Tuesday, December 2, 2008
VanDyk Offers new Jumbo Loan Program
Here are the basics:
> Available in 3yr ARM, 5 yr ARM, or 7 yr ARM
> Principal & Interest or Interest Only (10 yr period)
> Loan to Value ratios up to 80% (70% in declining markets)
> Loan amounts up to $2 million
> Competitive rates, similar to Conforming Jumbo Rates (unlike most Jumbo programs that are well over 9%, these are typically under 6.375% and sometimes even lower)
We can beat virtually all major banks on loans over $625,500. This loan product isn't available at Countrywide, Bank Of America, Chase, Citi, Wells Fargo, or Suntrust. You can only find it at VanDyk Mortgage.
Get out of your Option ARM before the index rises back up or your payment recasts into fully amortized (usually after 5 years).
VanDyk Mortgage - Call Brian Skaar - 760-752-4480 or online at www.vandykfunding.com
Friday, November 7, 2008
New 2009 Loan Limits for Fannie & Freddie
We expect to see some updates to the current Fannie Mae & Freddie Mac guidelines for loans that exceed the standard limit of $417K which will keep these larger sized loans affordable & attainable. We will keep you posted as we hear updates.
We also expect to see updates soon from HUD regarding the 2009 FHA loan limits, extension of the FHA Secure loan program, and updated guidelines on Hope for Homeowners.
Here are some highlights of the new loan limits:
Alpine County, CA $463,450
Bellevue, WA $506,000
Carlsbad, CA $546,250
Chula Vista, CA $546,250
Escondido, CA $546,250
Everett, WA $506,000
Greene County, GA $515,200
Key West, FL $529,000
Kirkland, WA $506,000
Long Beach, CA $625,500
Los Angeles, CA $625,500
Lynnwood, WA $506,000
Mono County, CA $529,000
Napa, CA $592,250
Naples, FL $448,500
Oakland, CA $625,500
Oceanside, CA $546,250
Orange County, CA $625,500
Petaluma, CA $520,950
Pierce County, WA $506,000
Riverside, CA $417,000
Sacramento, CA $474,950
Salinas, CA $483,000
San Diego, CA $546,250
San Francisco, CA $625,500
San Jose, CA $625,500
San Juan County, WA $483,000
San Luis Obispo, CA $561,200
San Marcos, CA $546,250
Santa Barbara, CA $603,750
Santa Cruz, CA $625,500
Santa Rosa, CA $520,950
Seattle, WA $506,000
Snohomish County, WA $506,000
Tacoma, WA $506,000
Truckee, CA $477,250
Ventura, CA $598,000
Access the 2009 High cost area loan limits here PDF: 2009 Loan Limits
We believe that these loan limits are ample enough to help out millions of Americans Purchase new homes and Refinance their homes into safe affordable fixed rate loans.
VanDyk Mortgage is a Nationwide Direct Lender. Visit us on the web at www.vandykfunding.com.
Sunday, May 18, 2008
FHA - Stimulus Size and FHA Jumbo - what should we call it?
The FHA loan allows home buyers to get into homes with much less cash versus Fannie Mae or Freddie Mac "stimulus size" or "agency jumbo" loans. These loans require 10% down payment for the higher loan amounts. They also require much higher fico scores to qualify.
FHA loans look at the overall credit character of your file, not just your fico. Give us a call at 760-752-4480 direct, ask for Brian Skaar to see if this is the right loan for your next home.
Or just see if it is a good option to refinance your home into a safe, secure fixed rate loan.
Visit us on the web at www.vandykfunding.com
Some of the areas that we can help with FHA loans include: 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, 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.
Wednesday, April 16, 2008
New Stimulus Size loans FHA or Fannie?
So what is the difference between the larger FHA loans and Fannie Mae's new Jumbo offerings.
Well for starters, FHA only requires 3% down payment vs Fannie Mae's 5% minimum. There is another advantage to using FHA when the property is in a "declining market" such as most of California, Florida, or Michigan. In the Declining Market, Fannie Mae requires another 5% down for a total of 10% down payment required. Regardless of credit score. This is the minimum.
FHA guidelines are far more predictable than Fannie Mae's are right now due to problems for Banks to sell loans in the secondary market. These problems have resulted in constant changes in qualification guidelines & parameters for Fannie Mae loans. Meanwhile, FHA loans remain true to form, since they are guaranteed by HUD, paid for by the Mortgage Insurance on each loan, these have not had to change as dramatically to keep up with the secondary marketability and the all mighty bank liquidity requirements. (IE, bad loans on the banks books hurt liquidity since they can't sell them for what they paid for them or their original value).
Stay Tuned for more FHA updates in the days to come.
Wednesday, April 2, 2008
FHA Jumbo loans are finally here
They are now here. FHA Jumbo loans. The new stimulus bill allows FHA loans up to $729,750 in the highest cost markets. Even if you are not in one of these markets, your loan limits have increased. Click here to access the limits for your area. (pdf will take a moment to load).
The FHA jumbo loan is fast becoming our most popular loan with the wider range of qualifying rules, (lower fico's, credit hiccups, etc), but also for the sheer economy of the loan.
>FHA Mortgage Insurance is cheaper on a monthly basis
>FHA loan are the most affordable loans on the market today
>FHA loans still go to 97% loan to value (require just 3% down payment)
There is no "declining market" hit for FHA (other loan programs have increased the down payment to 5, 10 or 20%)
And FHA loans are 30 year fixed rates.
>no Rate Adjustments
>no Interest Only
>no Negative Amortization.
Call the FHA loan pros to help with your safe, secure, affordable FHA loan. Call me at 866-900-2342 (toll free) or apply online at www.vandykfunding.com
Saturday, March 8, 2008
Congress & HUD to the rescue - New loan limits released
You can find the new limits for your area here: 2008 Loan Limits .
FNMA & FHLMC, AKA Fannie Mae & Freddie Mac, are both GSE's or Government Sponsored Enterprises that purchase loans made by Mortgage Banks that meet their criteria. The new loan limits for Fannie & Freddie rose from $417K up to $729,750 as well in many areas, depending on Geographic area based on housing prices. Many areas did experience a significant increase in this amount, even if it didn't go to the max ceiling. For instance, Seattle homes can now qualify up to $569,500, and San Diego homes now qualify up to $697,500.
No Point, No fee options are available. Call for details.
Call us to find out if the new loan limits can help with your financial plans.
Our toll free number is 866-900-2342.
You may also apply online to get your home loan quote at http://www.vandykfunding.com/ , simply click on the Loan Application button at the top of the page.
Saturday, February 16, 2008
Government Help for Homeowners is finally here
This is welcome relief for thousands of Adjustable Rate Mortgage holders who are worried about rate resets and would like to lock into a more secure 30 year fixed rate mortgage. VanDyk Mortgage is ready to meet the increased demand with our streamlined, simple process for application & documentation handling. Consumers can apply direct at http://www.vandykfunding.com/, then go to the secure "loan application" button at the top of the page. Our processes are largely paperless, which will reduce the timelines for your loan approval and closing.
VanDyk Mortgage is a privately owned Mortgage Banker offering loans accross much of the nation. We have been in business over 21 years, offering FHA, VA, and Conventional financing direct. We are considered experts at FHA loans due to our large volume with HUD. We also have achieved "Full Eagle" FHA Direct Endorsement from HUD, an accomplishment that we are very proud of.
Please visit us online at http://www.vandykfunding.com/ or give us a call at 866-900-2342 to ask us any questions you may have about your loan, the mortgage market, or just to say hello.
Friday, February 8, 2008
Relief for Jumbo Mortgage Loan holders
Caution. This is a sunset clause though, and it will expire an december 31, 2008. Do not wait if you are going to refinance your Jumbo loan or want to purchase a home with a Jumbo loan at the enhanced lower rates.
It makes a similar change for loans backed by the Federal Housing Administration, (FHA) which insures loans to borrowers with weaker credit. The limits on FHA will rise to the same amounts, based on geographic area and the average cost of housing. The increase with FHA is a much bigger benefit, as the increase has no sunset clause at this point, and these loans were capped at just over $362K in the highest cost areas. Combined with FHA secure, this initiative provides a welcome boost to help homeowners refinance out of troublesome ARM loans.
VanDyk Mortgage is a Privately held Mortgage Banker specializing in direct funding of FHA & VA loans, plus Fannie Mae & Freddie Mac Conventional loans. Call us first to work with the experts for your next home loan at 866-900-2342 toll free, or visit us at www.vandykfunding.com.