State Veterans Interest Rate Preference

Qualified veterans receive a 1% interest rate reduction on the first $50,000 of the loan amount. Veterans must meet "State Vet" income limits.

How the program works

Qualified veterans may combine the state vet option with most single-family loan programs (some exceptions apply). A 1% interest rate reduction applies to the first $50,000 of the loan amount. Loans exceeding $50,000 receive a blended interest rate rounded up to the next 0.125%.

A qualified state vet is an honorably discharged member of the armed forces of the United States who served at least 90 days of active duty service. Active duty service in the armed forces, armed forces reserve, Alaska Army, Alaska Air National Guard or public health service may meet the requirements. A qualified state vet may be an honorably discharged member of the Alaska Army or Alaska Air National Guard, or a reservist who has served at least five years.

A combination of service in the Guard and Reserves may also qualify. The widow or widower of a qualified veteran may also be eligible.

Additional Considerations

  • Members of the military currently serving on active duty are not eligible.
  • Veterans must supply the lender a copy of their DD-214 and VA Certificate of Eligibility or other evidence that their discharge from active duty service was made under honorable conditions.
  • If there is more than one borrower and the applicants are unmarried, both must be qualified veterans.
  • The borrower's family income may not exceed State Veteran income limits. (For assistance in calculating your income, see our income worksheet.)

How to Apply

Veterans may contact the following agencies for additional information about programs and benefits.

Anchorage Area

  • Dept of Veterans Affairs
    1201 N. Muldoon Road
    Anchorage, AK 99504
    907-257-4700

Outside Anchorage

  • Fairbanks Veterans Center
    540 Fourth Ave., Suite 100
    Fairbanks, Alaska 99701
    907-456-4238 or 877-927-8387
     
  • Kenai Veterans Center
    Bldg. F, Suite 4, Red Diamond Center
    43335 Kalifornsky Beach Road
    Soldotna, Alaska 99669
    907-260-7640 or 877-927-8387
     
  • Wasilla Veterans Center
    851 E. West Point Drive, Suite 102
    Wasilla, Alaska 99654
    907-376-4318 or 877-927-8387