Military Family Resource Guide - 2010 - Keep Trees

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HOUSING and Real Estate BuYInG A hOMe Buying a home in Alaska is an investment in your future. There has been a bit of a housing construction boom in Fairbanks over the last few years to meet the needs of an increased military population. As a result, there are a full range of options available. One way to figure out where you might want to live is to pick up some real estate magazines showing properties for sale. These are usually distributed free; some are divided up by neighborhoods, while others are listed by selling agents. Peruse the listings, check out the homes for sale, then drive around and see what the areas are like. Another way to do the initial background work is to research homes online. Hundreds of properties are listed on the Alaska Multiple Listing Service Web site. Many local realtors and homebuilders have their own Web sites as well. Online searching has practically become a national pastime; why not use it to find the home of your dreams? The best idea is to find a house that suits your family’s needs, personality, financial situation and goals. Make sure your realtor is working exclusively for you as your buyer’s agent. cOMMeRcIAL ReAL eStAte There are a few multi-family properties for sale in the Fairbanks area, as well as several commercial properties on the market. Whether you want a warehouse, retail shop, office building or other business, the market is sprinkled with properties ranging from around $100,000 to around $3.5 million, depending on the size of investment you want to make. ALASKA hOuSInG MARKet While the condition of the national housing market as a whole isn’t favorable, the housing market in Alaska has so far held up well under the difficult economic climate. High standards in lending practices coupled with no speculative buying or selling activities contributed to Alaska’s foreclosure rate of 0.88 percent which was the third lowest in the nation in 2008. The reported number of foreclosures in Alaska for 2008 was 1,131. This is an increase of 36 percent from 2007. The increase in foreclosures from 2007 to 2008 is high compared to recent years, but the state’s housing market remains strong in contrast to the markets of Lower 48. 22 MILITARY FAMILY RESOURCE GUIDE • <strong>2010</strong> cRedIt RepORt When you apply for a home loan the mortgage company will order a credit report. You can get a free report to find out in advance what your credit report says about your finances. To order your free annual report from one or all the national consumer reporting companies, visit www.annualcreditreport.com or call toll free 877.322.8228. For more information, visit www.ftc.gov/credit. Alaska’s economy has historically remained stable, or even surged, during difficult national economic climates. Research shows one of the reasons Alaska’s housing market has remained strong is the relative unpopularity of high-risk mortgages, such as adjustable-rate mortgages. Alaska’s mortgage loans were 2.4 times less likely to have an adjustable rate compared to those in the rest of the nation. The future for the Alaska housing market is optimistic. Level to slightly rising prices will reduce the risk of foreclosures. This and the stability of Alaska’s economy relative to the rocky national economy will play a major role in keeping Alaska’s housing market healthy going forward.
hOuSInG ReSOuRceS Alaska Association of Realtors www.alaskarealtors.com Alaska housing Finance corporation www.ahfc.us Alaska Multiple Listing Service www.alaskarealestate.com Alaska State home Building Association www.buildersofalaska.com Fairbanks neighborhood housing Service www.fnhs.org Fannie Mae www.fanniemae.com Freddie Mac www.freddiemac.com Greater Fairbanks Board of Realtors www.gfbr.org Interior Regional housing Authority www.irha.org national Association of Realtors www.realtor.com Veterans Affairs www.va.gov hOMe LOAn AppLIcAtIOn checKLISt 3 Photo ID, such as a driver’s license 3 Social Security numbers 3 Residence addresses for the past two years 3 Names and addresses of your employers over the past two years 3 Your current gross monthly salary 3 Recent statements with names, addresses, account numbers and balances on all checking, savings, investment, pension and retirement accounts 3 Recent statements with names, addresses, account numbers, balances and monthly payments on all open loans and credit cards 3 Addresses and loan information of all real estate owned 3 Estimated value of furniture and personal property 3 W2s for the past two years and current paycheck stubs 3 Copies of all court decrees affecting financial status, i.e. divorce decrees, child support documents, etc. 3 Verification of any child support payments VA or military programs 3 DD 214, if a Veteran 3 Form 22, if National Guard 3 DD 1747 – Off-Base Housing Authorization, if Active Duty 3 Certificate of Eligibility, if Active Duty Self-Employed Individuals 3 Personal tax returns for the past three years 3 Current income statement 3 Balance sheet Real Estate and HOUSING All Borrowers 3 Explanation of any irregularities on your credit report RentAL tIpS There are a few things you might want to know before signing a lease; be sure to check the following: • How much advance notice must you give before moving? • Are there security-deposit refund restrictions? • What is the owner’s obligation for repairs and maintenance? • Who will take care of yard duty, snow removal and clean-up? • Are there stipulations regarding subleasing, pets or the number of people allowed • in the unit? • Which utilities and services will the owner pay? Ask the manager to write and initial all changes and additions to the lease before you sign it and be sure to keep a copy for reference. After you sign a lease or rental agreement you should: Be sure you know who will manage your rental, where the rent is to be sent and who to call for repairs and maintenance. Make a checklist of the condition of the rental unit and any furnishings when you move in. Sign it, have the apartment manager sign it and keep a dated copy. This will come in handy when you move out. <strong>2010</strong> • MILITARY FAMILY RESOURCE GUIDE 23
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