Nome Census Area, AK

2021 Loan Limits

Tags: 2021 Special Statutory Provision High-Cost Alaska

Loan Limit Tables Nome Census Area, AK

Loan Limits are the maximum amount of money allowed to be lent for a particular kind of loan. Different types of loans have different limits. Below are the 2021 loan limits for Nome Census Area, AK.

Conforming Loan Limits

Conforming loans must meet the guidelines set by Fannie Mae and Freddie Mac. If a mortgage exceeds the conforming loan limits then it is considered a jumbo loan.

$822,375
Single-Family
$1,053,000
Duplex
$1,272,750
Triplex
$1,581,750
Quadplex

FHA Loan Limits

FHA Loans are home mortgages insured by the Federal Housing Administration. FHA Loans let you get a home loan with a lower down-payment and relaxed credit score requirements.

$440,450
Single-Family
$563,850
Duplex
$681,550
Triplex
$847,000
Quadplex

VA Loan Limits

If you qualify, veterans loans allow you to buy a house with zero money down.

$822,375
All Home Sizes

HECM Loan Limits

Home Equity Conversion Mortgages (HECM) allow seniors to convert home equity into cash for unexpected expenses.

$822,375
All Home Sizes

Loan Limit Breakdown

Median Home Price

The Federal Housing Finance Agency (FHFA) conducts an annual survey to determine the median home prices in each county or metro area in the US. Median home price is then used to determine the loan limits in Nome Census Area.

The last survey of home prices in Nome Census Area was conducted in 2020 and found the median home price was $383,000.

Loan Limits Summary

The Housing and Economic Recovery Act (HERA) of 2008 contains a special statutory provision setting a baseline maximum loan limit that is 50 percent higher in Alaska, Hawaii, Guam, and the U.S. Virgin Islands than in the contiguous US.

Accordingly, the loan limits in Nome Census Area are set equal to the national loan limit ceiling for high-cost area.

The 2021 conforming loan limit for a single-family home in Nome Census Area, AK is $822,375. The FHA loan limit for a single-family home is $440,450.

This is an 6.9% increase over the 2020 loan limits which were set at $765,600 for a single-family conventional.

The tables above provide a complete breakdown of 2021 loan limits in Nome Census Area, AK for FHA Loans, Conforming Loans, VA Loans, and HECM Reverse Mortgages.

What's Next?

If you are interested in purchasing a home with a conventional or FHA loan, the next step is to talk to a real estate agent and find a lender.

Not all lenders are the same. Some will not do FHA loans while others specialize in it. Rates may vary between lenders so it is important to shop around.

Loan Limits on this page apply to the following cities in Nome Census Area, Alaska: Nome, Unalakleet, Saint Michael, Wales, Stebbins, White Mountain, Brevig Mission, Elim, Gambell, Koyuk, Savoonga, Shaktoolik, Shishmaref, and Teller.

These loan limits also apply to the following ZIP codes in Nome Census Area, Alaska: 99762, 99684, 99659, 99783, 99671, 99784, 99785, 99739, 99742, 99753, 99769, 99771, 99772, and 99778.

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Data Source

HUD Seal

FHA Loan limits are published by the HUD. Conforming loan limits are published by Federal Housing Finance Agency (FHFA).

Last updated on January 2, 2021