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Get started on your dream home or get-away spot with an Alaska USA residential lot or recreational property loan. What is a residential lot loan? Think about a residential lot loan when you'd like to finance a piece of property intended as the future site of your personal residence - or a residential lot that is adjacent to your current residence. What is a recreational property loan? A recreational property loan is available for that get-away spot intended for your personal recreational use. Are there limitations on the size or location of the property I'd like to purchase? Yes. Typically the property should not exceed ten acres, and must be located in Alaska or Washington. In addition, eligible residential lots must be located within the service area of an Alaska USA office, on a publicly/ community maintained road, in a predominantly residential area. The property must have reasonable access to water, sewer, and electric services. Eligible recreational property must be accessible by road from a major population center, or accessible by water from a public launch site using small watercraft on a navigable waterway. Fly-in locations or properties located long distances from the launch site or across unprotected water do not qualify. What kind of financing is available? Financing is available up to 60% of the purchase price or value. A minimum down payment of 25% of the purchase price is required on purchase transactions. What are the terms and rates? Terms are available up to 144 months. For current rates, log on to www.alaskausa.org or call 786-2800 in Anchorage or (888) 425-9813 outside Anchorage. Do I need to get an appraisal? Generally, a Brokers opinion of value ordered by a credit union representative will be acceptable if the amount of the loan will not exceed $50,000. Loans in excess of $50,000 require an appraisal. What kind of fees can I expect to pay? You may have to pay the following costs: Loan processing fee - $99 Title insurance policy - varies depending on loan amount Appraisal fee or Brokers Opinion of Value (BOV) - $150 to $500 Escrow closing fee (for purchases only) - varies depending on loan amount What about insurance? Hazard insurance and/or flood insurance may be required if you are financing a structure in addition to land. How do I apply? You may apply at any branch or by phone, fax, or mail. (Download an application at www.alaskausa.org.)
Highlights
AKUSA 02368-I R01/20/09 |
Property loans
Phone: 786-2800 in Anchorage, (888) 425-9813 outside Anchorage.