Alaska USA's 3/1 and 5/1 Adjustable Rate Loan Programs are ideal for people shopping for a low mortgage rate, looking to maximize their home buying dollar, or members who expect to refinance or move in the future. 

Below market rates today gives you additional buying power and may save you money over the life of the loan.  Here's how our Adjustable Rate loan programs work:

• Low rates.  The adjustable rate loan offers mortgage rates as much as one percentage point below current market rates for a conventional fixed rate 30-year loan.
• Save now by locking into below market rates today.  Lock-in your best rate when you apply.  This rate is guaranteed for up to 60 days.  If interest rates have dropped 5 days before your closing date, you will get the lower of the two rates.
• Low down payment with 0 points. Qualifying borrowers can get into a home with as little as 3% down and no discount points.
• Fixed rates for the first three or five years.  Your mortgage rate is fixed for the first three or five years (depending on the program you select).  After the initial period the rates adjust annually based on prevailing market rates at the time.  Upward rate adjustments are limited to 2% in any year and 6% over the life of the loan.
• Additional Options Available.  New, expanded criteria options are available that make the program more flexible, allowing you to finance a retirement home, or in some cases may not require any down payment.  Loans made with the expanded criteria may not be converted to conventional loans.  Be sure to ask for more details.

Restrictions:

Yes, even a deal this good has limits.

• All loans must be on single-family detached or duplex residences or zero-lot-line homes that are the primary residence of the member, or will be the future primary residence in the case of retirement homes.
• Maximum length of the mortgage is 30 years.  Shorter terms are available in 5-year increments.
• Escrow reserve requirements are consistent with FNMA rules.