4 Best Jumbo Loans in Alaska


Jumbo mortgage loans in Alaska are a great home loan choice for Alaskans who want to finance bigger or more expensive homes.

Key Terms

  • Jumbo loans offer Alaskans higher limits than conventional options or non-conforming loans, giving them more options.
  • Many of the jumbo loan lenders we spoke with offer borrowers low down payment options.
  • Borrowers can consolidate financing for a large property in a single loan.

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. 

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What is the jumbo loan limit in Alaska?

The jumbo loan limit in Alaska is $970,800 for all counties in the state. Any real estate loan that exceeds $970,800 is a jumbo loan in the state of Alaska. Any loan that is less than $970,800 is a conforming loan in the state of Alaska.

Alaska Jumbo Loan Limits (December 2022)

Alaska county-by-county jumbo loan, conforming loan and FHA loan limits.

Alaska
County
Alaska
Jumbo loan
(1-unit)
Alaska
Conforming
loan limit
(1-unit)
Alaska
FHA loan limit
(1-unit)
Aleutians East$970,800+$970,800 $420,680
Aleutians West$970,800+$970,800 $545,100
Anchorage$970,800+$970,800 $450,800
Bethel$970,800+$970,800 $420,680
Bristol Bay$970,800+$970,800 $420,680
Denali$970,800+$970,800 $420,680
Dillingham$970,800+$970,800 $420,680
Fairbanks North$970,800+$970,800 $420,680
Haines$970,800+$970,800 $420,680
Hoonah-Angoon C$970,800+$970,800 $420,680
Juneau$970,800+$970,800 $511,750
Kenai Peninsula$970,800+$970,800 $420,680
Ketchikan Gatew$970,800+$970,800 $420,680
Kodiak Island$970,800+$970,800 $453,100
Kusilvak Census Area$970,800+$970,800 $420,680
Lake And Penins$970,800+$970,800 $420,680
Matanuska-Susit$970,800+$970,800 $450,800
Nome$970,800+$970,800 $440,450
North Slope$970,800+$970,800 $420,680
Northwest Arcti$970,800+$970,800 $420,680
Petersburg Cens$970,800+$970,800 $420,680
Prince Of Wales$970,800+$970,800 $420,680
Sitka$970,800+$970,800 $503,700
Skagway Municip$970,800+$970,800 $441,600
Southeast Fairb$970,800+$970,800 $420,680
Valdez-Cordova$970,800+$970,800 $420,680
Wrangell City A$970,800+$970,800 $420,680
Yakutat City$970,800+$970,800 $420,900
Yukon-Koyukuk$970,800+$970,800 $420,680

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4 Top Alaska jumbo loan lenders

If you’re in the market for a home in Alaska, consider these jumbo mortgage loans that are available to state residents.

1. Flagstar Bank

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:

  • Loan amounts up to $3 million on primary residences
  • Loan amounts up to $2.5 million on second homes
  • Purchase and rate/term refinance options available on primary residences and second homes
  • No prepayment penalties
  • First-time homebuyers permitted
  • No mortgage insurance options available
  • Cash-out options available on primary residence

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.

2. Keybank

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:

SilverKey Mortgage

  • Loan amounts up to $3.5 million
  • 10% down up to $1.5 million
  • Fixed-rate mortgages or adjustable rate mortgages available
  • No private mortgage insurance required
  • Available for 1-to-4 unit properties, including single-family homes, condos or planned unit developments.

GoldKey Mortgage

  • Loan amounts up to $3.5 million
  • 10% down up to $1.5 million
  • Fixed or variable rates available
  • No private mortgage insurance required
  • Available for 1-to-4 unit properties, including single-family homes, condos or planned unit developments.
  • Available for second homes and investment properties.

Jumbo Interest-Only Mortgages

  • Loan amounts up to $3.5 million
  • 30% down on mortgages up to $1.5 million for primary residences
  • 35% down on mortgages up to $2 million for second homes
  • No private mortgage insurance required
  • ARM-only options

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.

3. SoFi

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:

  • Loan amounts up to $3 million
  • Down payments start at 10% and increase as the loan amount increases.
  • No PMI, regardless of your down payment amount, resulting in lower monthly payments.
  • 15-year or 30-year fixed rate products available

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.

4. BMO Harris Bank

BMO Harris Bank is an established player in the mortgage industry that ranks 16th largest by total assets in the country. The bank offers a full range of financial products, including a jumbo loans.

We spoke to a BMO Harris loan officer to get additional details about the jumbo mortgage, many of which aren’t published. Here are some key terms and highlights:

  • 10% down to $1 million (740+ credit score)
  • 15% down to $1.5 million (720+ credit score)
  • 20% down to $2 million (700+ credit score)
  • 25% down to $3 million (700+ credit score)
  • 30% down to $5 million (700+ credit score)
  • 45% down over $5 million (700+ credit score)
  • 30/20/15/10 year fixed
  • 5/6, 7/6, and 10/6 ARMs
  • All 50 states
  • 12 months reserves

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.

Benefits of getting a jumbo loan in Alaska

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. 

Does an Alaska jumbo loan make sense for you?

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’re looking to explore jumbo mortgage loans in other states, check out our national overview of jumbo loans as a starting point in your search.

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Joshua Holt

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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