Kodiak Island Borough, AK 2019 FHA Loan Limits
Local Loan Limits — Kodiak Island Borough, AK
Loan Limit Summary
Limits for FHA Loans in Kodiak Island Borough, Alaska range from $407,100 for single family homes to $782,900 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 Kodiak Island 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 Kodiak Island 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. Kodiak Island Borough has high cost limits to compensate for above average housing prices. Limits in Kodiak Island Borough are above the 2019 national floor.
FHA Home Appraisal in Kodiak Island 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 Kodiak Island Borough. If you need a home inspector, click here to find FHA-approved inspectors in Kodiak Island Borough.
VA Loan Limits in Kodiak Island 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 Kodiak Island Borough, AK is $407,100.
How to qualify for an FHA Loan in Kodiak Island Borough, Alaska?
The minimum loan amount in Kodiak Island Borough is $5,000 dollars and may go up to $782,900 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 Kodiak Island Borough.
Additionally, your loan amount cannot exceed the value of home you are purchasing. Learn more about FHA Loan Requirements.
Cities and ZIP Codes in Kodiak Island Borough
The FHA Limits, HECM Loan Limits, and Conforming Loan Limits listed on this page apply to Kodiak Island Borough which includes the following cities: Kodiak, Port Lions, Karluk, Larsen Bay, Old Harbor, and Ouzinkie.