Bristol Bay Borough, AK 2019 FHA Loan Limits
Local Loan Limits — Bristol Bay Borough, AK
Loan Limit Summary
Limits for FHA Loans in Bristol Bay Borough, Alaska range from $314,827 for single family homes to $605,525 for four-plex. Any apartment with more than 4 units is considered commercial and does not quality for an FHA loan. Conventional Loan Limits in Bristol Bay Borough are $726,525 for single family homes to $1,397,400 for 4-unit apartment. The 2019 Home Equity Conversion Mortgage (HECM) limits in Bristol Bay Borough is $726,525. HECM limit does not depend on the size of the home.
FHA and conventional Loan limits vary based on the number of units or separate apartments on the property. FHA loans are allowed for properties with one to four units. Bristol Bay Borough has standard limits which means loan limits are equal to the 2019 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 loan limit. The VA uses the single-unit FHA Loan Limit as its cap on VA Loan Liability. The 2019 VA Loan Limit for Bristol Bay Borough, AK is $314,827.
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 $605,525 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.