Assisting Our Membership With COVID-19 Uncertainty
Buy or Refinance a Home
Are you looking for a conventional, FHA, or VA home loan? Would you like more information on first time home buyer programs or Homestart and AHFC information? Our team is here to help you!
Why buy a home?
Today, there are dozens of smart reasons to buy a home. In addition to the fact that purchasing a home provides the security and comfort of knowing your home is your own, it’s also a great investment, and can help you reach your financial goals in years to come. Purchasing a home also provides certain tax benefits* and the opportunity to build equity over time.
Benefits for buying a new home, or refinancing the one you own.
- Refinancing your home could save you money on your monthly mortgage payments.
- You may be able to pull cash equity out of your home to pay off other debt.
- Even if you were denied elsewhere, our loan officers will help you work towards a future purchase or refinance.
- Quick decisions and the benefit of local approval and servicing here in Fairbanks.
- We offer competitive interest rates and creative lending options.
"Thank you K., for all of the help you have provided to me. With this being my first home buying experience, it was very reassuring to have a "go to person" like you who is organized and prompt!- N.K
Spirit of Alaska’s Mortgage Department does not publish our home loan program rates online. Please call 907-459-5974 for a rate quote.
Spirit of Alaska Federal Credit Union does not discriminate based on race, color, religion, national origin, sex, disability or familial status. Read More
Conventional Loan Details:
- Competitive interest rates. Please contact us for our current rates.
- Funding up to 95% of the property value or sales price. Maximum loan amounts vary depending on different programs.
- Fixed and adjustable rate (ARM) options
- 15 – 30-year terms available
FHA Loan Details:
- Government loan program with funds available to qualifying borrowers through HUD (the Department of Housing and Urban Development)
- Fund up to 96.5% of the property value or sales price (whichever is lower), or up to 97.75% for a refinance
VA Loan Details:
- Insured by the Veterans Administration; designed to help qualified veterans.
- Up to 100% financing of the property value or sales price (whichever is lower) for qualified veterans.
- VA streamline refinance loans lower the interest rate at a reduced cost.
We partner with AHFC; they act as an investor in our mutual mission is to “provide Alaskans access to safe, quality, affordable housing” with programs that include but are not limited to:
- First-time Homebuyer
- IRRLIB (Interest Rate Reduction for Low Income Borrowers)
- Energy Rate Reduction
- VMP (Veterans Mortgage Program)
Home$tart Program Details:
The Home$tart Program is designed to help you with grant funds for the down payment and closing costs on a home purchase. In cooperation with the Federal Home Loan Bank.
To be eligible you must:
- meet the income restrictions
- complete a home buyer education class
- have an active earnest money agreement in place to enroll
- qualify for home loan financing with Spirit of Alaska Federal Credit Union or other local government Agencies that their objectives match this program.
Home$tart is funded once per year, so funds are not always available. Contact our Mortgage Loan department at 907-459-5974 to check availability and/or to get more details of how you can enroll!
All mortgage programs listed may be subject to change without notice, and are offered on approved credit. All offers of credit + conditions required will be issued in writing upon approval.
(*see your tax person for specific details)
The Home Mortgage Disclosure Act (HMDA) data about our residential mortgage lending are available online for review at the Consumer Financial Protection Bureau’s website (www.consumerfinance.gov/hmda). You may also request your specific Loan Application Register (LAR) report at our Mortgage Department (via phone, or by inquiring within):
1417 Gillam Way
Fairbanks, AK 99701
Ready to move forward?Apply Now
This calculator does not include taxes and insurance, which will be added to your final mortgage payment.
This calculator is not supported for Internet Explorer. Please use an alternate browser, such as Edge, Firefox or Chrome. Alternatively, try this simple Mortgage Loan Affordability Calculator.
Other Mortgage Loan Calculators from Banzai
A small difference in the parameters of your mortgage can make a big impact on how much you pay for your home.
See how much mortgage you can afford, starting with your ideal monthly payment amount.
The quicker you payoff your mortgage, the less you’ll pay in interest.
Figure out the true cost of refinancing including total costs, total savings, and the break even point.
Frequently Asked Questions
How do I find out your current rates?
Please contact the mortgage department at 907-459-5974 for the most current rates for your specific program.
Can I apply online?
Yes! Apply Now.
We will be in touch within 1 – 3 business days once you submit the application.
Applying online will save processing time for your application. We also provide the option to save and complete the online application at your convenience.
What do I need to bring with me to my first appointment?
Here is a list of items that we typically need from you to get started with your application**:
- Social security numbers for all borrowers on the loan application
- Most recent 30 days of pay stubs / awards letters for all income
- Most recent 2 years federal tax returns – this includes all schedules and W2, 1099-R, & K-1 attachments (If you are a first time home buyer, 3 years is required).
- Most recent 2 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.)
- If you are applying to purchase: Landlord contact information to verify your most recent 36 months rental payment history
- If you are applying to refinance: A copy of your mortgage statement—if not financed with us at Spirit of Alaska—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)
(**certain items such as bankruptcy + discharge papers, divorce decrees, child support agreements, self-employment, and/or rental investments may also require documentation, when applicable)
How long is my pre-qualification appointment?
Generally, appointments take from 1 to 1.5 hours.
Can I get a home loan to either purchase or refinance if I have bad credit?
Every loan application—whether for a purchase or a refinance—has the potential of being denied if the level of risk is outside what is allowed for that program. Though your credit profile is one of the major factors we look at, there are other variables such as your amount of time at your job, how much debt you have compared to how much money you make, and your total assets (such as checking, savings, retirement, etc.).
Always feel free to make an appointment with a Mortgage Loan Officer. They will meet with you, go over your full profile and work with you as a team to achieve your goal of either purchasing a new home or refinancing.
How long does the home loan process take?
This process will typically take about 30-45 days, depending on the type of loan. Please contact our Mortgage Department for more details at 907-459-5974.
I have already purchased a home. When is it worth refinancing?
We generally recommend an interest rate improvement of 1.5%. However, this is not a hard and fast rule. Please call us and make an appointment so we can take a look at your full profile.
Before making an offer or putting in an application for a home loan, is there a way for me to calculate an estimated payment?
Absolutely! See the calculator tab.
If I already have a home loan with Spirit of Alaska FCU, am I allowed to skip a payment?
“Skip-a-payment” are allowed on certain loan programs. Depending on whether you are approved, you may be able to get some extra breathing room for the month and keep that payment to yourself. Please contact the mortgage department at 907-459-5974 for more details.
My loan payment has changed this year. Why is that?
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.
- How do I find out your current rates?