VA Loans

Buying a home is one of the biggest and most important decisions you will ever make. Alaska USA began operation at Fort Richardson in Alaska over 60 years ago and understands the unique needs of military families. Whether you are a first-time homebuyer or have experience with the home buying process, we're here to assist you.

The VA home loan program helps qualifying active military personnel, and veterans purchase a home without putting any money down. VA borrowers may still need money towards closing costs as well as earnest money when making an offer. Closing costs may be paid by the seller, up to 6% of the sales price, and can often be negotiated into the sales price of the home.

Other benefits of the VA loan besides a zero down payment include:

• Only one qualifying ratio. Up to 41% of your income can be used for your house payment and other monthly debts. This means that if you have little debt, you are able to spend more of your income towards your house.
• No monthly mortgage insurance payments. This helps reduce your monthly payment.
• Can be combined with other down payment assistance programs.
• Even if you have used your VA eligibility in the past, you may still be eligible for another VA loan.
• If you have a current VA loan, you may be eligible for a Streamlined VA Rate Reduction to lower your payments.

Getting started

You can get prequalified for a VA home loan today by contacting an Alaska USA Mortgage originator and scheduling an appointment or applying online. Your loan originator will review your credit report and explain how your credit affects your purchasing power.

Your loan originator will give you a list of documents that you need to bring in to be reviewed by local underwriters. Common documents requested are:

• Pay stubs for the most recent 30 days
• Complete bank statements for the last two months
• Most recent investment information, such as IRA or 401(K) statements
• Most recent two years tax returns with all supporting documentation such as W-2 forms
• Original Certificate of Eligibility. Your originator can assist you in obtaining your Certificate of Eligibility if you do not have yours on hand.
• Either your DD214 Discharge Papers or your Statement of Service if still active duty.

Remember, this is a basic list of items commonly needed. Alaska USA may ask for additional items, which are specific to your home loan.

Once you have been prequalified, you can start looking for your new home!

Don't forget, the choice is yours when it comes to selecting the title and escrow agency, acting as the neutral party for you and the seller.