Mortgages

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Mortgages

With a customized mortgage 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 [email protected] today.

We offer a variety of affordable mortgages specifically created for you. As an added bonus, all our mortgages 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 mortgage, our local loan expert will be ready and willing to help.

Summary
  • Fixed and adjustable rate mortgages (ARMs)
  • Low mortgage rates
  • Affordable payments
  • No application fee
  • Pre-approval available
  • Refinancing options
  • View mortgage activity through Online Banking
  • 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.

Mortgage 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 1- 4 family homes
  • Closing costs and down payment may be gift funds
  • No income limits apply

VA Loans

  • No down payment
  • No PMI (Private Mortgage Insurance
  • Low, competitive interest rates

Purchase Renovation Mortgages

  • 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

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
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