Jumbo mortgage loans in Alaska are a great home loan choice for Alaskans who want to finance bigger or more expensive homes.
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Known as “The Last Frontier,” Alaska is a place for the hearty and intrepid, featuring epic landscapes and forests. Big cities in this northern state, such as Anchorage, Juneau, Fairbanks and Denali, offer many of the amenities and luxuries of city living for homeowners anywhere in the States.
Whether you live in a rural area or Anchorage, you may be seeing home values in Alaska on the rise. According to the Alaska Department of Labor, the average sales price of a home in Alaska is $388,648.
For the most recent year, the HDMA data places Alaska 46th in the country in terms of mortgage origination activity, with a total of $74 million in jumbo mortgages originated. If you’re looking for a jumbo mortgage in Alaska, you may find more than a few of your neighbors taking the same steps.
The jumbo loan limit in Alaska is $1,089,300 for all counties in the state. Any real estate loan that exceeds $1,089,300 is a jumbo loan in the state of Alaska. Any loan that is less than $1,089,300 is a conforming loan in the state of Alaska.
| Alaska County | Alaska Jumbo loan (1-unit) | Alaska Conforming loan limit (1-unit) | Alaska FHA loan limit (1-unit) |
|---|---|---|---|
| Aleutians East | $1,089,300+ | $1,089,300 | $420,680 |
| Aleutians West | $1,089,300+ | $1,089,300 | $545,100 |
| Anchorage | $1,089,300+ | $1,089,300 | $450,800 |
| Bethel | $1,089,300+ | $1,089,300 | $420,680 |
| Bristol Bay | $1,089,300+ | $1,089,300 | $420,680 |
| Denali | $1,089,300+ | $1,089,300 | $420,680 |
| Dillingham | $1,089,300+ | $1,089,300 | $420,680 |
| Fairbanks North | $1,089,300+ | $1,089,300 | $420,680 |
| Haines | $1,089,300+ | $1,089,300 | $420,680 |
| Hoonah-Angoon C | $1,089,300+ | $1,089,300 | $420,680 |
| Juneau | $1,089,300+ | $1,089,300 | $511,750 |
| Kenai Peninsula | $1,089,300+ | $1,089,300 | $420,680 |
| Ketchikan Gatew | $1,089,300+ | $1,089,300 | $420,680 |
| Kodiak Island | $1,089,300+ | $1,089,300 | $453,100 |
| Kusilvak Census Area | $1,089,300+ | $1,089,300 | $420,680 |
| Lake And Penins | $1,089,300+ | $1,089,300 | $420,680 |
| Matanuska-Susit | $1,089,300+ | $1,089,300 | $450,800 |
| Nome | $1,089,300+ | $1,089,300 | $440,450 |
| North Slope | $1,089,300+ | $1,089,300 | $420,680 |
| Northwest Arcti | $1,089,300+ | $1,089,300 | $420,680 |
| Petersburg Cens | $1,089,300+ | $1,089,300 | $420,680 |
| Prince Of Wales | $1,089,300+ | $1,089,300 | $420,680 |
| Sitka | $1,089,300+ | $1,089,300 | $503,700 |
| Skagway Municip | $1,089,300+ | $1,089,300 | $441,600 |
| Southeast Fairb | $1,089,300+ | $1,089,300 | $420,680 |
| Valdez-Cordova | $1,089,300+ | $1,089,300 | $420,680 |
| Wrangell City A | $1,089,300+ | $1,089,300 | $420,680 |
| Yakutat City | $1,089,300+ | $1,089,300 | $420,900 |
| Yukon-Koyukuk | $1,089,300+ | $1,089,300 | $420,680 |
If you’re in the market for a home in Alaska, consider these jumbo mortgage loans that are available to state residents.
Flagstar Bank has a jumbo product in all 50 states, making it a popular choice among many people looking for higher mortgage amounts. If you’re considering a jumbo mortgage, you’ll want to compare Flagstar’s rates as part of your analysis.
We reached out to a loan officer at Flagstar Bank to get details on their jumbo mortgage. Here are the highlights:
When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.
Keybank has over $170 billion in assets and is the 24th largest bank in the United States. They operate throughout 39 states but can originate mortgages in nearly all 50, making them a popular choice among medical doctors throughout the country. One of their key financial products is a jumbo mortgage loan.
We contacted Keybank to learn more about their jumbo loan options and here are the key terms and highlights:
When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances to see what type of loans you qualify for.
SoFi is a financial institution based in California that specializes in student loan refinance options, PLUS loans and flexible repayment terms. You might not know that they also offer jumbo loan mortgages.
We spoke to a loan officer at SoFi to discuss their jumbo loan rates and this is what we learned:
When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.
One of the best things about buying in Alaska is the acreage available. Of course, larger properties can come at a higher price point. Jumbo loans offer a wide range of benefits to citizens of Alaska who want to buy or refinance larger or more expensive properties. The main advantage of these loan types is that you can finance a large purchase with a single financial product. With a conventional mortgage, you would need to pull together multiple, separate mortgages to finance a larger property or qualify for refinancing.
Another advantage is that you won’t necessarily need a large down payment to make a purchase with a jumbo loan. In many cases, these loans can even come with no money down. When a price tag is near $1 million, putting no money down can be a real saving grace, allowing you to preserve your savings and other investments.
If you are considering a jumbo loan in Alaska, how can you know it’s the right option for you? First, take a look at the market in your part of Alaska. Are most of the homes, ranches and properties pushing the limits of conventional mortgages like VA loans and FHA loans with regards to price? Then, you might want to take on a jumbo loan.
Would you have to wipe out your savings or liquidate other holdings to make the down payment on a conventional loan? Keep in mind that many Alaska jumbo loans can allow you to keep that money on hand. Conforming loan limits are set by the Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac, the two government-backed home loan companies that buy most of the home mortgages made in the U.S. from mortgage lenders and resell them to private investors. The price you pay for no money down is a higher interest rate, in many cases, so keep that in mind, as well. If you don’t mind paying a higher rate of interest, look into a jumbo loan in Alaska.
If you want to find the best jumbo loans in other states, click on your state below.
Joshua Holt is a licensed mortgage loan originator (NMLS #2306824) and founder of Biglaw Investor. His mortgage expertise lies in the areas of professional mortgage loans, particularly for lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.
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