Sitka City and Borough, AK 2019 FHA Loan Limits

Last Updated: Wed, January 2, 2019

FHA Loan Limits — Sitka City and Borough, AK

$486,450 Single Family
$622,750 Duplex
$752,750 Tri-plex
$935,500 Four-plex

Fannie/Freddie (Conventional) Loan Limits — Sitka City and Borough, AK

$726,525 Single Family
$930,300 Duplex
$1,124,475 Tri-plex
$1,397,400 Four-plex

HECM Loan Limits — Sitka City and Borough, AK

$726,525 All Home Sizes
2019 Alaska High Cost Limits

Local Loan Limits — Sitka City and Borough, AK

Loan Limit Summary

Limits for FHA Loans in Sitka City and Borough, Alaska range from $486,450 for single family homes to $935,500 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 Sitka City and 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 Sitka City and 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. Sitka City and Borough has high cost limits to compensate for above average housing prices. Limits in Sitka City and Borough are above the 2019 national floor.

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

VA Loan Limits in Sitka City and 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 Sitka City and Borough, AK is $486,450.

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

Additional Resources

How to qualify for an FHA Loan in Sitka City and Borough, Alaska?

The minimum loan amount in Sitka City and Borough is $5,000 dollars and may go up to $935,500 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 Sitka City and 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 Sitka City and Borough

The FHA Limits, HECM Loan Limits, and Conforming Loan Limits listed on this page apply to Sitka City and Borough which includes the following cities: Sitka, and Port Alexander.

Sitka City and Borough loan limits also apply to the following ZIP codes: 99835, and 99836.

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/sitka-city-and-borough