Alaska Mortgage Limits by County in 2022

  • Conforming borrowing limits are the same throughout Alaska and FHA borrowing limits vary by county.
  • If you’re getting a conforming mortgage, you can borrow up to $970,800 in all counties.
  • FHA mortgage limits start at $420,680 and go up to $545,100, depending on what county you’re buying a home in.

If you live in Alaska and plan to apply for a conforming or FHA mortgage to buy your next home, you’ll need to make sure your loan amount doesn’t exceed certain loan limits

Alaska has a higher conforming loan limit than most other states. In 2022, Alaska homebuyers can borrow a conforming mortgage up to $970,800 in all counties.

FHA mortgage limits vary by county. Depending on where in Alaska you’re buying a home, your loan limit could be between $420,680 and $545,100 in 2022.

How do mortgage borrowing limits work?

The Federal Housing Finance Agency sets loan limits for conforming mortgages, while the Federal Housing Administration sets limits for FHA mortgages. These limits are based on average home values, so they’re higher in counties where homes are more expensive.

These limits are the maximum amount of money a borrower can get with each type of loan. Keep in mind, though, that borrowing limits don’t refer to what you can personally afford to borrow. Your lender will determine what you can afford to pay back based on your income, debt, and assets. This number may be much lower than the maximum borrowing limit for your county.

Alaska borrowing limits in 2022 by county

How to determine which type of mortgage is best for you

If you’re planning to buy a home on the higher end of the average price range for your area, loan limits will be an important part of you deciding which type of mortgage to get. But you’ll also be limited by what you’re able to get approved for.

To qualify for a conforming mortgage, you’ll need a

credit score

of at least 620 and at least a 3% down payment. FHA mortgages typically require a minimum credit score of 680 and a down payment of 3.5%. You may be able to qualify for an FHA mortgage with a credit score as low as 500 if you put 10% down.

If you need to borrow more than the conforming loan limit for your county, you’ll need to apply for a jumbo mortgage. You’ll likely need a credit score of at least 680 and a 10% or 20% down payment to be approved for one of these mortgages, but it can vary from lender to lender.

VA mortgages and USDA mortgages are other options for those who qualify. Neither of these types of mortgages has borrowing limits. VA mortgages are available to service members or veterans who meet minimum service requirements. Some surviving spouses may also be eligible. USDA mortgages are aimed at helping lower-income households in rural or suburban areas get into a home, so they’re subject to certain income and location limits. You can check your eligibility on the USDA’s website. Both of these mortgage types allow 0% down payments.

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