Nome Census Area, AK 2019 FHA Loan Limits

2019 Alaska High Cost Limits Last Updated: Tue, December 10, 2019

FHA Loan Limits

$391,000
Single Family
$500,550
Duplex
$605,050
Tri-plex
$751,900
Quad-plex

Federal Housing Administration (FHA) Loans are federally insured mortgages.
In Nome Census Area, loan amounts may not exceed the limits above.

Local Loan Limits — Nome Census Area, AK

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. These 1 to 4 unit properties can be purchased with an FHA loan as long as the owner occupies one of the unit. Properties with over 4 units are considered commercial and do not quality for FHA or conventional loans.

Loan Limit Summary

Limits for FHA Loans in Nome Census Area, Alaska range from $391,000 for 1 living-unit homes to $751,900 for 4 living-units. Conventional Loan Limits in Nome Census Area 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 Nome Census Area is $726,525. HECM limit does not depend on the size of the home.

What are Conventional Loans?

Conventional loans (also called "conforming") are loans that conform to the requirements set by Fannie Mae and Freddie Mac. Fannie Mae and Freddie Mac buy home loans from lenders to provide liquidity. This allows lenders to continue lending to home buyers. Otherwise, banks might not have enough money on hand continue lending. Fannie and Freddie set strict standards for the types of loans they will buy.

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. You can also save time by looking for FHA Condos that have already been approved.

VA Loan Limits in Nome Census Area

VA Loans are similar to FHA Loans in that it allows you to buy a home with very little money down. However VA Loans are only available to veterans of the Armed Forces. With VA loans the Department of Veterans Affairs guarantees the loan on the veteran's behalf. The maximum the VA will guarantee is set to the same amount as the single-family Fannie/Freddie Loan Limit. So the Nome Census Area, AK 2019 VA Loan Limit is $726,525

Learn more about VA Loans and how to qualify »

Additional Resources

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, VA Loan Limits, HECM Loan Limits, and Conforming Loan Limits listed on this page apply to Nome Census Area, Alaska which includes the following cities: Nome, Unalakleet, Saint Michael, Wales, Stebbins, White Mountain, Brevig Mission, Elim, Gambell, Koyuk, Savoonga, Shaktoolik, Shishmaref, and Teller.

Nome Census Area loan limits also apply to the following ZIP codes: 99762, 99684, 99659, 99783, 99671, 99784, 99785, 99739, 99742, 99753, 99769, 99771, 99772, and 99778.

Citation

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


** Document Provided By FHALoans.guide **
Source: https://fhaloans.guide/loan-limits/alaska/nome-census-area