Petersburg Census Area, AK FHA Loan Limits
Local Loan Limits — Petersburg Census Area, AK
Loan Limit Summary
Limits for FHA Loans in Petersburg Census Area, Alaska range from $332,350 for 1 living-unit homes to $639,150 for 4 living-units. Conventional Loan Limits in Petersburg 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 Petersburg 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 living-units on the property. FHA loans are only allowed on 1 to 4 living-unit properties. Petersburg Census Area has high cost limits to compensate for above average housing prices. Limits in Petersburg Census Area are above the 2019 national floor.
FHA Home Appraisal in Petersburg 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 Petersburg Census Area. If you need a home inspector, click here to find FHA-approved inspectors in Petersburg Census Area.
VA Loan Limits in Petersburg 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 cap. The VA uses the 1 living-unit FHA Loan Limit as its cap on VA Loan Liability. The 2019 VA Loan Limit for Petersburg Census Area, AK is $332,350.
How to qualify for an FHA Loan in Petersburg Census Area, Alaska?
The minimum loan amount in Petersburg Census Area 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 Petersburg Census Area.
Additionally, your loan amount cannot exceed the value of home you are purchasing. Learn more about FHA Loan Requirements.