Save money with competitive rates on an affordable loan for any use you decide.  And, the interest may be tax-deductible, lowering your yearly income-tax bill.

If you want to consolidate bills, pay for college tuition, obtain investment capital or purchase other assets, an Alaska USA Residential Equity Loan is a good source of funds.  With this loan, you borrow money against the equity that has built up in your home.

Terms:

Residential Equity Loans are available for properties located in Alaska and Washington.

The loan may be secured with either a first or second deed of trust on your primary residence.

Owner-occupied single-family, detached homes, duplex properties, zero-lot line, and single-family homes in Public Unit Developments are acceptable as collateral.

No appraisal is required in many tax assessment areas.

Residential Equity Loan Guideline

1. Maximum Amount:

Normally, 80% of appraised value or 80% of tax assessed value supported by a credit union inspection, less the current balance of the underlying loan, if any.  Up to 90% of value is available at higher rates of interest.

2. Maximum Term:

240 month term or 360-month amortization with a 180-month balloon payment for primary residences and future retirement homes.  144 month term for non-owner occupied properties and second homes.

3. Type of Lien:

First or Second Deed of Trust.

4. Annual Percentage Rate:

Periodically established by the Board of Directors. (see Real Estate Loan Rates.)

5. Fees:

Periodically established by the Board of Directors.  (See loan information for Alaska or Washington for details.)

6. Miscellaneous:

Title insurance policy (or alternatively a second mortgage protection policy), flood-hazard determination, hazard insurance and appraisal or current tax assessment are required.  Appraisals on loans over $100,000 may be required consistent with the Real Estate Loan Property Appraisal Policy.

7. Restrictions:

Limited to secondary-market qualifying, detached single-family, two-to-four unit and zero-lot-line properties (including such properties in qualifying PUDs).  Loan-to-value ratios (LTVs) in excess of 80% are available only on detached single-family and duplex primary residences.  Different LTVs and property types periodically established by the Board of Directors by geographic areas.  Properties that do not currently satisfy secondary-market qualifications may be financed at a reduced LTV (generally 50%), if the improvements necessary to satisfy that requirement could be completed for a cost that would result in the total LTV not exceeding the maximum amount above.  New loans granted under this guideline may be suspended or otherwise restricted from time to time by the Board of Directors.

^*If the loan is originated with a commitment from a secondary market, all limitations and underwriting requirements will be those established by the secondary market investor.

This guideline is approved by the Board of Directors and is effective on June 24, 2005

More Information (Alaska)

More Information (Washington)