One of the challenges with living in Nome is something that people in the Lower 48 take for granted….the access to hazard insurance for your home. One of the most important factors in the monthly payment for your home is the cost of your insurance. Rate quotes vary greatly from agent to agent, insurer to insurer. I have worked with several different companies and am always happy to refer you to agents who have proven to be easy to work with and carry insurance products that are cost effective.
A large portion of Nome is located in the flood plain and will need to purchase flood insurance, as traditional homeowner policies do not cover flood damage. Even if there is no history of flooding at the site, if your property is located in the ‘flood plain’ your lender will require this type of coverage.
Buyers of investment properties also special coverage; premiums on homes where occupants are non-owners tend to be slightly higher than for owner occupied properties.
For a comprehensive list of insurance companies that do business in Nome Alaska and an estimate of what the rates will be, please click HERE.
• 1,266 sq. ft., 1 bath, 2 bdrm single story – $215,000.
Kotzebue, Northwest Arctic Borough
Qualified mortgages require debt-to-income ratios of no more than 43 percent.
The debt-to-income ratio is a method for a lender to measure a borrower’s ability to manage the payments made every month in order to repay the money borrowed. To calculate a debt-to-income ratio, a lender will add up all of a borrower’s monthly debt payments and divide that number by the borrower’s gross monthly income. Gross monthly income is the amount of money a borrower earns before taxes and other deductions are removed.
If you find that your debt to income ratio is too high, you could:
- Use a larger downpayment to reduce the loan amount.
- look for a lower priced home
- Pay off the balances on your existing debt
- increase your monthly income
Tired of punching a clock? Like to help people? Have a can-do attitude and a strong sense of personal responsibility? If you have ever considered a career in real estate, I would like to help!
Flexible hours, hands on mentor-ship, with an established and successful brokerage. I will walk you thru the process of getting your required education and license, then reimburse many of your costs after your first closing.
Call or email for more information!
• single story – $300,000.
Kotzebue, Northwest Arctic Borough – Lots 1, 2 & 8, Block 12, USS 4498, Tract A. The “L”-shaped parcel consists of three lots totaling 38,644 square feet or 0.89± acre. House Addresses: “House numbers” of the mobile homes located on the appraised property are identified by the City of Kotzebue as 833A, 833B, 833C and 846A; there is also a garage identified as 832.
Public water, sewer, electricity, and telephone available.