Government Help for Homeowners is finally here

Help for US homeowners came this week in the form of Increased Loan limits for Fannie Mae (FNMA), Freddie Mac (FHLMC), and Ginnie Mae (Government loans such as FHA, VA, & FHA Secure). This week the United States Congress, Senate and our President, G.W. Bush all came to an agreement on an economic stimulus bill that includes a very important set of provisions for Homeowners. It increases the loan limits for the above entities from a cap of $417,000 for Fannie & Freddie and $362K for FHA to as much as $729,750 in high cost areas such as Coastal California, parts of Florida, New York, and select markets. Overall, it is likely to help hundreds of thousands of homeowners attain affordable, secure financing for their homes during the next year. The increases are temporary (until December 31, 2008) for some of the programs, so those looking to refinance should contact us very soon to get started. We anticipate that this will not only result in lower rates for many loans formerly considered "Jumbo", but will increase the ability to get qualified as these loan programs allow financing up to 97% of a homes appraised value without large penalties or rate increases.

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.

Relief for Jumbo Mortgage Loan holders

The Senate passed the Economic Stimulus plan this week, it just awaits confirmation on amendments by congress and a signature from the President. The biggest winners in this economic rescue plan are middle to upper-income Americans who can refinance their jumbo home loans at cheaper rates. The stimulus package temporarily raises the maximum size of mortgages that Fannie Mae and Freddie Mac can purchase and market as securities from $417,000 to as high as $729,750 in expensive parts of the country like New York City and California. The increased loan amount limits could save borrowers as much as 1% on their mortgage, which would translate to $300-500 per month for the average jumbo borrower.

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.