On October 12, Alaska Housing Finance Corporation (AHFC) lowered its 30-year Rural Owner Occupied rate from 7.000% to 6.875%. Freddie Mac’s national 30-year average was 7.28% on October 1, up from 7.03% the week before.
How AHFC affects Nome. AHFC’s Rural Owner Occupied program is for owner-occupied homes in communities of 6,500 or fewer people that are not connected by road or rail to Anchorage or Fairbanks. AHFC’s rural community list includes the Nome Census Area. The program rate applies to the first $250,000 of the loan, and any balance above that is charged at the program rate plus 1.000%. AHFC says the lender is responsible for confirming that a property qualifies.
Why use an Alaska lender. AHFC does not lend directly on single-family loans. Buyers apply through an AHFC-approved lender, or through another lender working in partnership with one. AHFC’s approved lender list shows Alaska offices, and its rates are posted daily for lenders and valid until 10 p.m. on business days. A lender who works with AHFC programs regularly can check eligibility, loan limits and rate options for a Nome property before you make an offer.
See AHFC’s list of approved lenders.
Buying in Nome? I have been a licensed broker since 2007, and Nome Sweet Homes has an office in downtown Nome. Contact us to talk through your options.
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