ANCHORAGE, AK – June 9, 2011 – (RealEstateRama) — Alaskans now have streamlined options for a second mortgage for home improvements. Alaska Housing Finance Corporation’s (AHFC) board of directors has approved the consolidation of various second mortgage programs into a single program that allows for property values to be determined by a method other than a new appraisal for loans up to $100,000 that do not exceed a combined loan-to-value of 75 percent.
“Loans need to be available with a high enough limit to help Alaskans finance their improvements, such as bathrooms, kitchens and major structural repairs,” said board vice-chair Clai Porter. “These changes will streamline the process for Alaska’s homeowners and maintain their property values.”
The Small Building Material Loan Program, which focuses on the needs of rural Alaskans and the Second Mortgage for Energy Conservation will remain in place and will include the increased loan limit of $100,000.
AHFC continues to offer other home improvement loan options that require a full appraisal:
• Second mortgages up to $312,750 for both urban and rural loans. A full appraisal is required.
• Purchase/ Renovation and Refinance/Renovation, which have loan limits of $688,050 for urban loans and $625,500 for rural loans.
Alaskans can contact an AHFC’s approved lender to apply for any of these loan programs.
AHFC is a self-supporting public corporation with offices in 16 communities statewide. It provides statewide financing for multi-family complexes, congregate facilities, and single-family homes, with special loan options for low- to moderate-income borrowers, veterans, teachers, health care professionals, and those living in rural areas of the state.
AHFC also provides energy and weatherization programs, low-income rental assistance in 17 communities, and special programs for the homeless and those seeking to become self-sufficient. AHFC has contributed more than $1.9 billion to Alaska’s state budget revenues through cash transfers, capital projects and debt-service payments.
For more information, contact: Sherrie Simmonds, Corporate Communications Officer, 907 330 8447, ssimmond (at) ahfc.state.ak (dot) us