Maximum Income restrictions for VA Loans

No Maximum Income restrictions for VA Loans

There are no maximum income restrictions or limitations for VA Loans. We felt it was important to discuss this briefly since many people think VA Loans are just for Low Income buyers, or First Time Home Buyers. Nothing could be further from the truth, our Veterans and Active Duty Service Personnel deserve quality housing and affordable financing options. The VA Loan Benefit serves that need.

VA Loans do not have a maximum income restriction. As well, you do not have to be a First Time Home Buyer to qualify for a VA Loan. VA Loans were created to assist our Veterans with affordable home financing options to purchase a home with a lower down payment than conventional or conforming alternatives, and to have affordable refinance options.

Since the VA's mission is to create affordable home loan options for American Vets, it does allow some things that Conventional loans do not at this time.

• VA Loans require no down payment
• Down Payment can be from your own funds or gift funds from immediate family
• VA Loans allow credit scores as low as 620
• VA Loans have competitive 30 year fixed rates and low 5yr fixed rates are available too
• VA Refinance loans allow you to consolidate a first and second mortgage
• You can use your VA Loan benefit more than once, the new loan limits and entitlement amounts make this more affordable than ever.
• VA Jumbo loans offer 100% financing options up to $962K in most of the Bay Area

Go with the Government Loan Pros, go with VanDyk. Call Brian Skaar at 866-900-2342 for help with your FHA or VA loan. We offer FHA, FHA Jumbo, FHA Manual Underwrite, FHA Rehab 203K, VA, VA Jumbo, Conforming & Jumbo Loans. We serve the following areas for VA, FHA and Conventional loans:California,Southern California, Los Angeles, San Diego, San Jose, San Francisco, Santa Monica, Pasadena, Brea, Diamond, Long beach, Huntington beach, Irvine, Costa Mesa, Hollywood, North Hollywood, San Mateo, ventura, Riverside, Oakland, Fremont, Sunnyvale, Santa maria, Oceanside, Vista, Escondido, Los Angeles, Rancho Bernardo, Poway, San Marcos, Carmel, Monterey, Santa Barbara, Santa Cruz, and all areas in between. VanDyk Mortgage offers FHA, VA, & Conventional loans in addition to FHA Jumbo, VA Jumbo, and Conforming Jumbo loans (aka FHA High Balance, VA High Balance, and Conforming High Balance).

VanDyk Mortgage is a VA Direct Lender (since 1987) offering VA Loans such as VA purchase loans, VA Streamline Refinance, VA IRRRL, VA Refinance Loans, VA Mortgages of all types. As a Government Direct Lender, VanDyk Mortgage is also a HUD Full Eagle FHA Direct Endorsement Underwriter, ie FHA Direct Lender offering FHA Loans such as FHA Purchase loans, FHA Refinance, FHA Streamline Refinance, FHA loans, FHA Jumbo, FHA Jumbo Purchase, FHA Jumbo Refinance, FHA Jumbo Streamline Refinance, FHA High Balance, and FHA mortgages of all types.

Federal Way WA - VA Loan and FHA Loan info page

Federal Way WA - VA Loans and FHA Home Mortgage Loans - VanDyk Mortgage - Washington VA Lender & FHA Lender

VanDyk Mortgage is your source for VA Loans and FHA Loans in Federal Way. We have been making FHA, VA, Conforming, and Jumbo loans since 1987. VanDyk Mortgage is a Direct Lender. We offer many loan programs for Federal Way Homebuyers and King County Homeowners to Purchase and refinance homes..

• FHA & FHA Jumbo (aka High Balance)
• VA & VA Jumbo (aka High Balance)
• Conforming & Conforming Jumbo (aka High Balance or Super Conforming)
• Jumbo Loans to $3m

Federal Way FHA Loans are available up to $567,500 with just 3.5% down payment. The FHA 2010 Loan Limit for Federal Way is $567,500. Federal Way FHA Loans that are over $417K up to $567,500 are called FHA Jumbo or FHA High Balance loans.

Federal Way VA Loans are available up to $481,250 with zero down payment required. The Federal Way VA Loan Limit in 2010 is $481,250. However, Veterans are not limited to the King County Loan limit of $481,250 for VA Loans in Federal Way. We also offer VA Jumbo Loans up to $1.5 Million with the appropriate downpayment or equity to reach the VA Guarantee requirements of 25%. Here is one of our posts on how you can get a VanDyk Mortgage VA Loan over your county limit.

Federal Way Conforming Loans are available up to $567,500. The Federal Way Conforming Jumbo Loans (aka Conforming High Balance,those over $417,000 and up to $567,500) require a minimum of 10% downpayment or equity.

Federal Way Home Loan information

FHA Home loans in Federal Way, Washington:

• FHA Home Loans require just 3.5% downpayment
• FHA Jumbo Loans up to $567,500 (aka FHA High Balance)
• The $567,500 is the base loan amount - the Federal Way FHA Loan Limit of $567,500 does not have to include the UFMIP (FHA's Upfront Mortgage Insurance Premium, which is usually financed into your loan amount)
• Federal Way home buyers can purchase up to a $588K home with 3.5% down.
• The Seller can pay up to 3% of your closing and settlement costs.
• Minimum score for a FHA Home Loan is just 620, even on FHA High balance or FHA Jumbo.
• You can receive a gift of funds for your Downpayment and closing costs from Family
• FHA Condominium requirements include at least a 51% owner occupancy ratio, no outstanding lawsuits against the Homeowners Association - call for details.
• FHA Loans allow non-occupying co-borrowers such as parents and siblings.

VA Home Loans in Federal Way, Washington:

• Active Duty Military and Veterans can both qualify
• 100% financing up to $481,250
• A $500k Federal Way VA Home Purchase would only require $4,687 downpayment ( .94%) - not including the VA Funding Fee
• A $675k Federal Way VA Home Purchase would only require $48,437 downpayment (7.18%) - not including the VA Funding Fee
• ~VA Loans require no Mortgage Insurance
• VA Loans do require a VAFF (VA Funding Fee), which is usually financed
• Veterans with a 10% or higher VA disability pay no VA Funding fee
• Sellers can pay up to 4% of the VA Buyers closing costs
• VA Loans for condos are available up to $481,250 with zero down

Conforming Home Loans in Federal Way, Washington:

• Available up to $567,500 with the Conforming High Balance (aka conforming Jumbo)
• Federal Way Conforming loans available up to $417,000
• require a minimum of 5% downpayment or up to 95% LTV
• Allow for condominiums, Second Homes, and investment properties
• Call for details on Fico score requirements, downpayment requirements, etc

** please visit our post on Conforming vs Conventional to help explain the difference between these two terms, they are often misused in the media and web.

Give us a call at 866-900-2342 direct, ask for Brian Skaar to see if this is the right loan for you. Visit us on the web at www.vandykfunding.com

VanDyk Mortgage has been making FHA loans since 1987. We are a HUD recognized Full Eagle FHA DE underwriter and FHA Direct Lender. We are also a VA Lender and VA Jumbo Lender.

Go with the Government Loan Pros, go with VanDyk. Visit us at www.vandykfunding.com or call Brian Skaar direct at 866-900-2342 for help with your FHA or VA loan. We offer FHA, FHA Jumbo, VA, VA Jumbo, Conforming & Jumbo Loans. VanDyk Mortgage offers FHA, VA, & Conventional loans in addition to FHA Jumbo, VA Jumbo, and Conforming Jumbo loans (aka FHA High Balance, VA High Balance, and Conforming High Balance).

In addition to Federal Way , WA, we service the entire state of Washington, including Spokane, Spokane Valley, Mead, Newport, Liberty Lake, Newman Lake, Airway Heights, Deerpark, Seattle, Tacoma, Everett, Puyallup, Kent, Auburn, Bellevue, Federal Way, Kirkland, Redmond, Woodinville, Snohomish, Marysville, Lake Stevens, Mukilteo, Lynnwood, Montlake Terrace, Edmonds, Des Moines, Renton, Issaquah, North Bend, Monroe, Olympia, Lacey, Bremerton, Tumwater, Port Orchard, and Vancouver. In addition to Washington State, we service the entire state of California, including Redding, Sacramento, Bakersfield, Stockton, Oakland, San Francisco, Fremont, Clovis, Sunnyvale, Patterson, Modesto, Salinas, Palmdale, Lancaster, Los Angeles, Ventura, Santa Monica, San Bernardino, Riverside, Corona, Santa Ana, Orange, Irvine, Anaheim, Huntington Beach, Long Beach, Brea, Ventura, Santa Barbara, Monterey, Corona, Palm Springs, Indio, Temecula, Murrieta, San Diego, Chula Vista, Oceanside, Escondido, Vista, La Mesa, Santee, Santa Maria, Santa Clarita, San Clemente, Laguna, Aliso Viejo, Mission viejo, Rancho, Santa Margarita, Rancho Cucamonga, and more.

VanDyk Mortgage is a VA Direct Lender (since 1987) offering VA Loans such as VA purchase loans, VA Streamline Refinance, VA IRRRL, VA Refinance Loans, VA Mortgages of all types. As a Government Direct Lender, VanDyk Mortgage is also a HUD Full Eagle FHA Direct Endorsement Underwriter, ie FHA Direct Lender offering FHA Loans such as FHA Purchase loans, FHA Refinance, FHA Streamline Refinance, FHA loans, FHA Jumbo, FHA Jumbo Purchase, FHA Jumbo Refinance, FHA Jumbo Streamline Refinance, FHA High Balance, and FHA mortgages of all types. Visit us at www.vandykfunding.com to get started or just find out more

Sammamish WA - VA Loans and FHA Home Mortgage Loan info

Sammamish WA - VA Loans and FHA Home Mortgage Loans - VanDyk Mortgage - Washington VA Lender & FHA Lender

VanDyk Mortgage is your source for VA Loans and FHA Loans in Sammamish. We have been making FHA, VA, Conforming, and Jumbo loans since 1987. VanDyk Mortgage is a Direct Lender. We offer many loan programs for Sammamish Homebuyers and King County Homeowners to Purchase and refinance homes..

• FHA & FHA Jumbo (aka High Balance)
• VA & VA Jumbo (aka High Balance)
• Conforming & Conforming Jumbo (aka High Balance or Super Conforming)
• Jumbo Loans to $3m

Sammamish FHA Loans are available up to $567,500 with just 3.5% down payment. The FHA 2010 Loan Limit for Sammamish is $567,500. Sammamish FHA Loans that are over $417K up to $567,500 are called FHA Jumbo or FHA High Balance loans.

Sammamish VA Loans are available up to $481,250 with zero down payment required. The Sammamish VA Loan Limit in 2010 is $481,250. However, Veterans are not limited to the King County Loan limit of $481,250 for VA Loans in Sammamish. We also offer VA Jumbo Loans up to $1.5 Million with the appropriate downpayment or equity to reach the VA Guarantee requirements of 25%. Here is one of our posts on how you can get a VanDyk Mortgage VA Loan over your county limit.

Sammamish Conforming Loans are available up to $567,500. The Sammamish Conforming Jumbo Loans (aka Conforming High Balance,those over $417,000 and up to $567,500) require a minimum of 10% downpayment or equity.

Sammamish Home Loan information

FHA Home loans in Sammamish Washington:

• FHA Home Loans require just 3.5% downpayment
• FHA Jumbo Loans up to $567,500 (aka FHA High Balance)
• The $567,500 is the base loan amount - the Redmond FHA Loan Limit of $567,500 does not have to include the UFMIP (FHA's Upfront Mortgage Insurance Premium, which is usually financed into your loan amount)
• Sammamish home buyers can purchase up to a $588K home with 3.5% down.
• The Seller can pay up to 3% of your closing and settlement costs.
• Minimum score for a FHA Home Loan is just 620, even on FHA High balance or FHA Jumbo.
• You can receive a gift of funds for your Downpayment and closing costs from Family
• FHA Condominium requirements include at least a 51% owner occupancy ratio, no outstanding lawsuits against the Homeowners Association - call for details.
• FHA Loans allow non-occupying co-borrowers such as parents and siblings.

VA Home Loans in Sammamish, Washington:

• Active Duty Military and Veterans can both qualify
• 100% financing up to $481,250
• A $500k Sammamish VA Home Purchase would only require $4,687 downpayment ( .94%) - not including the VA Funding Fee
• A $675k Sammamish VA Home Purchase would only require $48,437 downpayment (7.18%) - not including the VA Funding Fee
• ~VA Loans require no Mortgage Insurance
• VA Loans do require a VAFF (VA Funding Fee), which is usually financed
• Veterans with a 10% or higher VA disability pay no VA Funding fee
• Sellers can pay up to 4% of the VA Buyers closing costs
• VA Loans for condos are available up to $481,250 with zero down

Conforming Home Loans in Sammamish, Washington:

• Available up to $567,500 with the Conforming High Balance (aka conforming Jumbo)
• Sammamish Conforming loans available up to $417,000
• require a minimum of 5% downpayment or up to 95% LTV
• Allow for condominiums, Second Homes, and investment properties
• Call for details on Fico score requirements, downpayment requirements, etc

** please visit our post on Conforming vs Conventional to help explain the difference between these two terms, they are often misused in the media and web.

Give us a call at 866-900-2342 direct, ask for Brian Skaar to see if this is the right loan for you. Visit us on the web at www.vandykfunding.com

VanDyk Mortgage has been making FHA loans since 1987. We are a HUD recognized Full Eagle FHA DE underwriter and FHA Direct Lender. We are also a VA Lender and VA Jumbo Lender.

Go with the Government Loan Pros, go with VanDyk. Visit us at www.vandykfunding.com or call Brian Skaar direct at 866-900-2342 for help with your FHA or VA loan. We offer FHA, FHA Jumbo, VA, VA Jumbo, Conforming & Jumbo Loans. VanDyk Mortgage offers FHA, VA, & Conventional loans in addition to FHA Jumbo, VA Jumbo, and Conforming Jumbo loans (aka FHA High Balance, VA High Balance, and Conforming High Balance).

We service the entire state of Washington, including Spokane, Spokane Valley, Mead, Newport, Liberty Lake, Newman Lake, Airway Heights, Deerpark, Seattle, Tacoma, Everett, Puyallup, Kent, Auburn, Bellevue, Federal Way, Kirkland, Redmond, Woodinville, Snohomish, Marysville, Lake Stevens, Mukilteo, Lynnwood, Montlake Terrace, Edmonds, Des Moines, Renton, Issaquah, North Bend, Monroe, Olympia, Lacey, Bremerton, Tumwater, Port Orchard, and Vancouver. In addition to Washington State, we service the entire state of California, including Redding, Sacramento, Bakersfield, Stockton, Oakland, San Francisco, Fremont, Clovis, Sunnyvale, Patterson, Modesto, Salinas, Palmdale, Lancaster, Los Angeles, Ventura, Santa Monica, San Bernardino, Riverside, Corona, Santa Ana, Orange, Irvine, Anaheim, Huntington Beach, Long Beach, Brea, Ventura, Santa Barbara, Monterey, Corona, Palm Springs, Indio, Temecula, Murrieta, San Diego, Chula Vista, Oceanside, Escondido, Vista, La Mesa, Santee, Santa Maria, Santa Clarita, San Clemente, Laguna, Aliso Viejo, Mission viejo, Rancho, Santa Margarita, Rancho Cucamonga, and more.

VanDyk Mortgage is a VA Direct Lender (since 1987) offering VA Loans such as VA purchase loans, VA Streamline Refinance, VA IRRRL, VA Refinance Loans, VA Mortgages of all types. As a Government Direct Lender, VanDyk Mortgage is also a HUD Full Eagle FHA Direct Endorsement Underwriter, ie FHA Direct Lender offering FHA Loans such as FHA Purchase loans, FHA Refinance, FHA Streamline Refinance, FHA loans, FHA Jumbo, FHA Jumbo Purchase, FHA Jumbo Refinance, FHA Jumbo Streamline Refinance, FHA High Balance, and FHA mortgages of all types. Visit us at www.vandykfunding.com to get started or just find out more

VA Flip Rules for California and Washington VA Loans

VA flip rules for California and Washington VA Loans

We just posted an article on our other VA Blog that covers our Owner Seasoning Rules AKA VA Flip Rule. VanDyk Mortgage only requires sellers to be on Title (owner of record) for one day prior to selling the home again. This is important, as many homes are bought direct from the big banks in bulk by Investors who fix up the homes and put them on the market for resale.

Many VA Lenders require a waiting period before the Home Can Qualify for a new VA Loan in this scenario. VanDyk Mortgage has no waiting period for a VA Loan after the prior sale.

We offer these on VA Condo's as well as using VA Loans and VA Jumbo Loans to purchase a single family home. We serve California, Washington, San Diego, Riverside, Temecula, Murrieta, Irvine, Los Angeles, Ventura, San Jose, San Francisco, Seattle, bellevue, redmond, and all parts in between for VA Loans.

WA Loan Limits for 2010 Conventional Loans

2010 Washington FNMA & FHLMC - WA Fannie Mae & Freddie Mac Loan limits 2010

Fannie Mae & Freddie Mac have retained the expanded 2009 loan limits for 2010. The standard conventional loan limit remains at $417K accross the USA. This is also called the Conforming Loan Limit ($417K). High Cost Areas have loan limits based on the new formula in the 2008 housing bill passed in July of 2008, and are also called Conforming Jumbo, High Balance, or Super Conforming loans.

There are different ratios and loan to value ratios for the Fannie Mae & Freddie Mac loans that exceed the standard limit of $417K. They require a minimum of 10% down payment (or equity in a refinance) and a maximum debt ratio of 45%.

We also posted updates regarding the 2010 Washington FHA loan limits here

We offer Conforming Jumbo Loans for Single Family Homes up to $567,500 in King, Snohomish, and Pierce Counties. Up to $593,750 in San Juan County, and $475,000 in Kitsap County.

Check out the Loan limits for 2010 in your County:

County Name Single Family Duplex Tri-plex Four-plex


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ADAMS $417,000 $533,850 $645,300 $801,950

NON-METRO


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ASOTIN $417,000 $533,850 $645,300 $801,950

LEWISTON, ID-WA (MSA)


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BENTON $417,000 $533,850 $645,300 $801,950

KENNEWICK-RICHLAND-PASCO, WA (MSA)


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CHELAN $417,000 $533,850 $645,300 $801,950

WENATCHEE, WA (MSA)


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CLALLAM $417,000 $533,850 $645,300 $801,950

PORT ANGELES, WA (MICRO)


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CLARK $418,750 $536,050 $648,000 $805,300
PORTLAND-VANCOUVER-BEAVERTON, OR-WA (MSA)


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COLUMBIA $417,000 $533,850 $645,300 $801,950

NON-METRO


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COWLITZ $417,000 $533,850 $645,300 $801,950

LONGVIEW, WA (MSA)


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DOUGLAS $417,000 $533,850 $645,300 $801,950
WENATCHEE, WA (MSA)


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FERRY $417,000 $533,850 $645,300 $801,950
NON-METRO


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FRANKLIN $417,000 $533,850 $645,300 $801,950
KENNEWICK-RICHLAND-PASCO, WA (MSA)


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GARFIELD $417,000 $533,850 $645,300 $801,950
NON-METRO


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GRANT $417,000 $533,850 $645,300 $801,950
MOSES LAKE, WA (MICRO)


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GRAYS HARBOR $417,000 $533,850 $645,300 $801,950
ABERDEEN, WA (MICRO)


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ISLAND $417,000 $533,850 $645,300 $801,950
OAK HARBOR, WA (MICRO)


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JEFFERSON $437,500 $560,050 $677,000 $841,350
NON-METRO


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KING $567,500 $726,500 $878,150 $1,091,350
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION


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KITSAP $475,000 $608,100 $735,050 $913,450
BREMERTON-SILVERDALE, WA (MSA)


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KITTITAS $417,000 $533,850 $645,300 $801,950
ELLENSBURG, WA (MICRO)


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KLICKITAT $417,000 $533,850 $645,300 $801,950
NON-METRO


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LEWIS $417,000 $533,850 $645,300 $801,950

CENTRALIA, WA (MICRO)


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LINCOLN $417,000 $533,850 $645,300 $801,950
NON-METRO


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MASON $417,000 $533,850 $645,300 $801,950

SHELTON, WA (MICRO)


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OKANOGAN $417,000 $533,850 $645,300 $801,950
NON-METRO


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PACIFIC $417,000 $533,850 $645,300 $801,950
NON-METRO


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PEND OREILLE $417,000 $533,850 $645,300 $801,950
NON-METRO


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PIERCE $567,500 $726,500 $878,150 $1,091,350
TACOMA, WA METROPOLITAN DIVISION


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SAN JUAN $593,750 $760,100 $918,800 $1,141,850
NON-METRO


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SKAGIT $417,000 $533,850 $645,300 $801,950
MOUNT VERNON-ANACORTES, WA (MSA)


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SKAMANIA $418,750 $536,050 $648,000 $805,300
PORTLAND-VANCOUVER-BEAVERTON, OR-WA (MSA)


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SNOHOMISH $567,500 $726,500 $878,150 $1,091,350
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION


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SPOKANE $417,000 $533,850 $645,300 $801,950
SPOKANE, WA (MSA)


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STEVENS $417,000 $533,850 $645,300 $801,950


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THURSTON $417,000 $533,850 $645,300 $801,950

OLYMPIA, WA (MSA)


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WAHKIAKUM $417,000 $533,850 $645,300 $801,950
NON-METRO


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WALLA WALLA $417,000 $533,850 $645,300 $801,950
WALLA WALLA, WA (MICRO)


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WHATCOM $417,000 $533,850 $645,300 $801,950
BELLINGHAM, WA (MSA)


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WHITMAN $417,000 $533,850 $645,300 $801,950
PULLMAN, WA (MICRO)


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YAKIMA $417,000 $533,850 $645,300 $801,950
YAKIMA, WA (MSA)


VanDyk is proud to be a FHA Full Eagle Direct Endorsement Lender. What is that? We are a FHA Direct lender with the full support of HUD, the US Department of Housing & Urban Development. We offer FHA loans in all areas of Washington State for Purchase, Refinance, cash-out refinance or FHA Streamline. We also specialize in FHA Jumbo Loans, as available up to your County limit for FHA Loans.

We serve the entire state of Washington including: Seattle, Bellevue, Kirkland, Redmond, Issaquah, Sammamish, Woodinville, Auburn, Kent, Federal Way, Black Diamond, Des Moines, Snohomish, Carnation, North Bend, Mill Creek, Bothell, Kenmore, Shoreline, Ballinger,San Juan, Edmonds, Maple valley, Sahallee, Snoqualmie, Monroe, Everett, Mukilteo, SilverLake, Edmonds, Marysville, Mount vernon, bellingham, Sehome, Lynden, Blaine, Burlington, Sedro Wooley, Everson, Whidbey Island, Camano Island, Port Orchard, Bremerton, Kitsap, Silverdale, Renton, Newcastle, Newport, Tukwila, SeaTac, Tacoma, Puyallup, Roy, Bonney Lake, Sumner, Olympia, Tumwater, Spokane, Spokane Valley, newport, Yakima, Ellensburg, Kennewick, Richland, Pasco, Sunnyside, Prosser, vancouver, Kelso, Clarkston, Pullman and everything in between!