Does anyone have any experience or recommendations for a lender to work with for an Alaska multi family purchase? I'll be using either a VA or FHA loan and owner occupying.
I'm a fan of First National Bank of Alaska. Local loan servicing, tight lending practices. Won't let you get in over your head. That said they definitely can be too tight. I've also used Alaska USA. It's it true that you have to pay all sorts of mortgage insurance with FHA these days? Maybe not so bad with VA?
Sorry, not much help as I am looking to do something very similar relocating for a new job in Anchorage. Fortunately I have flexibility on timeframe and leaning toward the Mat-Su valley instead. I am a BIG fan of credit unions so I lean toward approaching them first. Since you're eligible for VA financing let me say thanks for your service.
I believe FHA will get you in with as low as 3.5% down but the downside is paying PMI for the life of the loan. The only way out of that is to refinance. VA can be lower down (0%?) but that was earned. My first house (still own it today) was an assumed mortgage through FHA with Washington Mutual as they were going down in flames. Refinanced away from both to a local credit union in PA and solved a lot of problems. Sounds like some excellent advice from experience in the AK loan marketplace. Thanks!
Wow, thanks for the quick responses! Anyone ever used Spirit of Alaska FCU or Denali State Bank? Also, anyone willing to share their VA loan experience would be appreciated, I've heard it can be hit or miss depending on the experience of the person your working with.
Hey @Sean Sylvester . I've done quite a few VA loans on fourplexes and have a few recommendations. There are a couple of local companies and a national one that I typically recommend due to amazing service to clients, and perks they offer specifically for Veterans.
Message me and I'd be glad to help!