VA Myth - VA loans are only available to $417K. Myth no more, read below.
It is a common myth with VA Loans is that they don't work for your area, or the loan amounts are too low for your area. In the past this was true, but recent changes have changed the picture. VA loans are available much higher than $417K.
Please see our VA Loan Limits page for details on your county limits.
The loan limits above $417,000 are called VA Jumbo Loans. While many counties in the country are limited to the $417,000 amount, that isn't the highest VA loan available for that county. VanDyk Mortgage offers VA loans up to $1,500,000 in all the states we serve. What changes is the amount of required home equity or down payment. Each case is unique depending on your VA County Loan Limit and your Home's purchase price or value.
In counties where the loan limit is lower than your purchase price or refinance loan amount, you may have to have equity (for a VA Jumbo refinance) or put a down payment (for a VA Jumbo Purchase).
So what is the benefit of using a VA loan in this scenario? - Lower down payments than conventional alternatives, fixed rates, no Mortgage Insurance.
Let's say you live in a county where the VA loan limit is $417,000 (such as Riverside or San Bernardino counties in California). You want to purchase a home that is $450,000 with as little of down payment possible. Assume that you have full VA eligibility & fully restored Entitlement. VanDyk Mortgage will allow a VA loan in this scenario up to $441,750, requiring just $8,250 down payment, or 1.83%.
The goal of the VA calculation is the reach a guarantee figure of 25% of the loan amount. This can be a combination of the Entitlement and a down payment.
Here is the math to figure this out:
1. Take your county loan limit (in this case $417,000) and multiply times 25% to reach your maximum entitlement and guaranty available ($417,000 x .25 = $104,250)
2. Take your purchase price and multiply times the minimum guaranty required. ($450,000 X .25 = $112,500)
** since this figure is higher than your maximum guaranty and entitlement from #1, we must now figure out how to handle the shortage.
3. Take #2, the Minimum required guaranty ($112,500) and subtract the available guaranty and entitlement for you ($104,250) and it yields us $8,250.
$8,250 represents the required down payment for purchasing a $450,000 property in a county with a VA loan limit of $417,000 for a Veteran or Active Duty Service Member with full Entitlement available. $8,250 is a 1.83% down payment. Now that is a huge benefit for our Veterans. This is far superior to the conventional loan alternatives or even FHA loans.
When your bank tells you that you need to put down 10% for a conventional loan, Call VanDyk Mortgage and go with a VA loan instead. You will be glad you called. 866-900-2342 toll free.
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 Jumbo purchase loans, VA Jumbo Refinance Loans, VA Jumbo Streamline Refinance loans, VA Jumbo IRRRL , VA Mortgages of all types.
We are a Direct Lender specializing in Government Loans. VanDyk Mortgage is also a HUD Full Eagle FHA Direct Endorsement Underwriter, ie 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, Indiana, Massachusetts, Virginia, Washington, Wyoming & More. Visit us at http://www.vandykfunding.com/ to get started or just find out more.
Sunday, April 26, 2009
VA loans fast becoming the best choice for Vets to Refinance
VA loans are fast becoming the best choice for Vets to Refinance their home loans.
Recent enhancements to VA guidelines now allow Veterans and Active Duty Military to refinance out of Conventional, Jumbo, Sub-Prime, Alt-A, Option ARM, and other non VA loans into Safe fixed rate VA Loans. (see our recent post on VA loan changes here). The old VA Limit for these refinances was $144000, regardless of where you lived and your county loan limit.
2009 brought changes to both the VA Loan limits and the way VA calculates your eligibility for Guarantee. If you have full elibility (or fully restored entitlement) you can purchase or refinance up to the Loan Limit for your county (of course, other qualifications do apply such as property value, income, liabilities, etc).
Here is a list of all the counties in California that exceed the $417,000 standard VA loan maximum: ALAMEDA $1,094,625, ALPINE $503,750, CONTRA COSTA $1,094,625, EL DORADO $516,250, LOS ANGELES $737,500, MARIN $1,094,625, MONO $575,000,
MONTEREY $525,000, NAPA $643,750, NEVADA $518,750, ORANGE $737,500, PLACER $516,250, SACRAMENTO $516,250, SAN BENITO $ 937,500, SAN DIEGO $593,750, SAN FRANCISCO $1,094,625, SAN LUIS OBISPO $610,000, SAN MATEO $1,094,625, SANTA BARBARA $656,250, SANTA CLARA $937,500, SANTA CRUZ $805,000, SOLANO $435,000, SONOMA $566,250, VENTURA $650,000, all other California counties are capped at $417K.
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 www.vandykfunding.com to get started or just find out more.
Recent enhancements to VA guidelines now allow Veterans and Active Duty Military to refinance out of Conventional, Jumbo, Sub-Prime, Alt-A, Option ARM, and other non VA loans into Safe fixed rate VA Loans. (see our recent post on VA loan changes here). The old VA Limit for these refinances was $144000, regardless of where you lived and your county loan limit.
2009 brought changes to both the VA Loan limits and the way VA calculates your eligibility for Guarantee. If you have full elibility (or fully restored entitlement) you can purchase or refinance up to the Loan Limit for your county (of course, other qualifications do apply such as property value, income, liabilities, etc).
Here is a list of all the counties in California that exceed the $417,000 standard VA loan maximum: ALAMEDA $1,094,625, ALPINE $503,750, CONTRA COSTA $1,094,625, EL DORADO $516,250, LOS ANGELES $737,500, MARIN $1,094,625, MONO $575,000,
MONTEREY $525,000, NAPA $643,750, NEVADA $518,750, ORANGE $737,500, PLACER $516,250, SACRAMENTO $516,250, SAN BENITO $ 937,500, SAN DIEGO $593,750, SAN FRANCISCO $1,094,625, SAN LUIS OBISPO $610,000, SAN MATEO $1,094,625, SANTA BARBARA $656,250, SANTA CLARA $937,500, SANTA CRUZ $805,000, SOLANO $435,000, SONOMA $566,250, VENTURA $650,000, all other California counties are capped at $417K.
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 www.vandykfunding.com to get started or just find out more.
FHA Jumbo Refinance, FHA Jumbo Purchase loans & FHA Jumbo Streamline Refinance loans - California
FHA Jumbo Refinance, FHA Jumbo Purchase loans & FHA Jumbo Streamline Refinance loans - California
We are continuing to see the FHA Jumbo Refinance become a more common option for California Homeowners. This loan allows you to refinance your first mortgage into a Safe, Fixed Rate FHA Loan at terms that are typically more favorable than conventional lending options. If your home has come down in value, the FHA option may still be able to help you refinance out of your Adjustable rate loan. FHA requires less equity in your home than Conventional loans.
FHA Jumbo Loans are loans that are $417,001 up to your county's Mortgage limit. For example, in California, the FHA Jumbo Loan limit is $697,500 for San Diego, $729,750 for Los Angeles, $729,750 for Orange County, $729,750 for Ventura, Santa Clara, San Francisco, Santa Cruz, Contra Costa, Alameda, & Napa counties, and San Bernardino & Riverside counties are eligible up to $500,000.
VanDyk Mortgage is able to help with FHA Jumbo Loans for the purchase of your new home. Please visit our 2009 FHA Loan Limit page for details on your county. These loans require just 3.5% downpayment. Call for details to see if it could be your best choice.
FHA Jumbo Streamline Refinances with VanDyk Mortgage do not have a minimum time requirement since you purchased your home (or last refinanced). These can save you hundreds per month with no appraisal or income qualifying. We do require a good mortgage payment history.
FHA Jumbo Refinances are available to help: Consolidate debts, Consolidate a first & second mortgage, or Refinance your Non-FHA loan into a Safe FHA fixed rate loan.
Call the Government Loan Experts at VanDyk Mortgage today at 866-900-2342. http://www.vandykfunding.com/ 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, San Francisco, 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.
We are continuing to see the FHA Jumbo Refinance become a more common option for California Homeowners. This loan allows you to refinance your first mortgage into a Safe, Fixed Rate FHA Loan at terms that are typically more favorable than conventional lending options. If your home has come down in value, the FHA option may still be able to help you refinance out of your Adjustable rate loan. FHA requires less equity in your home than Conventional loans.
FHA Jumbo Loans are loans that are $417,001 up to your county's Mortgage limit. For example, in California, the FHA Jumbo Loan limit is $697,500 for San Diego, $729,750 for Los Angeles, $729,750 for Orange County, $729,750 for Ventura, Santa Clara, San Francisco, Santa Cruz, Contra Costa, Alameda, & Napa counties, and San Bernardino & Riverside counties are eligible up to $500,000.
VanDyk Mortgage is able to help with FHA Jumbo Loans for the purchase of your new home. Please visit our 2009 FHA Loan Limit page for details on your county. These loans require just 3.5% downpayment. Call for details to see if it could be your best choice.
FHA Jumbo Streamline Refinances with VanDyk Mortgage do not have a minimum time requirement since you purchased your home (or last refinanced). These can save you hundreds per month with no appraisal or income qualifying. We do require a good mortgage payment history.
FHA Jumbo Refinances are available to help: Consolidate debts, Consolidate a first & second mortgage, or Refinance your Non-FHA loan into a Safe FHA fixed rate loan.
Call the Government Loan Experts at VanDyk Mortgage today at 866-900-2342. http://www.vandykfunding.com/ 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, San Francisco, 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.
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