Home Loans

With a customized home loan from First Bank, you can get your dream home without having a nightmare of a monthly payment. Our loan representatives will tailor a loan to fit your needs - call (888)-851-5851 or email mortgage@FirstBankAK.com today.

We offer a variety of affordable home loans specifically created for you. As an added bonus, all our home loans are serviced right here in Alaska. This means that when you have a question about your annual taxes and property insurance, or want to refinance your home loan, a local home loan expert will be ready and willing to help.

Summary

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PROMOTION: 15 IS THE NEW 30!

15 Year Home Loan* Rates Are LOW! Refinance with a 15 year fixed term home loan and pay off your home in half the time! Contact a Home Loan Expert for more information.

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Fixed and adjustable rate mortgages (ARMs)
Low home loan rates
Affordable payments
No application fee
Pre-approval available
Refinancing options
Online access and payments
Local underwriting and processing
Commitment to personal service

We also service all of our investor mortgages right here in southeast Alaska - for the life of your loan.

*Annual Percentage Rate on a 15 year loan is 3.20% and assumes $240,000 loan amount, 1% origination fee and 20% down payment with the term listed. Annual Percentage Rate for a 30 year loan is 3.91% and assumes $240,000 loan amount, 1% origination fee and 20% down payment with the term listed. Credit score may affect APR. Rates effective on 4/12/1012 and are subject to change.

Home Loan Programs

Please note: Some programs are not included in all areas. Some restrictions may apply.

Standard Fixed Rate Home Loans

Fixed rate of interest for the life of the loan
A variety of loan terms are available

FHA Loans

Allows borrowers to put down as little as 3.5% for a single family or duplex
Closing costs and down payment may be gift funds
No income limits apply

Purchase Renovation Home Loans

Allows borrowers to finance up to $50,000 in home improvements when purchasing their new home

HUD 184 Loans

This loan program is available to member of federally recognized tribes. Eligible borrowers include American Indians and Alaskan Natives
Low down payment of only 2.25%
No income limits, increased loan amounts for 1-4 family homes
No limit on gifts to the borrower to assist with down payment or closing costs
Can be combined with any of the interest rate reduction programs available through Alaska Housing Finance Corporation

RD Guarantee 100% Financing

Allows borrowers in rural areas to finance the entire purchase price of the house and some closing costs—up to 100% of the appraised value of the home
Income limits do apply
This program can be combined with any of the interest rate reduction programs available through Alaska Housing Finance Corporation

Rural Owner Occupied Mortgages

Available with Alaska Housing Finance Programs
Discounted interest rate and lower down payment requirements
Available to borrowers in Petersburg, Wrangell, Prince of Wales Island, and the in the Ketchikan Gateway Borough
Can be combined with any of the interest rate reduction programs available through Alaska Housing Finance Corporation

Teachers and Nurses

Provides reduced down payment financing options for full time educational professionals and full time registered nurses.
Qualified teachers and nurses can put down as little as 3% to purchase a home
Can be combined with any of the interest rate reduction programs available through Alaska Housing Finance Corporation

Interest Rate Reduction Programs

Borrowers can use multiple Interest Rate Reduction Programs with AHFC loans to reduce interest rates by up to 2%
Tax Exempt First Time Home Buyer Program
Taxable First Time Home Buyer Program
Energy Efficiency Interest Rate Reduction Program
Interest Rate Reduction Program for Low Income Borrowers
State Veteran Interest Rate Preference