Alaska
VA Loans in Alaska
The VA Loan is one of the most powerful tools available exclusively for military families and veterans. In Alaska, veterans and active-duty military have been taking advantage of the benefits of the VA Loan in cities such as Anchorage, Juneau, Fairbanks, Knik-Fairview, and Wasilla.
The cost of homes across the United States has been steadily increasing in recent years. With a $0 down payment requirement, no PMI, lower interest rates, and a more relaxed credit score requirement, the VA Loan is making home ownership a reality for more military families and veterans in Alaska now than ever before.
Median Sale Price of Homes in Alaska*
| Anchorage, Alaska | $363,538 |
| Juneau | $469,561 |
| Fairbanks | $282,684 |
| Knik-Fairview | $353,945 |
| Wasilla | $360,930 |
*Data specific to Alaska regions.
Property Taxes in Alaska
Many cities in Alaska do not levy any property tax. However, the largest cities, including Anchorage, do. Average property taxes in the state are a bit higher than the national average property tax. The average effective property tax rate in Alaska is 1.17%, while the U.S. rate is 0.99%.
VA Disability in Alaska
Real property owned and occupied as a primary residence by a Veteran who has a 50% or more service-connected disability rating from the VA is exempt from property taxes on the first $150,000 of assessed value in Alaska. This exemption transfers to a spouse if the Veteran passes away and the spouse is at least 60 years of age.
Insurance Programs in Alaska
Natural disasters can happen anytime and are often unexpected or occur suddenly which makes it critical that you and your family are sufficiently covered. Consult with a licensed insurance company to ensure you’re getting the best coverage for your location in Alaska.
Military Presence in Alaska
Alaska has a significant military presence, reflecting its strategic importance in national defense. The state is home to several key military bases, including Joint Base Elmendorf-Richardson near Anchorage, Fort Wainwright in Fairbanks, and the Eielson Air Force Base near Fairbanks. These installations play crucial roles in the defense of the United States and provide a substantial economic impact on their respective local communities.
With its unique geographical location, Alaska is pivotal for early-warning radar systems and aerospace defense. The military personnel stationed in Alaska benefit from the state's vast natural resources and outdoor recreational activities, making it an attractive location for service members and their families. As a result, a large community of veterans and active-duty military personnel call Alaska home, taking advantage of the VA Loan benefits to purchase homes and settle in the state.
The strong military community in Alaska is supported by various services and programs aimed at assisting veterans and active-duty members in maximizing their benefits, including those related to home ownership through VA Loans. The presence of over 19,000 active-duty service members, along with their families, adds to the vibrant military culture in Alaska, creating a supportive environment for those who have served or are currently serving.
VA Home Loan Volume in 2021 in Alaska*
| Total Loans | 2,262 |
| Average Loan Amount | $393,423 |
| Total Loan Amount (ALL) | $889,923,677 |
| Total Purchase Loans | 2,061 |
| Total Purchase Loans % | 91.11% |
| Total IRRRL Loans | 25 |
| Total IRRRL Loans % | 1.11% |
| Total Cash-Out Loans | 176 |
| Total Cash-Out Loans % | 7.78% |
*Data pulled from the Department of Veterans Affairs (specific to Alaska).
FAQ’s about VA Loans in Alaska
How do I buy a house in Alaska? The best way to get started is to give us a call or fill out this form to get started!
How do I find more information about property taxes and exemptions for veterans in Alaska? Click here to read more details regarding major property tax exemptions in every state.
What are the average interest rates in Alaska? Interest rates for VA Loans are often lower than the national average rates for conventional loans. Click here to learn more about interest rates.