North Slope Borough, AK 2019 FHA Loan Limits
Local Loan Limits — North Slope Borough, AK
Loan Limit Summary
Limits for FHA Loans in North Slope Borough, Alaska range from $332,350 for single family homes to $639,150 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 North Slope 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 North Slope 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. North Slope Borough has high cost limits to compensate for above average housing prices. Limits in North Slope Borough are above the 2019 national floor.
FHA Home Appraisal in North Slope 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 North Slope Borough. If you need a home inspector, click here to find FHA-approved inspectors in North Slope Borough.
VA Loan Limits in North Slope 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 North Slope Borough, AK is $332,350.
How to qualify for an FHA Loan in North Slope Borough, Alaska?
The minimum loan amount in North Slope Borough is $5,000 dollars and may go up to $639,150 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 North Slope 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 North Slope Borough
The FHA Limits, HECM Loan Limits, and Conforming Loan Limits listed on this page apply to North Slope Borough which includes the following cities: Barrow, Point Hope, Wainwright, Anaktuvuk Pass, Prudhoe Bay, Kaktovik, Point Lay, Nuiqsut, and Atqasuk.