Yes, we do offer land loans with various options. Please contact our Mortgage Department at 907-459-5974 to make an appointment or ask questions.

Here is a list of items that we typically need from you to get started with your application**:

1. Social security numbers for all borrowers on the loan application.
2. Most recent 30 days of pay stubs / awards letters for all income.
3. Most recent 3 years federal tax returns – this includes all schedules and W2, 1099-R, & K-1 attachments.
4. Most recent 3 months consecutive statements (or most recent quarterly statement) for all asset accounts listed on the loan application (such as checking, savings, retirement, stocks & bonds, etc.).
5. If you are applying to purchase: landlord contact information to verify your most recent 36 months rental payment history.
6. If you are applying to refinance: copy of your mortgage statement—if not financed with us at Spirit of Alaska FCU—to help us verify the full housing expense (taxes & other maintenance fees are not always reported to the credit bureaus or may not be included in your current payment).
7. Construction specific item(s): Construction cost breakdown, description of materials, any inspections, contracts, invoices, quotes, etc. that you have received to date.

(**certain items such as bankruptcy + discharge papers, divorce decrees, child support agreements, self-employment, and/or rental investments may also require documentation, when applicable)

Generally, appointments take less than an hour.

Once you have opened a construction loan, you can “draw” from your available construction loan balance to pay for construction material and labor costs as they are completed throughout the building process. You can submit a completed Construction Draw Form on any day. However, draw checks will be processed for pickup up on Tuesdays and Fridays. Please contact the Mortgage Department at 907-459-5974 for more details.

This process will typically take about 30-60 days, depending on the type of loan.

Home loan payments change every year as we analyze the escrow amount to service the loan that year, which depends on the specific costs of taxes and insurance your loan carries. Find out more on our blog about your Annual Escrow Analysis. Please contact the mortgage department for specific questions on your loan.