Lake and Peninsula Borough, AK FHA Loan Limits

Last Updated: Wed, January 2, 2019

FHA Loan Limits — Lake and Peninsula Borough, AK

$314,827 1 Living-Unit
$403,125 2 Living-Units
$487,250 3 Living-Units
$605,525 4 Living-Units

Fannie/Freddie (Conventional) Loan Limits — Lake and Peninsula Borough, AK

$726,525 1 Living-Unit
$930,300 2 Living-Units
$1,124,475 3 Living-Units
$1,397,400 4 Living-Units

HECM Loan Limits — Lake and Peninsula Borough, AK

$726,525 All Home Sizes
2019 Alaska Standard Limits

Local Loan Limits — Lake and Peninsula Borough, AK

Loan Limit Summary

Limits for FHA Loans in Lake and Peninsula Borough, Alaska range from $314,827 for 1 living-unit homes to $605,525 for 4 living-units. Conventional Loan Limits in Lake and Peninsula Borough are $726,525 for 1 living-unit homes to $1,397,400 for 4 living-units. The 2019 Home Equity Conversion Mortgage (HECM) limits in Lake and Peninsula 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 living-units on the property. FHA loans are only allowed on 1 to 4 living-unit properties. Lake and Peninsula Borough has standard limits which means loan limits are equal to the 2019 national floor.

FHA Home Appraisal in Lake and Peninsula 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 Lake and Peninsula Borough. If you need a home inspector, click here to find FHA-approved inspectors in Lake and Peninsula Borough.

VA Loan Limits in Lake and Peninsula 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 2019 VA Loan Limit for Lake and Peninsula Borough, AK is $314,827.

To lean more about VA Loans and how to qualify, click here.

Additional Resources

How to qualify for an FHA Loan in Lake and Peninsula Borough, Alaska?

The minimum loan amount in Lake and Peninsula 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 Lake and Peninsula 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 Lake and Peninsula Borough

The FHA Limits, HECM Loan Limits, and Conforming Loan Limits listed on this page apply to Lake and Peninsula Borough which includes the following cities: Port Heiden, Chignik, Chignik Lagoon, Egegik, Iliamna, Levelock, Nondalton, Pedro Bay, Perryville, Pilot Point, and Port Alsworth.

Lake and Peninsula Borough loan limits also apply to the following ZIP codes: 99549, 99564, 99565, 99579, 99606, 99625, 99640, 99647, 99648, 99649, and 99653.

Citation

Data sourced from the Department of Housing and Urban Development (HUD.GOV). If you notice an error on this page, please contact us.


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Source: https://fhaloans.guide/loan-limits/alaska/lake-and-peninsula-borough