VanDyk Mortgage

Monday, May 30, 2011

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.

FHA Loans for Duplex, Triplex, and Fourplex properties

We offer FHA Loans for Duplex, Triplex, and Fourplex properties for Purchase and Refinance. FHA Loans on 2 unit, 3 unit, or 4 unit properties

We offer FHA Loans to finance the purchase of a multi family home (2-unit, 3-unit or 4 Unit, aka Duplex, Triplex, and Fourplex) as well as refinance your current loan into an FHA or Streamline Refinance your existing FHA Loan. This can be a great investment strategy, as you can live in one of the units and rent out the other(s). This awesome opportunity only requires the standard 3.5% FHA Downpayment and that you live in and occupy one of the units to qualify for FHA Financing.

You can use the rental income of the rented unit on a 2-unit or Duplex to help qualify. This will determined either by using existing tenants and their actual rent rolls, or a projected rent schedule from the FHA Appraisal. Our FHA underwriters will allow you to use 75% of those rents towards your income for qualifying purposes. For 3-4 unit properties, the rents cannot be counted towards income to qualify - IE, the buyer must qualify for the entire payment without consideration of rental income.

Call us if you are interested in purchasing a multi unit property, and we can help you with the numbers. You might be surprised what you would qualify for! 866-900-2342 toll free direct.

We do suggest that you utilize a good Realtor when searching for a multi-unit property, as they can help with the property search, cash flow projections, and FHA property eligibility.

You can utilize an FHA Loan to make your next home a true investment. Here are the Multi Unit FHA Loan Limits for high cost California Counties including Alameda, Contra Costa, Los Angeles, Marin, Monterey, Napa, Orange, San Benito, San Francisco, San Mateo, Santa Barbara, Santa Clara, Santa Cruz, and Ventura:

High Cost California County FHA Loan limits for 2 units: $934,200
High Cost California County FHA Loan Limits for 3 units: $1,129,250
High Cost California Countys FHA Loan Limits for 4 units: $1,403,400

Many other California counties are eligible for higher FHA loan amounts for FHA 2, 3 or 4 plex purchase and refinance.

Here is a complete list of California Counties and their FHA Loan Limits for Multi Units

Call the FHA Loan Pros at VanDyk Mortgage today at 866-900-2342 to get started, or apply online at VanDykFunding.com

2-unit, 3-unit, 4 unit, duplex, triplex, fourplex, twoplex, threeplex, quadplex, FHA, FHA Lender, FHA Jumbo, Direct Lender

97% Conforming Loans for California - 3% down payment Conforming Loans– 97% conventional financing option

California Conforming Loans with 3% down payment – 97% conventional financing option

VanDyk Mortgage offers Conforming Conventional Purchase and Refinance loans up to $417,000 with just a 3% down payment / equity. Here are some basic details of the 97% conforming loan for California Homebuyers:

California and Washington state are now eligible for our Conventional Conforming Fannie Mae Loans up to 97% Loan to Value – Only 3% down payment is required up to the conforming loan limit - $417K. We no longer consider CA or WA declining markets, so we are able to offer these enhanced 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.

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.

CA, Direct Lender, Conventional, Conforming, 97, 3 percent, 97 percent, low down

Saturday, September 11, 2010

Renton WA - VA Loans and FHA Home Mortgage Loan info - Washington VA Lender & FHA Lender

Renton 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 Renton. We have been making FHA, VA, Conforming, and Jumbo loans since 1987. VanDyk Mortgage is a Direct Lender. We offer many loan programs for Renton 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

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

Renton VA Loans are available up to $481,250 with zero down payment required. The Renton 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 Renton. 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.

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

Renton Home Loan information

FHA Home loans in Renton, 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 Renton 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)
Renton 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 Renton, Washington:

Active Duty Military and Veterans can both qualify
100% financing up to $481,250
A $500k Renton VA Home Purchase would only require $4,687 downpayment ( .94%) - not including the VA Funding Fee
A $675k Renton 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 Renton condos are available up to $481,250 with zero down

Conforming Home Loans in Renton, Washington:

Available up to $567,500 with the Conforming High Balance (aka conforming Jumbo)
Renton 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

Tuesday, September 7, 2010

Redmond WA - VA Loans and FHA Home Mortgage Loan Info

Redmond 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 Redmond. We have been making FHA, VA, Conforming, and Jumbo loans since 1987. VanDyk Mortgage is a Direct Lender. We offer many loan programs for Redmond 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

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

Redmond VA Loans are available up to $481,250 with zero down payment required. The Redmond 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 Redmond . 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.

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

Redmond Home Loan information

FHA Home loans in Redmond, 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)
Redmond 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 Redmond, Washington:

Active Duty Military and Veterans can both qualify
100% financing up to $481,250
A $500k Redmond VA Home Purchase would only require $4,687 downpayment ( .94%) - not including the VA Funding Fee
A $675k Redmond 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 Redmond, Washington:

Available up to $567,500 with the Conforming High Balance (aka conforming Jumbo)
Redmond 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.

Monday, September 6, 2010

Maximum Income Limits for FHA Loans

Maximum Income Limits for FHA Loans
There are no maximum income limits or restrictions or limitations for FHA Loans. We felt it was important to discuss this briefly since many people think FHA Loans are just for Low Income buyers, or First Time Home Buyers. Nothing could be further from the truth.
FHA Loans do not have a maximum income restriction. As well, you do not have to be a First Time Home Buyer to qualify for FHA Loans. FHA Loans were created with the mission to help Americans to purchase a home with a lower down payment than conventional or conforming alternatives, and to have affordable refinance options.
Since the FHA's mission is to foster affordable housing for Americans, it does allow some things that Conventional loans do not at this time.

FHA Loans require 3.5% down payment
Down Payment can be from your own funds or gift funds from immediate family
FHA Loans allow credit scores as low as 620
FHA Loans have competitive 30 year fixed rates and low 5yr fixed rates are available too
FHA Loans offer Refinance options beyond Conforming loan options
FHA Refinance loans allow you to consolidate a first and second mortgage
You can only have one FHA loan at a time (with very few exceptions)

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.

FHA Loans vs Fannie Mae loans - compare and contrast We did a comparison of FHA jumbo vs Fannie Mae Jumbo loans in 2008, and also updated that artic

FHA Loans vs Fannie Mae loans - Which one is for you?

We did a comparison of FHA jumbo vs Fannie Mae Jumbo loans in 2008, and also updated that article onFHA Jumbo vs Fannie Mae High Balance recently. It made me think, what about conforming loan sizes - $417K and under, how do FHA and Fannie Mae conforming loans compare? We found that in many instances, FHA has many benefits and more ways to help homeowners refinance and homebuyers purchase homes.

FHA Purchase Loans and FHA Refinance Loans offer many ways to help both homebuyers and refinancers. Here are some comparisons:

FHA Loans require a 3.5% downpayment vs a 5% downpayment for Fannie Mae
FHA Refinance Loans require a 2.25% minimum equity vs a 5% minimum equity for Fannie Mae Refinances (for non- cash out transactions)
FHA Allows Cash out refinances up to 85% Loan to Value - Fannie Mae's limit of 85% loan to value
FHA Loans allow you to consolidate a first and second mortgage without classifying the transaction as Cash out - Fannie Mae Loans consider paying off a non-purchase second mortgage to be Cash out, resulting in higher loan related fees, higher fico qualification, and a higher rate.
FHA Loans require a 620 mid score vs a 680 for a 95% Fannie Mae Purchase.
FHA allows higher debt ratios than Fannie Mae loans, especially when MI is involved

While the FHA loan does have Mortgage Insurance, it does offer options that Fannie Mae does not, and Fannie Mae loans over 80% ltv also require PMI.

Here are some comparisons we made between FHA and conforming loans to measure the coming changes to the FHA Mortgage Insurance costs. Please view the following articles for more information on comparing the old and new FHA MIP premium structures, and how they effect you:

FHA Changes to Mortgage Insurance Premiums authorized in House Bill HR 5981

Part 1: Why FHA Loans will still be the better choice for many homebuyers (and refinancers!)

Part 2: Why FHA Loans will still be the better choice for many homebuyers (and refinancers!)

Call us at 866-900-2342 to see if a FHA Purchase or FHA Refinance is the right solution for you.

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. 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).