One of the unfortunate casualties of the Mortgage Meltdown was the Home Ownership Accelerator loan program. This loan program allowed USA homeowners the power to utilize interest saving techniques used in Australia & much of Europe to pay off their Home Mortgage Early without paying any extra money each month. The Program has helped thousands of US homeowners speed up their loan payoff while maintaining their current lifestyle and no reduction in available spending money. The program was a victim of the credit crunch and was halted this past summer, as Secondary loan markets were cut off for non vanilla loan types.
These are not risky loans. In fact, when paired with Responsible Homeowners with financial discipline, these are a fantastic wealth builder. Unfortunately, the emotions of Wall Street froze the product for most of 2008.
Well, we are proud to announce that the Home Ownership Accelerator coming back soon, and VanDyk Mortgage has been chosen to be an exclusive Lender Partner for the re-introduction of the Home Ownership Accelerator program. This product won't be available to all Lenders and Brokerages this time around. VanDyk Mortgage was selected as an exclusing partner for the HOA due to our strong track record in origination of quality loans properly matched to clients for the best fit, affordability, and sustainability.
If you would like to be notified when the HOA or Home Ownership Accelerator is available again, send an email to us at HOA@vandykfunding.com or call Brian Skaar at 760-752-4480.
Thursday, December 4, 2008
No declining market restrictions - 100% cash out - VA Loans
There are No declining market restrictions on our 100% cash out refinance VA Loans.
I forgot to mention this in the last blog post; blog post on 100% cash out VA refinances.
There is no limitation on which states qualify for the 100% cash out refi option on these loans, there is no additional declining market cap on LTV like Fannie, Freddie, & private loans. All "declining" markets are fully eligible for these loans, including California, Arizona, Nevada, Florida, Georgia, etc.
I forgot to mention this in the last blog post; blog post on 100% cash out VA refinances.
There is no limitation on which states qualify for the 100% cash out refi option on these loans, there is no additional declining market cap on LTV like Fannie, Freddie, & private loans. All "declining" markets are fully eligible for these loans, including California, Arizona, Nevada, Florida, Georgia, etc.
100% Cash out Refinance - VA Enhancements
You read the headline correct: VA now allows 100% cash out refinances. VA refinances are no longer capped at 90% of your current appraised value. This change will allow Veterans, Active Duty Members & Reservists the option to refinance their non VA loans into safe, secure, fixed rate VA Loans. VA Loans have no MI or Mortgage Insurance.
Even better news: The previous limit of $144,000 on VA refinances has been lifted, and the limit is now the VA Loan limit for your county. Click here to see your limit: New VA loan limits for 2009 Blog Post .
The Entitlement and Guarantee equations have been adjusted slightly as well to facilitate Refinances over $144K as well. I will post some scenarios in a future blog to illustrate this.
We are very excited about the enhanced possibilities for our Veterans.
Please call Brian Skaar at 760-752-4480 or visit us online at www.vandykfunding.com to find out more.
VanDyk Mortgage is a VA Direct Lender (since 1987). We are the VA Experts. We offer VA loans accross America including: California, Washington, Arizona, Texas, Florida, Georgia, & more.
Even better news: The previous limit of $144,000 on VA refinances has been lifted, and the limit is now the VA Loan limit for your county. Click here to see your limit: New VA loan limits for 2009 Blog Post .
The Entitlement and Guarantee equations have been adjusted slightly as well to facilitate Refinances over $144K as well. I will post some scenarios in a future blog to illustrate this.
We are very excited about the enhanced possibilities for our Veterans.
Please call Brian Skaar at 760-752-4480 or visit us online at www.vandykfunding.com to find out more.
VanDyk Mortgage is a VA Direct Lender (since 1987). We are the VA Experts. We offer VA loans accross America including: California, Washington, Arizona, Texas, Florida, Georgia, & more.
Wednesday, December 3, 2008
100% financing in California
100% financing in California. It still exists.
Fannie, Freddie, & the Private Mortgage Insurance companies have limited California purchases to a minimum of 10% down payment, or a maximum of 90%.
For Veterans & Active Duty Service members the VA loan still offers 100%, no money down financing in California. Recent enhancements for 2009 loans have increased the loan limits, and your entitlement might be higher that you thought. For example, San Diego VA loans are available up to $593,750, Los Angeles up to $737,500, Orange County up to $737,500, and San Bernardino / Riverside up to $417,000.
For non-Military, FHA is an incredible option for Home ownership at just 3.5% downpayment required.
VanDyk Mortgage is a Direct VA Lender and Direct FHA Lender. www.VanDykFunding.com
Fannie, Freddie, & the Private Mortgage Insurance companies have limited California purchases to a minimum of 10% down payment, or a maximum of 90%.
For Veterans & Active Duty Service members the VA loan still offers 100%, no money down financing in California. Recent enhancements for 2009 loans have increased the loan limits, and your entitlement might be higher that you thought. For example, San Diego VA loans are available up to $593,750, Los Angeles up to $737,500, Orange County up to $737,500, and San Bernardino / Riverside up to $417,000.
For non-Military, FHA is an incredible option for Home ownership at just 3.5% downpayment required.
VanDyk Mortgage is a Direct VA Lender and Direct FHA Lender. www.VanDykFunding.com
Tuesday, December 2, 2008
New 2009 VA Loan Limits - a snapshot
New VA Loan Limits for 2009 are now available.
The new limits range from the base limit of $417,000 up to $1,094,625 in the highest cost areas.
All VA loans require ZERO Mortgage Insurance, and as little as ZERO down payment.
Here are some of the new county limits:
CA
ALAMEDA
$1,094,625.00
CA
ALPINE
$503,750.00
CA
CONTRA COSTA
$1,094,625.00
CA
EL DORADO
$516,250.00
CA
LOS ANGELES
$737,500.00
CA
MARIN
$1,094,625.00
CA
MONO
$575,000.00
CA
MONTEREY
$525,000.00
CA
NAPA
$643,750.00
CA
NEVADA
$518,750.00
CA
ORANGE
$737,500.00
CA
PLACER
$516,250.00
CA
SACRAMENTO
$516,250.00
CA
SAN BENITO
$937,500.00
CA
SAN DIEGO
$593,750.00
CA
SAN FRANCISCO
$1,094,625.00
CA
SAN LUIS OBISPO
$610,000.00
CA
SAN MATEO
$1,094,625.00
CA
SANTA BARBARA
$656,250.00
CA
SANTA CLARA
$937,500.00
CA
SANTA CRUZ
$805,000.00
CA
SOLANO
$435,000.00
CA
SONOMA
$566,250.00
CA
VENTURA
$650,000.00
CA
YOLO
$516,250.00
FL
COLLIER
$487,500.00
FL
MONROE
$575,000.00
GA
GREENE
$560,000.00
WA
KING
$550,000.00
WA
PIERCE
$550,000.00
WA
SAN JUAN
$525,000.00
WA
SNOHOMISH
$550,000.00
The maximum guaranty amount (available for loans over $144,000) is 25 percent of the 2009 VA Limit shown below. Therefore, a veteran with full entitlement available may borrow up to the 2009 VA Limit shown below and VA will guarantee 25 percent of the loan amount. If a veteran has previously used entitlement that has not been restored, the maximum guaranty amount available to that veteran must be reduced accordingly.
VanDyk Mortgage is a Direct VA lender, and has been making VA Loans since 1987. Visit us on the web for more info or to apply for your VA Loan at http://www.vandykfunding.com/
The new limits range from the base limit of $417,000 up to $1,094,625 in the highest cost areas.
All VA loans require ZERO Mortgage Insurance, and as little as ZERO down payment.
Here are some of the new county limits:
CA
ALAMEDA
$1,094,625.00
CA
ALPINE
$503,750.00
CA
CONTRA COSTA
$1,094,625.00
CA
EL DORADO
$516,250.00
CA
LOS ANGELES
$737,500.00
CA
MARIN
$1,094,625.00
CA
MONO
$575,000.00
CA
MONTEREY
$525,000.00
CA
NAPA
$643,750.00
CA
NEVADA
$518,750.00
CA
ORANGE
$737,500.00
CA
PLACER
$516,250.00
CA
SACRAMENTO
$516,250.00
CA
SAN BENITO
$937,500.00
CA
SAN DIEGO
$593,750.00
CA
SAN FRANCISCO
$1,094,625.00
CA
SAN LUIS OBISPO
$610,000.00
CA
SAN MATEO
$1,094,625.00
CA
SANTA BARBARA
$656,250.00
CA
SANTA CLARA
$937,500.00
CA
SANTA CRUZ
$805,000.00
CA
SOLANO
$435,000.00
CA
SONOMA
$566,250.00
CA
VENTURA
$650,000.00
CA
YOLO
$516,250.00
FL
COLLIER
$487,500.00
FL
MONROE
$575,000.00
GA
GREENE
$560,000.00
WA
KING
$550,000.00
WA
PIERCE
$550,000.00
WA
SAN JUAN
$525,000.00
WA
SNOHOMISH
$550,000.00
The maximum guaranty amount (available for loans over $144,000) is 25 percent of the 2009 VA Limit shown below. Therefore, a veteran with full entitlement available may borrow up to the 2009 VA Limit shown below and VA will guarantee 25 percent of the loan amount. If a veteran has previously used entitlement that has not been restored, the maximum guaranty amount available to that veteran must be reduced accordingly.
VanDyk Mortgage is a Direct VA lender, and has been making VA Loans since 1987. Visit us on the web for more info or to apply for your VA Loan at http://www.vandykfunding.com/
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