Maybe you are buying your first home in Alaska, or perhaps youre relocating to Alaska from another state. Either way, its important that you educate yourself on Alaska home loans before shopping for a home and mortgage. This article explains what you will need to know before buying a home in Alaska:

The median price of a home in Alaska is $144,200; however, home costs can vary widely between zip codes. For example, in the Anchorage Metro area, median home values during the summer of 2005 were $224,000. Recently, homes in Alaska have been appreciating at rates slightly above the national average. As a result, income levels in many parts of Alaska are too low to purchase a median-priced home with a conventional loan. In fact, homeowners in many Alaskan cities pay more than the recommended 30% of their incomes toward housing.

Alaska state law only allows issuance of adjustable-rate mortgages on owner-occupied residencies. Additionally, Alaska has a Permanent Fund Development program that distributes a yearly payment -- a share of the funds investment earnings -- to all qualified residents.

If youre buying a home in the state of Alaska, you qualify for both federal and state FHA and VA loans. First-time home buyers qualify for Alaska FHA loans with below-market interest rates, and, depending on their income, may also qualify for down payment assistance. Alaska also has a comparable program for homeowners in rural areas.

In addition to FHA loans, the state of Alaska also offers no-down-payment loans to people of very low income, persons with disabilities, veterans, teachers, firefighters, law-enforcement officers, and nurses. These individual requirements of each of these loans vary depending on the county in which you are buying a house.