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First-time home buyer programs in College, AK

Quick answer

First-time buyers in College, AK can use 3%-down conventional loans (up to the $1,249,125 Fairbanks North Star Borough conforming limit), 3.5%-down FHA, or VA and USDA where eligible. On the $279,100 median home, 3% down is about $8,373 and the estimated payment is $2,312/month at 7.18%.

By Purchase Mortgage Loan Editorial Team Checked against official sources per our editorial standardsData last updated

Median household income: $76,831; value-to-income ratio 3.63. College ranks 6 by home value and 6 by population among 14 places in our AK dataset.

What does a first-time buyer loan cost on a typical College home?

ItemCollege
Median home value (Census ACS)$279,100
Alaska median home value$333,300
Down payment (3%)$8,373
Loan amount$270,727
Estimated monthly payment (PITI + MI)$2,312
Income needed (28% / 36%)$100,000 / $78,000
Fairbanks North Star Borough 2026 conforming limit (1 unit)$1,249,125
Max purchase price at the limit$1,287,000

Rate assumption: 7.18% (Freddie Mac PMMS 30-year fixed average, week of November 5, 2026). Change it in the payment calculator.

Payment includes Alaska's 1.14% effective property tax rate (Census ACS), $1,216/yr homeowners insurance (NAIC state average) and an estimated 0.5% PMI.

What is the 2026 conforming loan limit in College?

College is in Fairbanks North Star Borough. Conventional 3%-down loans go up to the $1,249,125 conforming limit (price ≈ $1,287,000); FHA loans go up to $541,287.

The College median home value of $279,100 is 16% below the Alaska median, and within what the county limit supports.

Which down payment assistance programs can College buyers use?

No applicable programs have been verified for this city yet. Check the state housing finance agency for current assistance.

First-time buyer loans in nearby cities

FairbanksBadgerNorth LakesKnik-FairviewAnchorageJuneau

First-time buyer loan FAQs for College

On the $279,100 median: 3% conventional ≈ $8,373, 3.5% FHA ≈ $9,769, and 0% for eligible VA or USDA buyers. Conventional loans above $1,249,125 in Fairbanks North Star Borough become jumbo loans.

At the $279,100 median value (below the Alaska median of $333,300), the estimated payment of $2,312/month at 7.18% needs about $100,000 a year under the 28% housing guideline, or $78,000 if your total debts stay under 36%.

0 city-level, 0 county-level and 0 statewide programs are verified for this city (0 total). Check each official administrator's eligibility rules and available funds.

Sources

Data last updated October 23, 2026.

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Figures on this page are estimates for educational purposes only and are not a loan offer or commitment to lend. Rates, loan limits, fees and assistance programs change frequently and vary by lender, location and borrower profile. Confirm current terms with a licensed loan officer.