97% conventional loans for Corona and Riverside County, CA

97% conventional loans for Corona and Riverside County, CA


Corona CA Conventional Loans with 3% down payment - Yes, 3 percent down - 97% conventional financing options for Corona and Riverside County Home Buyers

VanDyk Mortgage offers Conventional Purchase and Refinance loans up to $417,000 with just a 3% down payment for Corona and Riverside County Homes. Here are some basic details:

Corona and Riverside County Cities are now eligible for our Conventional Loans up to 97% Loan to Value - Only 3% down payment is required.  We do not consider Corona or Riverside County a declining market, so we are able to offer these enhanced 97%/ 3% down financing options for Conventional loans.

Minimum credit score = 720
Maximum Debt Ratio = 41%

Condo's OK to 95%! Info on our 95% conventional loan. The 5% down option allows for lower fico score (to 660) and higher Debt Ratios (up to 45%).
Loan amounts up to $417,000 (that would be a purchase price up to $429,900 with 3% down).

If you don't have a 720 middle score, or have a slightly higher debt ratio, we can alao help with our FHA Loans. If your purchase price is higher than $429K, FHA Jumbo may be able to help as well.
Give us a call to get started - 760-752-4480. Ask for Brian Skaar.

We offer both Monthly Mortgage Insurance and One Time Mortgage Insurance (call us for the comparison - you will be surprised at the numbers)

In addition to Corona, we also service the following cities in Riverside: Banning, Beaumont, Blythe,Calimesa, Canyon Lake, Cathedral City, Coachella, Desert Hot Springs, Hemet, Indian Wells, Indio, Lake Elsinore, La Quinta, Menifee, Moreno Valley, Murrieta, Norco, Palm Desert, Palm Springs, Perris, Rancho Mirage, Riverside, San Jacinto, Temecula, Wildomar. We also service all unincorporated areas in the county as well.

Flip Rules for Conventional Loans - we require only 1 day

Flip Rules for Conventional Loans - We only require that the seller own the home for 1 day prior to resale.

The Owner seasoning requirement on our Conventional Loans is one day. That is right, one day. Why is this important you ask? Well, many lenders have begun to require that sellers own a home for 90-180 days before it is eligible for their Conventional Financing. Fannie Mae and Freddie Mac are both examples of Conventional Financing. We do not require these waiting periods.

Owner Seasoning simply means how long the current owner has owned the property.

VanDyk only requires that the seller is the owner of record on the day the contract is signed.

Many other lenders have added restrictions that reduce the eligibility for homes that were recently purchased and rehabbed to be sold again within 90 - 120 days. Investors may have purchased the home at a foreclosure auction, or direct from a bank. Many of these homes have been completely rehabilitated, making them a more desirable home to buy - They are Turn key homes.

Our Underwriting Rules can help you avoid the issue of seller seasoning, Flip Rules, and big bank rules that restrict access to quality Conventional Loans.

Get started on your New Home loan with the Loan Pros at VanDyk. Visit us at http://www.vandykfunding.com/ to apply online, or call 760-752-4480 and ask for Brian Skaar.
VA Condo's also qualify under our VA Flip Rules.