Single Story For Sale in East End, City of Nome

•  780 sq. ft., 1 bath, 2 bdrm single story$165,000.

– Great Location Great Price!

This cozy home is loaded with historical character, with a location to die for! Only 2 blocks from the beach and a very short walking distance to the Hospital and the Elementary School. Picture yourself living in this lovely home full of artist-crafted, custom woodwork. The built in custom display case, custom wood counters, cabinets and warm wood accents are just the beginning…. Prepare your meals in a bright open kitchen, accented with an extra deep, classical farm style sink…of course you won’ t need the sink to wash the dinner dishes, just load them in the newer stainless steel dishwasher!

End your evenings with a walk on the beach and return to a warm fire in your new wood stove and a soak in your claw foot tub.

The rustic charm of this house is undeniable. The enormous southern and eastern exposure windows let in a ton of light, making use of passive solar natural light to keep away the winter blues. The 2 bedrooms both have private access to the bathroom. The a large laundry/work room offers a ton of storage and space for a workbench, sewing table or homework desk.

All of this charm sits back from the road on a huge 7,000 square foot lot and comes complete with off-street parking, a large shop building and fenced in back yard.

Property information

Will seller financing work for you?

Sellers who own their home free and clear or who have a small mortgage that can be paid off with the down payment.  According to the US Census most recent American Community Survey, approximately 1/3 of owner occupied housing units in the US do not have a mortgage.

More financing options attract more buyers.

A seller will only be taxed on the monthly payments per year, and not on the entire purchase price of the house at once.  For example, if the free-and-clear house sells for $100,000 or via a traditional loan, the seller pays taxes on $100,000.  If he finances the house and received $750 per month, for example, he pay taxes on $9,000 per year ($750×12)

Typically there are two types of buyers who benefit from seller financing.

  • The buyer who cannot get traditional financing.  Most banks are not flexible with loan terms.  With seller financing the buyer can negotiate the terms of the mortgage face to face with the seller, or with the assistance of their Realtor.  Typically there are fewer closing costs without a traditional lender.
  • The buyer who does not WANT traditional financing, such as an investor.  Rather than a standard down payment required by banks, investors can finance the entire purchase or offer a lower down payment along with something else for the seller, such as a higher monthly payment, a boat, or they can finance the down payment.

What is an asset?

If you have applied for a home loan, you will be asked to list your assets.  Asset sources may come from several different sources, including checking and savings accounts, retirement plans, certificate of deposits, and of course any real property that you may own.

While things like your vehicle, 4wheeler, snowmachine, and ivory collection have value, lenders are not able to verify the value of these items, so they wouldn’t be recognized as assets.

Gifts from a close relative may be considered as assets, but you must remember that your lender will require a paper trail for any cash deposits made to your account.  I encourage you to discuss with your lender if you plan to use gifted funds to make your purchase before any money changes hands.

3 Story For Sale in Icy View, Nome

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Icy View location

•  1,832 sq. ft., 3 bath, 6 bdrm 3 story$225,000. Income property

– This duplex, located in the Icy View Subdivision is right next door to the firehall and playground. The upstairs unit is spacious 4br/2ba with plenty of storage, the downstairs is a cozy 2br/1ba. Both units currently rented on month-to-month leases.

At this price, rents from one of the apartments would cover the mortgage payment!

This building needs some updating, so the right person could really build equity quickly.

Property information

RHS Direct Loan Funds Available

The Rural Housing Service (RHS) has available funds in its Section 502 Direct Loan Program that must be used by September 30, 2015.  As of August 13, 2015, RHS has enough to fund approximately 2,500 additional home loans.  Direct loans are available to households in rural areas whose adjusted income does not exceed 80 percent of the area median. There is no down payment requirement and the interest rate can be as low as one percent.  These applicants generally demonstrate a willingness and ability to pay their debt obligations but lack sufficient repayment ability for a Section 502 guaranteed loan.  Loan funds may be used to purchase existing homes, to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities.

For more information about the program contact:

Jim Nordlund, State Director
800 West Evergreen, Suite 201
Palmer, AK  99645-6539
Voice: (907) 761-7707
Fax: (907) 761-7783