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Home Real Estate Loans Title I Home Improvement

Title I Home Improvement

  • 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.

    "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

    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

    Additional Information

    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.

     

    Ready to move forward?

    Apply Now

    Related Products & Services

    • Renovation & Construction
    • Home Equity Line of Credit
    • Business Loans
    • Buy or Refinance a Home

    Resources

    • Home Loan Toolkit
    • Learn about Adjustable Rate Mortgages
    • Pricing Guide

    Learn with Banzai

    • Article: The Cost of A Mortgage
    • Article: Making a Down Payment On A House
    • Coach: Financial Wellness Assessment
    • Article: Working With A Mortgage Lender
  • 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.
  • Calculator

    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

    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.

    Calculate Your Payment

  • FAQ

    Frequently Asked Questions

    • What is the maximum amount I can borrow for my type of property?

      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
    • Can I be approved even if I already have a 1st and/or a 2nd mortgage on my home?

      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.

    • 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**:

      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)

      (**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 any type of repair be included as long as it is in the budget?

      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.

    • How long does the loan process take?

      This process will typically take about 30 – 45 days, depending on the type of loan.

  • Apply Now
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I need help with Title I Home Improvement

We’d love to help! Just give us your name, phone number, and email address and we’ll contact you as soon as possible!

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    For your security, do not include sensitive information, such as Social Security numbers or account numbers, in your message. If you need to communicate with us about sensitive information please use the Message Center in e-Teller, your online banking application, or call us during regular business hours so we can verify your identity. For other inquiries, send us a message here and we're happy to help!

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We’d love to answer your questions! Just give us your name, phone number, and email address and we’ll contact you as soon as possible!

  • * Required
  • WARNING * Required
    For your security, do not include sensitive information, such as Social Security numbers or account numbers, in your message. If you need to communicate with us about sensitive information please use the Message Center in e-Teller, your online banking application, or call us during regular business hours so we can verify your identity. For other inquiries, send us a message here and we're happy to help!

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Letter from our Mortgage Lending Department

A Message From Spirit of Alaska Federal Credit Union Mortgage Department About The COVID-19 Outbreak

As you know, the spread of COVID-19 has touched just about every aspect of our daily lives — from our families and schools to our places of work and worship.

We understand the uncertainty during this unprecedented time and want to let you know about some of the proactive measures our mortgage department has in place to continue to support and serve our customers.

Payment concerns:

All payments are due on the first of the month. If you anticipate that it will be difficult or impossible for you to make your mortgage payment, there are options available.

If you become ill, are quarantined, your employment status changes or another hardship arises as a result of the COVID-19 outbreak, you may be eligible for short-term relief.

Please email us or call (907) 459-5974. We will work with our borrowers on a case-by-case basis to assist in any way possible.

If you have questions:

If you have any questions, please don’t hesitate to reach out to our team. Please stay safe and healthy during this unprecedented time.

Email: homeloans@spiritofak.com
Phone: (907) 459-5974