Wasilla’s median sale price has held steady at $310,000 for the past four quarters while Anchorage ticked up to $450,000, widening the affordability gap. Entry-level inventory under $275,000 sells fastest—often within 8–12 days—in neighborhoods like Meadow Lakes and Knik-Fairview where half-acre lots are common. New construction is booming along Pittman Road and Schrock Road, with 2,000-sq-ft homes on 1.5-acre lots priced $350,000–$375,000 and builder incentives up to $7,000 toward closing costs. Because Alaska’s oil-royalty economy creates seasonal employment swings, NMHL sees many borrowers with 1099 or gap-in-W2 history; we pre-approve using bank statements or one-year tax returns so you can shop with confidence before the busy summer selling season.

• Average DOM: 18 days (down from 28 in 2022)
• Share of cash offers: 19% (versus 31% in Anchorage)
• Typical lot size: 0.75–1.2 acres inside city limits
• 2024 mill rate: 10.85 borough + 0.65 city = 11.50 total (1.15% effective)

Settlers Bay Golf Course area offers paved trails, mountain views, and 1,400–1,800-sq-ft homes built after 2005, typically priced $295,000–$340,000. The HOA maintains a community lake and keeps dues at only $200/year—rare for Alaska. Meadow Lakes, five minutes northwest, has larger acreages and fewer covenants, making it attractive for RV storage, dog sled teams, or small chicken coops that many newcomers want. Wasilla Lake remains the walkable heart of town; 1970s cabins are being scraped and replaced with modern 1,200-sq-ft cottages selling for $275,000. Knik-Fairview blends suburban convenience with horse-friendly zoning; expect to find 3-bed, 2-bath ranches on 2 acres around $320,000, many eligible for USDA. Big Lake is paradise for remote workers: fiber internet, lakefront access, and prices starting at $290,000 for a 1,600-sq-ft home with a garage tall enough for a float plane.

NMHL’s local loan officers live in these neighborhoods; we can tell you which builders still have material cost escalation clauses and which subdivisions have HOA restrictions on short-term rentals—critical intel if you plan to AirBnB while stationed overseas.

First-time buyers can combine up to three assistance layers in the Valley. Start with AHFC’s Closing-Cost Assistance—4% of the base loan amount, forgiven immediately. Add the Mat-Su Borough Workforce Home Program if you work in healthcare, education, or public safety: $10,000 at 0% interest, forgiven 20% per year. Finally, NMHL matches builder incentives dollar-for-dollar up to $5,000 on select spec homes in Settlers Bay and Cottonwood Creek. The result: a $300,000 home can close with less than $4,000 of your own cash. Veterans using VA disability can also tap the Alaska Veterans Land Discount—up to $150,000 off assessed value—reducing annual taxes by roughly $1,725.

Important: AHFC defines “first-time” as anyone who has not owned in the last three years, so prior homeowners coming back from foreclosure or short sale still qualify. We track program funding daily; assistance dollars are limited and allocated on a first-come, first-served basis each quarter.

Joint Base Elmendorf-Richardson (JBER) is 43 miles south, but thousands of active-duty and Coast Guard families choose Wasilla for the schools, space, and lower cost per square foot. VA buyers can purchase up to $4 million with zero down if they have full entitlement; NMHL underwrites VA loans in-house and waives the 1% origination fee for borrowers who lock before PCS orders. Reservists and National Guard qualify with 90 days of active-duty orders or six years of reserve time—common in Alaska where the 176th Wing is stationed on JBER.

• VA funding fee: 2.15% first use, 3.3% subsequent—rolled into loan
• VA escape clause: if the home doesn’t appraise, you walk with earnest-money protection
• Reduction in funding fee: 1.25% with 5% down, 0.5% with 10% down

Because Wasilla’s market is still competitive, we attach a VA Escape Clause Addendum and a 21-day close guarantee; listing agents in Settlers Bay and Meadow Lakes recognize the NMHL pre-approval letter and often accept it over conventional offers at similar price points.

Alaska’s economy runs on tourism, fishing, oil-field contracting, and remote consulting—most of it 1099 income. NMHL’s Bank-Statement Program qualifies you on 12 or 24 months of business or personal deposit averages, applying a 50% expense ratio or your actual Schedule C percentage if lower. We accept seasonal gaps as long as you show three years of Alaska business licensing and maintain 10% of the loan amount in post-closing reserves—easy with PFD (Permanent Fund Dividend) history. Credit scores down to 620 get loan-to-values of 90%; 660+ reaches 95% with no mortgage insurance via our Alaska Advantage program. For gig workers who drive for Lyft only in summer or run sled-dog tours December–March, we document the cycle with bank statements and a letter from your CPA confirming annual repeatability.

Commissioned fishermen can also use our Asset-Depletion Program: we divide liquid assets by 60 months and add that figure to monthly income—helpful when your Schedule C shows a loss after depreciation. Most big banks decline these files; NMHL closes them every month because our underwriters sit in our Anchorage office and understand Bristol Bay versus Copper River permit seasons.

Mat-Su Borough mails tax bills in July; first-half payment is due August 15, second-half November 15. Escrow accounts are standard, but Alaska veterans with 50% disability can file for a $150,000 assessment exemption every January, cutting the typical $310,000 tax bill to roughly $1,840. Seniors 65+ can also defer the entire amount until resale, accruing 5% simple interest. Because Alaska has no state income or sales tax, your debt-to-income stretches further—often the difference between qualifying for a $300,000 versus $350,000 home. Don’t forget the annual Permanent Fund Dividend: $1,312 per resident in 2023. Lenders can’t count it as income, but we can document it as reserves, reducing the post-closing requirement from two months to one.

If you build new, expect a higher assessed value after the improved-property notice arrives the following January; budget an extra $400–$600 annually. NMHL’s escrow analysis automatically recalculates so you’re not caught short at year-end.