Use your VA Home Loan Benefit in Orange County -part 2 - refinance your home with a VA Loan

Use your VA Home Loan Benefit in Orange County -part 2 - refinance your home with a VA Loan

The VA Home Loan benefit is a great opportunity for Orange County Veterans and Active Duty Military to refinance an OC home or Orange County condo. We thought it would be a good idea to quickly review the benefits of VA Loans, and a few ways to use them to your benefit.

VA Loans require zero downpayment up to $593,750 in Orange County.

• VA Refinance Loans - available up to 90% of your homes value
• VA Jumbo Refinance Loans - also available up to 90% of your homes value with corresponding amount of home equity. these are also know as VA High Balance loans.
• VA IRRRL Streamline Refinance Loans - Refinance into a lower rate with reduced documentation requirements, up to $1.5M in Orange County.

However,Veterans are not limited to the Orange County Loan limit of $593,750 for VA Loans. We offer VA Jumbo Loans up to $1.5 Million with the appropriate downpayment or equity to reach the VA Guarantee requirements of 25% of the loan amount. Here is one of our posts on how you can get a VanDyk Mortgage VA Loan over your county limit.

Here are a few ways to use your VA home loan Benefit in Orange County to refinance a home:

1. VA Loan to Refinance a single family home with up to $417K loan amount with no PMI (90% ltv)
2. VA Jumbo Loan to Refinance a home up to a $593,750 loan amount no MI required. (90% ltv)
3. VA Loan to refinance a Condo in Orange County - up to $417,000 loan amount no MI required.
4. VA Jumbo Loan to refinance your Orange County Condo up to $593,750 loan amount with no MI required.
5. VA Jumbo Loan to Refinance a $750,000 home in Orange County with a loan amount up to $675K with no MI
6. VA Jumbo Loan to Refinance a $1M home in Orange County with a loan amount up to $900K with no MI
7. Refinance your current VA Loan or VA Jumbo Loan using the VA IRRRL Streamline Refinance - Market rates are the lowest on record - Call for today's rates, they will surprise you.
8. Use a VA refinance to refinance out of an Adjustable Rate Mortgage - Up to 90% loan to value - with zero Mortgage Insurance required.
9. Use a VA refinance to consolidate your first and second mortgage with no extra charge to interest. This consolidation is considered Cash Out for Conforming Loans and has additional restrictions, VA Allows this up to 90% LTV.
10. Use the VA Jumbo Loan to take advantage of the lowest 30 year fixed rates on record (call for actual rates, they will shock you). Available up to $1.5M in Los Angeles with a suitable combination of Equity and guarantee. Check out some actual VA Jumbo Loan Refinance scenario's here.

VA Home Loan info for Orange County, California:

• Active Duty Military and Veterans can both qualify
• 100% financing up to $593,750
• A $825k Orange County Home Purchase would only require $57,812 downpayment (7.01%) - 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
• VA Loans are not just for first time homebuyers
• VA Jumbo Loans are offered at competitive rates that will surprise you, in a good way.
• Sellers can pay up to 4% of the VA Buyers closing costs
• VA Loans can be used to purchase VA Approved Condominiums with zero down

VanDyk is your source for VA backed Condo loans. We also do not have a waiting period for "flips". This is often called the Flip Rule or VA Flip Rule. VanDyk does not require the seller of a property to wait 90 days before allowing a VA buyer to purchase the property, only 1 day.

VanDyk Mortgage is a Proud VA Direct Lender. VanDyk Mortgage has been making FHA & VA loans since 1987. We are a HUD recognized Full Eagle FHA DE underwriter and FHA Direct Lender. Go with the Government Loan Pros, go with VanDyk. Visit us at http://www.vandykfunding.com/ or call Brian Skaar direct at 760-752-4480 for help with your VA or FHA loan.

We serve the entire states of California and Washington for VA Loans, including Los Angeles, San Francisco, Pasadena, Long Beach, San Jose, San Diego, Huntington Beach, Anaheim, Orange, Santa Ana, Oakland, Fresno, Bakersfield, Riverside, Lancaster, Sacramento, Seattle, Tacoma, Spokane, and everything in between.

Here is a link to part one of our series: Using your VA loan benefit to purchase a home in Orange County

San Diego VA Loans and FHA Home Mortgage Loans - VanDyk Mortgage - California- VA Lender & FHA Lender

San Diego VA Loans and FHA Home Mortgage Loans - VanDyk Mortgage - California- VA Lender & FHA Lender.VanDyk Mortgage is your source for VA Loans and FHA Loans in San Diego. We have been making FHA, VA, Conforming, and Jumbo loans since 1987. VanDyk Mortgage is a Direct Lender. We offer many loan programs for San Diego Homebuyers and San Diego Homeowners to Purchase and refinance homes in San Diego.

• 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

San Diego FHA Loans are available up to $697,500 with just 3.5% down payment. The FHA 2010 Loan Limit for San Diego is $697,500. San Diego FHA Loans that are over $417K up to $697,500 are called FHA Jumbo or FHA High Balance loans.

San Diego VA Loans are available up to $437,500 with zero downpayment. The San Diego VA Loan Limit in 2010 is $437,500. However, Veterans are not limited to the San Diego Loan limit of $437,500 for VA Loans. 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.

San Diego Conforming Loans are available up to $697,500. The San Diego Conforming Jumbo Loans (aka Conforming High Balance, those over $417,000 and up to $697,500) require a minimum of 10% downpayment or equity.

San Diego is located at the southern most point in California. San Diego, California has many few miles of Pacific Ocean beaches and enjoys near perfect Weather year round.

Here are some links to local San Diego information:

• San Diego City Website


• San Diego Crime Maps


• San Diego Statistics, Demographics, & Info


• San Diego Real Estate


• San Diego School info


• San Diego Wiki

San Diego Home Loan information

FHA Home loans in San Diego, California:

• FHA Home Loans require just 3.5% downpayment


• FHA Jumbo Loans up to $697,500 (aka FHA High Balance)


• The $697,500 is the base loan amount - the San Diego FHA Loan Limit of $697,500 does not have to include the UFMIP (FHA's Upfront Mortgage Insurance Premium, which is usually financed into your loan amount)


• 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 San Diego, California:

• Active Duty Military and Veterans can both qualify


• 100% financing up to $437,500


• A $500K San Diego Home Purchase would only require $15,625 downpayment (3.13%) - 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

Conforming Home Loans in San Diego, California:

• Available up to $697,500 with the Conforming High Balance (aka conforming Jumbo)


• San Diego Conforming loans available up to $417,000


• require a minimum of 10% downpayment or up to 90% 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.

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 at 760-752-4480 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, San Diego, San Diego, San Diego, Oceanside, Vista, Escondido, Fallbrook, Bonsall, San Diego, Rancho Bernardo, Poway, San Diego, Carmel Valley, Scripps Ranch, Tierra Santa, El Cajon, La Jolla, Chula Vista, National City, San Ysidro, Santee, Eastlake, Ramona, Temecula, Murrieta, and Valley Center. 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. Visit us at www.vandykfunding.com to get started or just find out more

Getting FHA & VA purchase offers approved

Getting FHA & VA purchase offers approved can seem daunting to a home buyer (and Realtors too).

Many buyers experience a long frustrating process when trying to bid on Bank Owned, REO, Short Sale, or Corporate Owned Properties with a FHA loan or VA loan. Why is this? Steve Hall with RE/Max United, one of our preferred Realtors here in North County San Diego, wrote a great success story on his blog regarding FHA & VA purchase offers.

I fully agree with Steve that it boils down to much more than the type of loan you are using when trying to get an offer accepted. The overall presentation and quality of the offer is the difference. The net price to the seller must be fair, not a low ball offer. The home must be either in reasonable condition to qualify, or the plan to cure any deficiencies must be in the offer, and there must be a PreApproval letter that shows the diligence performed in the PreApproval process. This will show the seller (ie, REO listing agent, asset manager, bank approval department, etc) that the offer is well thought out, supported by a knowledgable and detail minded Realtor, a commited buyer, and a quality lender that PreApproved the FHA or VA Loan before the offer was submitted. The presentation of the offer is key to acceptance.

I have heard from home buyers in many different market areas that their Realtors say "VA offers aren't getting accepted in this market" or "the bank isn't taking FHA offers at this time". We did a quick study of MLS records on the San Diego MLS and found that is not the case. Huge percentages of new purchase loans are made with FHA & VA Loans in San Diego County here in California.

The key: The Buyer and their Realtor stayed committed to the process, wrote quality offers, and then did what it takes to close the deal. It usually does take a minimum of a few offers to get one accepted in this strange housing market, but that is true of most offers, Cash, Conventional, FHA or VA financing.

I would like to commend Steve Hall for his commitment to his FHA buyers and VA buyers, it shows in his results!

The fact is that FHA, VA, and the corresponding FHA High Balance (FHA Jumbo) and VA High Balance (VA Jumbo) loans are one of the best ways to purchase a home with minimal down payment.

San Diego FHA buyers can borrow up to $697,500 with our FHA Jumbo loans with just 3.5% down payment. Veterans and Active Duty Military VA Jumbo buyers in San Diego can borrow up to $437,500 with zero down payment, or can purchase a home for a higher amount and pay 25% of the difference. On a $510,000 home purchase, this would require a $18,125 downpayment, or 3.55%.

Give us a call at 760-752-4480 direct, ask for Brian Skaar to see if this is the right loan for your next buyer. Visit us on the web at http://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. Go with the Government Loan Pros, go with VanDyk. Visit us at http://www.vandykfunding.com/ or call Brian Skaar at 760-752-4480 for help with your FHA loan. We offer FHA, FHA Jumbo, FHA Manual Underwrite, FHA Rehab 203K, VA, Conforming & Jumbo Loans.

We serve the following areas for VA, FHA and Conventional loans: California,Southern California, Northern California, Washington, Texas, Georgia, Florida, San Diego, San Marcos, Carlsbad, Oceanside, Vista, Escondido, Fallbrook, Bonsall, Riverside, Los Angeles, Orange County, Irvine, Corona, Anaheim, Santa Ana, Seattle, Washington, Bellevue, Kirkland, Redmond, Lynnwood, Olympia, Tacoma, Puyallup, Buckley, Auburn, Kent, Federal Way, Seatac, San Francisco, San Jose, Carson, Gardena, Hawthorne, Lawndale, Inglewood, Ladera Heights, View Park, Windsor Hills, Baldwin Hills, Fox Hills, Culver City, Beverly Hills, Malibu, Santa Monica, Brentwood, Calabasas, Encino, Bel Air Estates, Palos Verdes Estates, Rancho Palos Verdes, Rolling Hills, Rolling Hills Estates, Manhattan Beach, Redondo Beach, Hermosa Beach, Torrance, San Marcos, San Diego, Rancho Bernardo, Carlsbad, Escondido, Poway, Oceanside, Vista, Encinitas, Carmel Valley, Scripps, Tierra Santa, El Cajon, La Jolla, Chula Vista, National City, San Ysidro, Santee, Eastlake, Ramona, Long Beach, Artesia, La Palma, Cerritos, Compton, Lynwood, Bellflower, Temecula, Murrieta, Southern California, Northern California, Washington, Everett, Lynnwood, Tacoma, Kent, Federal Way, Auburn, Renton, Bellevue, Redmond, Kirkland, Whittier, Santa Fe Springs, Downey, Irvine, Newport Beach, Los Angeles, San Bernardino, Riverside and Orange County. 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 mortgages of all types. We offer FHA & VA loans in California, Georgia, Texas, Washington, & More. Visit us at http://www.vandykfunding.com/ to get started or just find out more.