Springtime for Homebuying
It may still look like winter but spring is in sight and prospective homebuyers will soon make it busy season for real estate professionals, lenders, home inspectors, appraisers and others involved in the homebuying process.
The Alaska market has remained stable, interest rates are low and steady, and the number of millennials in prime homebuying age is growing. Approximately half of the loans we purchase are first-time homebuyer loans, which offer numerous benefits to borrowers. Following are just a few of those benefits:
- An Alaska Housing loan is more than a home investment; it’s an investment in our state. Jobs stay here.
- We do not sell our loans to outside financial institutions; AHFC is the investor.
- All of our mortgages are serviced in state. If an unexpected event happens in your life, you can get answers to your questions from your Alaska servicer.
- If an Alaska Housing borrower decides to sell the home at a later date, the new buyer can take over (assume) the loan.
- If a borrower is having difficulty making mortgage payments, the servicer, working closely with our servicing department, will do their best to keep the borrower in the home. Our foreclosure rate is at a record low of 0.31 percent.
The health of the housing market isn’t entirely measured by the number of new homes. At Alaska Housing, we have seen an increase in demand for renovation funding. With half of the homes in the state built in the '70’s it makes sense. We have three renovation loan options available.
Our Refinance Renovation has been of particular interest following the earthquake that hit Southcentral Alaska on Nov. 30. The program incorporates renovation costs into a new loan, allowing borrowers to finance repairs and upgrades with just one mortgage payment.
We’re excited about the upcoming homebuying season and I can think of no better way to start the road to homeownership than by attending a free HomeChoice class. If you know someone who would benefit, encourage them to sign up for a class and if you know anyone with questions, invite them to visit us at an upcoming home show. During March and April, we will be present at home shows around the state.
We will listen to identify how we, along with our partners, can find a solution that fits your needs.