New from Residential Mortgage

Homebuyers to see higher loan limits in 2018

Qualified buyers in Alaska will be able to take out larger home loans backed by Fannie Mae and Freddie Mac in 2018 thanks to an increase in home prices.

Loan limits for conventional loans will increase to the following:

  • Single Family House/Condo: $679,650
  • Duplex: $870,225
  • Triplex: $1,051,875
  • Fourplex: $1,307,175

In addition, the Alaska Housing Finance Corporation has increased its loan limits.

  • Single Family House/Condo: $747,615
  • Duplex: $870,225
  • Triplex: $1,051,875
  • Fourplex: $1,307,175

The VA (Veterans Administration) loan limit will also go up to $679,650.

Contact your mortgage loan originator today for more details.


Refinance Renovation loans from Residential Mortgage

Are you ready to renovate your outdated kitchen or master bath and increase your home’s value? What about increase the energy efficiency of your home to save you money? All of that is possible with a Refinance Renovation loan from Residential Mortgage.

Below you’ll find some quick facts about the Refinance Renovation loan and its requirements.

  • Available to all Alaska residents.
  • Properties eligible include: owner-occupied single-family residences, duplexes, triplexes, fourplexes, condominium units and Type I manufactured as well as rural non-owner-occupied duplexes, triplexes and fourplexes.
  • Written estimates must be supported by a bid or contract signed by a licensed contractor. Borrowers doing the work themselves must provide evidence of their qualifications to complete the project.
  • Renovations must comply with state laws regarding contractor licensing and minimum construction standards.
  • Both an “as-is” and “as-complete” appraisal is required. Appraisals must clearly discuss the existing property, renovations proposed and include a discussion of materials used. It must also include the estimated market value of the home after the renovations are completed.
  • 50% of the total loan amount, or $75,000, whichever is LESS will be held in escrow. In addition, a 10% contingency is required for cost overruns. Unused escrow funds are applied to the principal. The term of the escrow may not exceed 180 days.
  • Additions are subject to additional requirements.
  • A final inspection is required.

For more information, or to apply for a loan, contact us today.


New for qualified veterans.

Refinance up to 100% of your home’s value with a VA Cash-Out home loan.

A VA Cash-Out Refinance Loan provides access to cash from the equity you’ve built up in your home – and you’re free to use the money for whatever you want!

  • Remodel your home
  • Pay off high-interest debt
  • Eliminate tuition-related debt
  • Buy a car or boat

Compared to many other kinds of loans, the VA Cash-Out is often your best way to convert your home’s equity into cash because it’s often offered at a lower rate when compared to a conventional cash out loan.*

Low interest rates and high home values make it a great time to tap into your home’s equity for other expenses. Contact us today to find out if you qualify.

*Property must be owner occupied. Requires a full appraisal as the loan amount is based upon the current appraised value. Maximum loan amount is $636,150. Applicants are not required to extract cash. Closing costs and funding fee can be rolled into the entire loan amount. By refinancing an existing loan, total finance charges may be higher over the life of the loan. Residential Mortgage’s operations, products and/or services do not originate from, and are not endorsed by the VA, USDA, HUD or FHA.


Residential Mortgage is no longer charging an origination fee on its home loans, lowering out-of-pocket closing costs to qualified homebuyers.*

Instead of paying the customary 1% origination fee, you’ll pay a $799 processing fee and $250 underwriting fee.

The money you save could be in the thousands, and be used to increase your down payment, set up an emergency fund for those inevitable home repairs, lower debt, or whatever you choose.

Local service, more programs and fewer fees set us apart from other lenders.

For more information, or to pre-qualify, contact us today.

*Restrictions may apply. Amount of savings depend on the loan amount. Minimum loan amount to save is $105,000. Not available on AHFC loans.

Residential Mortgage, LLC
100 Calais Drive, Anchorage, AK 99503
NMLS # 167729

© 2017 Residential Mortgage, LLC. All Rights Reserved.
Residential Mortgageā€™s operations, products and/or services do not originate from, and are not endorsed by the Veterans Administration (VA), United States Department of Agriculture (USDA), Department of Housing and Urban Development (HUD) or Federal Housing Administration (FHA).
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