Overview
Title I Home Improvement
With a Title 1 loan you can enjoy a warmer home by performing repairs and upgrades. It’s an opportunity to leave a smaller carbon footprint, and lower monthly bills substantially.
A Housing and Urban Development (HUD) FHA Title 1 Property Improvement Loan is great for projects of all sizes. Eligible home improvements include new heating systems, new efficient appliances, windows, insulation, roof, wiring, plumbing, and septic systems.
Apply now from your computer, mobile phone, tablet, or in person with one of our friendly loan officers. More questions? Contact Mortgage Loans at 907-459-5974.
Loans to finance energy-efficient upgrades to your homE
- $25,000 max for single family house
- Low closing costs
- Fixed interest rates
- No prepayment penalty
- Homeowners with a second mortgage may still be eligible.
Additional Information
Benefits
- Fund energy-efficiency improvements
- Reduce energy bills, save money and stay warm
- Low closing costs
- Local approval and servicing
- Terms up to 20 years
- Fixed interest rates
- No prepayment penalty
- No appraisal generally needed
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
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.
*Consult your tax advisor.
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
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FAQ
FREQUENTLY ASKED QUESTIONS
Here’s a breakdown of our loan amounts and terms:
- Single family house – $25,000, 20 year maximum term.
- Manufactured house on permanent foundation (classified and taxed as real estate) – $25,000, 15 year maximum term
- Multifamily structure – an average of $12,000 per living unit, up to a total of $60,000, 15 year maximum term
Yes! Depending on your situation this factor would not keep you from getting approved for the Title I Improvement Loan. We would be happy to go over your loan application to see what we can offer you. Please contact the Mortgage Department for more details at 907-459-5974.
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.
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)
(**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 from 1 to 1.5 hours.
No. There are certain repairs and/or improvements that are not eligible under this program. Please contact the Mortgage Department for more details at 907-459-5974.
This process will typically take about 30 – 45 days, depending on the type of loan.
"K., I know we have not quite closed, but I wanted to say thank you for such a smooth [home loan]… I know this was an easy one, but thanks for having everything perfect on your end! I hope to do business with you in the future!"
- K.P., Realtor