Bristol Bay Borough, AK FHA Loan Limits
Local Loan Limits — Bristol Bay Borough, AK
Loan Limit Summary
Limits for FHA Loans in Bristol Bay Borough, Alaska range from $313,950 for 1 living-unit homes to $603,750 for 4 living-units. Conventional Loan Limits in Bristol Bay Borough are $679,650 for 1 living-unit homes to $1,307,175 for 4 living-units. The 2018 Home Equity Conversion Mortgage (HECM) limits in Bristol Bay Borough is $679,650. HECM limit does not depend on the size of the home.
FHA and conventional Loan limits vary based on the number of living-units on the property. FHA loans are only allowed on 1 to 4 living-unit properties. Bristol Bay Borough has high cost limits to compensate for above average housing prices. Limits in Bristol Bay Borough are above the 2018 national floor.
FHA Home Appraisal in Bristol Bay Borough
To see if a home qualifies for an FHA loan, the property must be appraised by an approved FHA appraiser. Find FHA-approved appraisers in Bristol Bay Borough. If you need a home inspector, click here to find FHA-approved inspectors in Bristol Bay Borough.
VA Loan Limits in Bristol Bay Borough
VA Loans are not insured the same way FHA loans are. With VA loans the Department of Veterans Affairs guarantees the loan on the veteran's behalf. But there is still a cap. The VA uses the 1 living-unit FHA Loan Limit as its cap on VA Loan Liability. The 2018 VA Loan Limit for Bristol Bay Borough, AK is $313,950.
How to qualify for an FHA Loan in Bristol Bay Borough, Alaska?
The minimum loan amount in Bristol Bay Borough is $5,000 dollars and may go up to $603,750 depending on home size and loan type. In order to qualify for an FHA loan, you must be planning to live in the home. Although a loan can include some renovation costs, FHA loans cannot be used for real estate investments in Bristol Bay Borough.
Additionally, your loan amount cannot exceed the value of home you are purchasing. Learn more about FHA Loan Requirements.