’s hurting your credit. This will show your detailed history of credit accounts including the date you opened them, the current balance, and the payment history for the account. Try to get a copy of your credit reports from all three credit reporting agencies- the reports might vary. Plus, you’ll never know which credit report the bank will pull. You're entitled to one free copy of your credit report every 12 months from each of the three nationwide credit reporting companies. Order o...

Mortgage prequalification and preapproval are two terms often spoken by lenders. It can be confusing if you aren’t sure what the difference is between the two. Mortgage pre-qualification is the first step in your mortgage process.  It is when the bank or lender gives you an estimate of how much of a loan you can qualify for when buying a property. The amount is based on your financial assets, income, and liabilities. It’s quick, easy and informal to get a pre-qualification. Getting a pre-qualification does not result in a commitment from the bank to lend and may not guarantee that you will get the mortgage but it can help setup for success later on. It’ll help you figure out your budget how much home you can afford. During the pre-qualification process, your lender can give you an overview of mortgage options that may suit best your situation. But remember, this does not guarantee your loan. While mortgage preapproval is similar, you can say this ...