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.

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