True Jumbo Loans up to $2.5M in California & Washington

VanDyk Mortgage offers our new enhanced Jumbo Loan Programs. We call it our Premier Jumbo Line. We offer True Jumbo Loans up to $2.5M in California & Washington. These are also called Non-conforming or Non-conforming jumbo loans.

Here are the basics:

> Available in 3yr ARM, 5 yr ARM, or 7 yr ARM (+ 15 yr fixed & 30 year fixed rates).

> Principal & Interest or Interest Only (10 yr period)

> Loan to Value ratios up to 80% (no reduction for Declining Markets such as California)

> Loan amounts up to $2.5 million

> Competitive Jumbo rates, unlike most Jumbo programs that are well over 8-9%, these are typically under 6.25% and sometimes even lower.

> Full Income & Asset Documentation is required.

We can beat virtually all major banks on loans over $417,00. You won't find this loan at Bank Of America, Chase, Citi, Wells Fargo, or Suntrust. You can only find it at VanDyk Mortgage.

Get out of your Option ARM or Adjustable Rate Jumbo Loan 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

VanDyk Mortgage is Direct Lender and Broker offering Conventional, FHA, VA, Jumbo, FHA Jumbo, VA Jumbo, and USDA Home Loans. We serve California and Washington from our office.

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.

VA Jumbo Loans available to $1,094,625

VA Jumbo Loans available to $1,094,625.

VanDyk Mortgage offers VA Jumbo Loans up to $1,094,625 in all areas that we service. Many VA Jumbo Lenders cap their VA loans at $417,000, or $650,000. We offer VA Jumbo Loans up to the full county limit for your area, and even go above the county limit when there is sufficient down payment and entitlement to reach your minimum 25% guarantee for the loan. Here is another post that covers that subject: The VA 417K myth.

VA Jumbo's are the best way to purchase a million dollar home with less than 20% down payment in many California counties and areas. In fact, VA Jumbos are the best way to buy a home that is over $417K in most California Counties. Here is a list of County VA Loan Limits: VA Loan Limits by county. Call to find out how much downpayment you will need for your home purchase - 760-752-4480, ask for Brian Skaar.

We offer VA Jumbo Loans for Purchase, Refinance, and Cash-out Refinance. 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 203K Streamline Rehab 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.

VanDyk Offers new Jumbo Loan Program

VanDyk Mortgage is proud to introduce our new Jumbo Loan Programs. We call it our Premier Jumbo Line.

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

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.