Lending Regulation

• The Alaska Mortgage Lending Regulation Act of 2008, intended to protect consumers and prevent predatory lending, requires that mortgage lenders, brokers, and originators apply for and obtain a mortgage license to do business in Alaska.
  
  

Interest Rates

• Alaska's Civil Code Provision of the Real Estate Act regulates variable interest rates offered for real estate purchases. Of particular note, the provision mandates that borrowers approved for large mortgage amounts are guaranteed fixed-rate mortgages.
  
  

Lending Practices

• The Civil Code Provision also mandates that interest cannot be charged more than one day before the recording of the mortgage, even if the borrower received the loan before that.
  
  

Indian Home Loan Guarantee Program

• In 1992, Congress established the Section 184 Indian Home Loan Guarantee Program, which provides special mortgage options to Alaskan Native individuals, families and villages.
  
  

Fact

• Some Alaskan home buyers do not qualify for conventional loans because of limited access or lack of utilities to the desired property.