Conventional Home Loans

Conforming loans follow the terms and conditions set by Fannie Mae and Freddie Mac.

Conventional loans can be a fixed rate mortgage or an adjustable rate mortgage; they require a down payment by the borrower and have a wide range of payment period terms.

Alaska USA offers conforming conventional home loans. Each state has conforming loan limits, so call an Alaska USA Mortgage originator today for more information.

Getting started

Once you have met with a loan originator and reviewed the variety of loan options, you can move forward and get prequalified. Your loan originator will review your credit report and explain how your credit affects your purchasing power.

Your loan originator will give you a list of documents that you need to bring in to be reviewed by local underwriters. Common documents requested are:

• Pay stubs for the most recent 30 days
• Complete bank statements for the last two months
• Most recent investment information, such as IRA or 401(K) statements
• Most recent two years tax returns with all supporting documentation such as W-2 forms

Alaska USA may ask for additional items that are required based on the specific loan that you choose based on your financial status or situation.

Don't forget, the choice is yours when it comes to selecting the title and escrow agency, acting as the neutral party for you and the seller.