FHA, VA & Conventional Loan Limits for 2010 announced

FHA, VA & Conventional Loan Limits for 2010 have been approved by congress.

Today, Congress approved an extension of higher loan limits for FNMA, FHLMC, and FHA (Fannie Mae, Freddie Mac & FHA) that will extend the current loan limits in place for 2009 to the end of 2010. This will help avoid any disruption in the mortgage market as the housing sector tries to recover.

The loan limits for your area can be found by clicking on the following links:
FHA Loan Limits for high cost counties
Fannie & Freddie Loan Limits for high cost counties
VA Loan limits for high cost counties

VanDyk Mortgage offers FHA Jumbo, Conventional Jumbo (Fannie & Freddie), and VA Jumbo loans in all areas that we service. The VA Jumbo Loan limits are not official yet, but they are based on the GSE Loan limits approved by this bill, so we anticipate no changes to VA limits.

The extended 2009/2010 FHA/Fannie Mae/Freddie Mac loan limits retain the high end at $729,750 in higher cost counties such as Los Angeles, Santa Clara, San Francisco, Orange County, Bay Area cities, and more. San Diego County remains at a max 2009 FHA Loan Limit of $697,500 for a single family residence.

The extended 2009/2010 VA loan limits retain the high end at $737,500 in higher cost counties such as Los Angeles and Orange County, $1,094,625 in San Francisco, San Mateo, Marin, Alameda, & Contra Costa Counties, $937,500 in San Benito & Santa Clara counties, $805,000 in Santa Cruz county, and more. San Diego County remains at a max VA Loan Limit of $593,750 for a single family residence for 2010. Here is a post on the 2009 VA limits that may be helpful.

We are very excited about these enhanced possibilities for our Veterans & Active Duty Military Personnel. VanDyk Mortgage has been making FHA & VA loans since 1987. We are a HUD recognized Full Eagle FHA DE underwriter and FHA Direct Lender. VanDyk Mortgage is also a Proud VA 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 are your VA Jumbo Direct Lender and FHA Jumbo Direct Lender and we offer FHA, FHA Jumbo, FHA Manual Underwrite, FHA Jumbo Streamline refinance, FHA Jumbo Purchase, FHA Streamline, VA, VA Streamline, VA Jumbo purchase, VA Jumbo Refinance, VA Cashout refinance, 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, CA, WA, GA, FL, MO, MI, TX, 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, Seattle, Bellevue, Sammamish, Issaquah, San Francisco, Oakland, Fremont, San mateo, santa clara, 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, Oakland, Bel Air Estates, Palos Verdes Estates, Rancho Palos Verdes, Rolling Hills, Rolling Hills Estates, Manhattan Beach, Redondo Beach, Hermosa Beach, Torrance, Sacramento, Stockton, Bakersfield, Fresno, 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 is your FHA Lender & VA Lender of choice.

New 2009 Loan Limits for Fannie & Freddie

Fannie Mae & Freddie Mac have new loan limits for 2009, as released today. The standard conventional loan limit remains at $417K accross the USA. High Cost Areas have new limits based on the new formula in the 2008 housing bill passed in July.

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.

FHA - Stimulus Size and FHA Jumbo - what should we call it?

There is some confusion out in the media about the new FHA loan limits and just what to call these new loans. We have several investors that call these Stimulus Size FHA loans, and some call them FHA Jumbo loans. We just call them great loans. These loans can qualify borrowers in high cost areas for much higher loan amounts for safe, secure FHA loans with just 3% down payment or 3% equity for refinance. The available loan amounts in areas such as Los Angeles & Orange County, & San Francisco (and much of the Bay Area) now allow loans up to $729,750 with just 3% down. San Diego allows up to $697,500, Seattle up to $567,500.

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.

New Stimulus Size loans FHA or Fannie?

Well, The new Stimulus Package loan limits are here, and we have had a couple weeks to see how the banks would digest the new loan limits. For instance, the new loan limit in Los Angeles, CA is $729,750, while the limit for San Diego, CA is $697,500. The Seattle area in Washington, including King, Pierce & Snohomish Counties are now capped at $567,500.

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.

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

Congress & HUD to the rescue - New loan limits released

HUD has finalized the new 2008 loan limits for FHA, FNMA & FHLMC backed loans. The new limits increase the max loans for FHA from just over $368K up to $729,750. Although the highest amounts are for high cost metropolitan areas such as Los Angeles, New York, & San Francisco, Every county in America benefits from an increase in the FHA loan limit from $200K to a new minimum limit of $271,050. This helps to increase the number of US households that can qualify to purchase and refinance their homes.

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.

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.