State Veterans Interest Rate Preference
Qualified veterans receive a one percent 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 percent 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 percent.
A qualified State Vet is an honorably discharged member of the Armed Forces of the United States who served at least 90 days active duty after April 6, 1917. 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.
- 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 Vet income limits. (For assistance in calculating your income, see our income worksheet.)
How to Apply
- Contact an approved lender.
Veterans may contact the following agencies for additional information about programs and benefits.
- Dept of Veterans Affairs
1201 N. Muldoon Road
Anchorage, AK 99504
- 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