Overview
Renovation & Construction
You see the potential, and are ready to see your dream home come to life.
Spirit of Alaska offers committed homeowners in the community the option to renovate their home themselves, whom we term as owner-builders.
We give you choices to complete the home on your own, with the help of sub-contractors or you can hire a contractor to manage the project entirely. We have the right type of loan to make sure everything goes smoothly with your project, whether you’re looking to buy land and build a new home, renovate an older home or improve the one you own.
Finance new home construction, or renovate an existing home.
- New Construction or Major Renovation
- Get one year to complete the project
- Owner Builders: Build up equity and do work yourself
- Regular consultations with our mortgage department
- Foreclosures and non-conforming homes eligible
When to Apply
The building season in Alaska is a relatively small window during the Spring/Summer months. Our construction loan program begins in January, and is designed to help owner builders complete their projects within one year.
In order to help ensure timely project completion, and avoid the possibility of extending your loan beyond a year, we highly recommend applying or speaking with a loan officer in December, January or February.
Apply Early!
Additional Information
After the construction or renovations are complete, we will help in transitioning the construction loan into a traditional fixed-rate loan.
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
Disclosures
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.
Our construction loan program is designed to help owner builders complete their projects within one year. Our building season here in Alaska is a relatively small window during the Spring/Summer/Early Fall months. We recommend beginning a construction loan application early in the year to provide enough time to take full advantage of the building season.
Rates
| Spirit of Alaska’s Mortgage Department does not publish our home loan program rates online. Please call 907-459-5974 for a rate quote. |
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Calculator
This calculator does not include taxes and insurance, which will be added to your final mortgage payment.
Other Mortgage Loan Calculators from Banzai
Mortgage Calculator
A small difference in the parameters of your mortgage can make a big impact on how much you pay for your home.
Mortgage Affordability Calculator
See how much mortgage you can afford, starting with your ideal monthly payment amount.
Early Mortgage Payoff Calculator
The quicker you payoff your mortgage, the less you’ll pay in interest.
Mortgage Refinance Calculator
Figure out the true cost of refinancing including total costs, total savings, and the break even point.
FAQ
FREQUENTLY ASKED QUESTIONS
Yes! We specialize in owner builder renovation loans, otherwise known as Mini-construction Loans. We will work with you to:
- Purchase a foreclosed or non-conforming home
- Do major renovations to an existing home
- Borrow funds to complete a partially finished home
We walk with you through the construction process every step of the way. You can complete all the work yourself, hire a contractor, or do some of it and sub-contract out the rest. Call and setup an appointment with a loan officer at 907-459-5974 to get started.
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**:
- Social security numbers for all borrowers on the loan application.
- Most recent 30 days of pay stubs / awards letters for all income.
- Most recent 3 years federal tax returns – this includes all schedules and W2, 1099-R, & K-1 attachments.
- 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.).
- 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: 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).
- 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.
"You guys rock. We can't wait to show you pictures when we are done building!"
- M.S.