Ketchikan Gateway Borough, AK 2019 FHA Loan Limits
Local Loan Limits — Ketchikan Gateway Borough, AK
Loan Limit Summary
Limits for FHA Loans in Ketchikan Gateway Borough, Alaska range from $369,150 for single family homes to $709,900 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 Ketchikan Gateway 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 Ketchikan Gateway 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. Ketchikan Gateway Borough has high cost limits to compensate for above average housing prices. Limits in Ketchikan Gateway Borough are above the 2019 national floor.
FHA Home Appraisal in Ketchikan Gateway 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 Ketchikan Gateway Borough. If you need a home inspector, click here to find FHA-approved inspectors in Ketchikan Gateway Borough.
VA Loan Limits in Ketchikan Gateway 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 Ketchikan Gateway Borough, AK is $369,150.
How to qualify for an FHA Loan in Ketchikan Gateway Borough, Alaska?
The minimum loan amount in Ketchikan Gateway Borough is $5,000 dollars and may go up to $709,900 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 Ketchikan Gateway Borough.
Additionally, your loan amount cannot exceed the value of home you are purchasing. Learn more about FHA Loan Requirements.