Home Loans

Residential Loan Officers

10-30 Year Conventional Mortgage

A Conventional Mortgage is a loan that conforms to established guidelines for the size of the loan and your financial situation.

Monthly principal and interest payments on a conventional fixed-rate mortgage remain the same for the life of the loan making it an attractive option for borrowers who plan to stay in their home for several years.

Check ListONLINE Application
 PRINT VERSION OF ApplicationPRINT VERSION OF Additional Borrower Application
Lock-in DisclosureAuthorization to obtain credit and/or payoff information

Cabin/Recreational

Have you dreamed about owning your own recreational getaway, a place to call "home away from home?"

MVFCU can finance the cabin or recreational property that your family has always wanted!

Loans made under our in-house programs will be serviced by the good folks right here at MVFCU. You will never have a pre-payment penalty on any loan made with MVFCU! 

Check List ONLINE Application Questionnaire for Recreational Cabin
 PRINT VERSION OF Application PRINT VERSION OF Additional Borrower Application
Lock-in Disclosure Authorization to obtain credit and/or payoff information

Owner/Builder Construction

Build your dream home today

Alaska MVFCU members are able to apply for a construction loan as an owner-builder. Typically, the owner-builder will personally manage or significantly participate in the construction of their new home.

The paperwork we supply helps to keep the owner-builder organized and makes it easier for them to gather the required documentation and knowledge to engage in the construction process.

Members must demonstrate the ability to manage a construction project, or may be required to have a knowledgeable industry professional look over their shoulder. Members are encouraged to have a strong equity position in the project up front and sufficient reserves for allowances for cost and time over-runs.

Once you have completed the Loan Application Packet, call us at (907) 745-9165 during regular business hours to set up an appointment. If you have any questions about the loan application package, call us at the above number, we're here to help you!

Check List ONLINE ApplicationNotices & DisclosuresTax Payer Consent Form
 PRINT VERSION OF ApplicationPRINT VERSION OF Additional Borrower Application
Authorization to obtain credit and/or payoff information

*Owner-Builder Residential Construction Loans are currently available in Alaska only.

Alaska Housing Finance Corporation (AHFC)

MVFCU partners with Alaska Housing Finance Corporation. AHFC’s mission is to provide Alaskans access to safe, quality, affordable housing. Contact us to discuss your home financing options through AHFC.

Check ListONLINE Application
 PRINT VERSION OF ApplicationPRINT VERSION OF Additional Borrower Application
Lock-in DisclosureAuthorization to obtain credit and/or payoff information

Land

MVFCU can finance your dream property! Loans made under our in-house programs will be serviced by the good folks right here at MVFCU. You will NEVER have a pre-payment penalty on any loan made with MVFCU!

Land must be located in the state of Alaska.

Property must be accessible by road.

Unimproved Residential Land

Description- Raw land loan only. May include well, septic, or utility improvements.

Improved Residential Land

Description- Residential Land with a Structure.
● 1^st Deed of Trust.
● Structures shall not include residential living space, shall be on a permanent foundation and be insurable.
● Must be a completed structure such as a garage, barn, shop, hangar, or similar structure type – Mobile Homes are not acceptable
● As-built may be required on a case-by-case bases.
● Standard Policy to be requested with title company.
● Insurance required.

CHECK LIST ONLINE ApplicationNotices & DisclosuresTax Payer Consent Form
 PRINT VERSION OF ApplicationPRINT VERSION OF Additional Borrower Application
Authorization to obtain credit and/or payoff information

Jumbo

Jumbo loans, as indicated by their name, are larger than conventional mortgages and classified as non-conforming.  The reason for the distinction, aside from their cost, is their underwriting guidelines.  For some jumbo loans, the underwriting process might require getting more than one appraisal to verify the actual value of the property.  And the borrower may have to undergo even more financial investigation and submit more paperwork than normal to be approved.

Check ListONLINE Application
 PRINT VERSION OF ApplicationPRINT VERSION OF Additional Borrower Application
Lock-in DisclosureAuthorization to obtain credit and/or payoff information

Home Equity Line of Credit

Home Equity Line of Credit (HELOC), or simply "home equity line." It is a loan set up as a line of credit for some maximum draw, rather than for a fixed dollar amount.

HELOC Criteria

The amount of your Home Equity Line of Credit (HELOC) is based on the value of your home. A MVFCU HELOC has the following criteria:
● Owner occupied single family or duplex residential properties or second homes are eligible for the Home Equity Line program.
● Your home must be 100 percent complete in order to qualify for a Home Equity Line of Credit.
● Home Equity Lines are available for as little as $10,000 or up to $500,000 of the qualifying equity in your primary residence. The maximum loan amount available for a first lien position is $500,000 not to exceed 80 percent of the value and up to $300,000 for a second lien position, not to exceed 70 percent of the value including the first lien.
● This loan program has a variable interest rate which can be adjusted monthly or fixed rate conversions are also available.
● Ask a representative for details. There is no annual fee and no minimum draw amount with an initial draw period of 7 years, an additional 7 year draw period can be requested with updated qualifying documents.

Estimate the Amount you can Borrow

First – Determine the Value of your Home
For a rough estimate you may use the borough/municipality's assessed value for your home. An appraisal by a certified appraiser may be necessary.

Next – Determine the Type of HELOC for which you can Apply
If you own your home outright, apply for a first deed of trust HELOC. If you already have a mortgage on your home, apply for a second deed of trust HELOC.

Finally – Calculate the Available Equity you have in the Home
Complete the correct equation based on the HELOC type you qualify for:

First Deed of Trust HELOC:

Value of Home x 80% = Usable Equity

Second Deed of Trust HELOC:

(Value of Home x 80%) - Current Mortgage Balance = Usable Equity

Your result – Usable Equity – this is your estimate of the maximum line of credit you may apply for based upon the criteria above. MVFCU's calculation may differ from your estimate.

Fixed Interest Rate

Once a year and at any time during the year, the Home Equity Line of Credit (HELOC) Loan allows you to convert all or a portion of the outstanding balance to a fixed interest rate (the minimum conversion amount is $10,000, with a 15-year repayment term). There is a maximum of two (2) fixed rate conversions at any given time for the HELOC Loan. A first deed of trust fixed rate conversion will be the prevailing "Prime Rate" plus a margin of 0.75% at the time the conversion is requested. A second deed of trust fixed rate conversion will be at the prevailing "Prime Rate" plus a margin of 1.25% at the time the conversion is requested.

Fixed rate conversions have a minimum interest rate of 5.75% for a first deed of trust and 6.25% for a second deed of trust; with a maximum interest rate of 15%. Fixed rate conversions must be requested in writing at the time of conversion in person or by mail. HELOC fixed rate option forms will be provided to you upon closing of your HELOC and upon your request. Conversion to a fixed rate loan has a low $50.00.

● All rates and terms are subject to change without notice.
● Property must be located in the State of Alaska or Hawaii.
● The primary borrower must be a MVFCU member or able to become a MVFCU member prior to closing of the loan.
● The property must be either a primary residence or a second home.

CHECK LISTONLINE ApplicationNotices & DisclosuresTax Payer Consent Form
 PRINT VERSION OF ApplicationPRINT VERSION OF Additional Borrower Application
Authorization to obtain credit and/or payoff information