Alaska VA Loans
Deciding to purchase a house in Alaska is a huge financial decision, but with the unique benefits provided by the VA loan, your dream of homeownership just got that much easier.
With the average listing price of a home in Alaska landing at $345,363, the VA loan’s signature $0-money-down benefit is a considerable advantage for Alaska homebuyers.
How to get a VA Loan in Alaska
VA loans are made by private lenders and guaranteed by the Department of Veterans Affairs. Because private lenders make the loans and not the VA, you need to find a lender licensed in the state you plan to purchase or refinance. For example, if you're purchasing a home in Anchorage, AK, you'll need to find a lender licensed in Alaska to do the loan.
See also: VA Loan Eligibility Requirements
Other Considerations for Getting a VA Loan in Alaska
VA borrowers in Alaska should also consider the cost and impact of VA loan limits and property taxes when making their home purchase.
Alaska VA Loan Limits
VA borrowers in Alaska with their full VA loan entitlement are not restricted by VA loan limits. This means you can borrow as much as a lender is willing to lend without needing a down payment.
However, Veterans without their full VA loan entitlement are still bound to Alaska’s VA loan limits.
Alaska VA Loan Limits by County
| County | Loan Limit |
|---|---|
| Aleutians East | $1,089,300 |
| Aleutians West | $1,089,300 |
| Anchorage | $1,089,300 |
| Bethel | $1,089,300 |
| Bristol Bay | $1,089,300 |
| Chugach | $1,089,300 |
| Copper River | $1,089,300 |
| Denali | $1,089,300 |
| Dillingham | $1,089,300 |
| Fairbanks North Star | $1,089,300 |
| Haines | $1,089,300 |
| Hoonah-Angoon | $1,089,300 |
| Juneau | $1,089,300 |
| Kenai Peninsula | $1,089,300 |
| Ketchikan Gateway | $1,089,300 |
| Kodiak Island | $1,089,300 |
| Kusilvak Census Area | $1,089,300 |
| Lake and Peninsula | $1,089,300 |
| Matanuska Susitna | $1,089,300 |
| Nome | $1,089,300 |
| North Slope | $1,089,300 |
| Northwest Arctic | $1,089,300 |
| Petersburg | $1,089,300 |
| Prince Of Wales-Hyder | $1,089,300 |
| Sitka | $1,089,300 |
| Skagway | $1,089,300 |
| Southeast Fairbanks | $1,089,300 |
| Wrangell | $1,089,300 |
| Yakutat | $1,089,300 |
| Yukon Koyukuk | $1,089,300 |
Property Taxes in Alaska
Another consideration for VA buyers in Alaska is property taxes. For certain VA buyers, there are exemptions.
You may receive a property tax exemption if the Veteran is 50 percent or more disabled due to service. This exemption can be up to $150,000 of the assessed value of his/her primary residence. If the Veteran is deceased from a service-connected cause, the exemption will transfer to a surviving spouse.
If you are required to pay property tax in Alaska, the American Community Survey by the U.S. Census Bureau estimates you may pay the following in each county:
Property Tax Rates in Alaska
| County | Property Tax Rate |
|---|---|
| Aleutians West Census Area | 1.42% |
| Anchorage Municipality | 1.32% |
| Bristol Bay Borough | 0.88% |
| Dillingham Census Area | 1.07% |
| Fairbanks North Star Borough | 1.30% |
| Haines Borough | 0.49% |
| Hoonah-Angoon Census Area | 0.37% |
| Juneau City and Borough | 0.98% |
| Kenai Peninsula Borough | 0.78% |
| Ketchikan Gateway Borough | 0.89% |
| Kodiak Island Borough | 1.01% |
| Lake and Peninsula Borough | 0.80% |
| Matanuska-Susitna Borough | 1.15% |
| Nome Census Area | 1.35% |
| North Slope Borough | 1.39% |
| Northwest Arctic Borough | 2.28% |
| Petersburg Borough | 1.07% |
| Prince of Wales-Hyder Census Area | 0.76% |
| Sitka City and Borough | 0.54% |
| Skagway Municipality | 0.58% |
| Southeast Fairbanks Census Area | 1.10% |
| Valdez-Cordova Census Area | 1.10% |
| Wrangell City and Borough | 0.72% |
| Yakutat City and Borough | 0.51% |
| Yukon-Koyukuk Census Area | 0.75% |
How VA Loans Work in Alaska
View the graphic below to learn more about how VA loans work in Alaska.
