Nome Census Area, AK 2019 FHA Loan Limits
Local Loan Limits — Nome Census Area, AK
Loan Limit Summary
Limits for FHA Loans in Nome Census Area, Alaska range from $391,000 for single family homes to $751,900 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 Nome Census Area are $726,525 for single family homes to $1,397,400 for 4-unit apartment. The 2019 Home Equity Conversion Mortgage (HECM) limits in Nome Census Area 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. Nome Census Area has high cost limits to compensate for above average housing prices. Limits in Nome Census Area are above the 2019 national floor.
FHA Home Appraisal in Nome Census Area
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 Nome Census Area. If you need a home inspector, click here to find FHA-approved inspectors in Nome Census Area.
VA Loan Limits in Nome Census Area
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 Nome Census Area, AK is $391,000.
How to qualify for an FHA Loan in Nome Census Area, Alaska?
The minimum loan amount in Nome Census Area is $5,000 dollars and may go up to $751,900 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 Nome Census Area.
Additionally, your loan amount cannot exceed the value of home you are purchasing. Learn more about FHA Loan Requirements.
Cities and ZIP Codes in Nome Census Area
The FHA Limits, HECM Loan Limits, and Conforming Loan Limits listed on this page apply to Nome Census Area which includes the following cities: Nome, Unalakleet, Saint Michael, Wales, Stebbins, White Mountain, Brevig Mission, Elim, Gambell, Koyuk, Savoonga, Shaktoolik, Shishmaref, and Teller.