Government Loan Pros - FHA, VA, and USDA Rural Home Loans: August 2010

Sunday, August 29, 2010

Using your VA Home Loan Benefit in Los Angeles -part 2 - refinance your home with a VA Loan

Using your VA Home Loan Benefit in Los Angeles -part 2 - refinance your home with a VA Loan

The VA Home Loan benefit is a great opportunity for Los Angeles Veterans and Active Duty Military to refinance a LA home or Los Angeles condo. We thought it would be a good idea to quickly review the benefits of VA Loans, and a few ways to use them to your benefit.

VA Loans require zero downpayment up to $593,750 in Los Angeles, throughout Los Angeles County.

VA Refinance Loans - available up to 90% of your homes value
VA Jumbo Refinance Loans - also available up to 90% of your homes value with corresponding amount of home equity. these are also know as VA High Balance loans.
VA IRRRL Streamline Refinance Loans - Refinance into a lower rate with reduced documentation requirements, up to $1.5M in Los Angeles.

However,Veterans are not limited to the Los Angeles Loan limit of $593,750 for VA Loans. We offer VA Jumbo Loans up to $1.5 Million with the appropriate downpayment or equity to reach the VA Guarantee requirements of 25% of the loan amount. Here is one of our posts on how you can get a VanDyk Mortgage VA Loan over your county limit.

Here are a few ways to use your VA home loan Benefit in Los Angeles to purchase a home:

VA Loan to Refinance a single family home with up to $417K loan amount with no PMI
VA Jumbo Loan to Refinance a home up to a $593,750 loan amount no MI required.
VA Loan to refinance a Condo in Los Angeles - up to $417,000 loan amount no MI required.
VA Jumbo Loan to refinance your Los Angeles Condo up to $593,750 loan amount with no MI required.
VA Jumbo Loan to Refinance a $750,000 home in Los Angeles with a loan amount up to $675K with no MI
VA Jumbo Loan to Refinance a $1M home in Los Angeles with a loan amount up to $900K with no MI
Refinance your current VA Loan or VA Jumbo Loan using the VA IRRRL Streamline Refinance - Market rates are the lowest on record - Call for today's rates, they will surprise you.
Use a VA refinance to refinance out of an Adjustable Rate Mortgage - Up to 90% loan to value - with zero Mortgage Insurance required.
Use a VA refinance to consolidate your first and second mortgage with no extra charge to interest. This consolidation is considered Cash Out for Conforming Loans and has additional restrictions, VA Allows this up to 90% LTV.
Use the VA Jumbo Loan to take advantage of the lowest 30 year fixed rates on Record (call for actual rates, they will shock you). Available up to $1.5M in Los Angeles with a suitable combination of Equity and guarantee. Check out some actual VA Jumbo Loan Refinance scenario's here.

VA Home Loan info for Los Angeles, California:

Active Duty Military and Veterans can both qualify
100% financing up to $593,750
A $825k Los Angeles Home Purchase would only require $57,812 downpayment (7.01%) - not including the VA Funding Fee
VA Loans require no Mortgage Insurance
VA Loans do require a VAFF (VA Funding Fee), which is usually financed
Veterans with a 10% or higher VA disability pay no VA Funding fee
VA Loans are not just for first time homebuyers
VA Jumbo Loans are offered at competitive rates that will surprise you, in a good way.
Sellers can pay up to 4% of the VA Buyers closing costs
VA Loans can be used to purchase VA Approved Condominiums with zero down

VanDyk is your source for VA backed Condo loans. We also do not have a waiting period for "flips". This is often called the Flip Rule or VA Flip Rule. VanDyk does not require the seller of a property to wait 90 days before allowing a VA buyer to purchase the property, only 1 day.

VanDyk Mortgage is a Proud VA Direct Lender. VanDyk Mortgage has been making FHA & VA loans since 1987. We are a HUD recognized Full Eagle FHA DE underwriter and FHA 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 serve the entire states of California and Washington for VA Loans, including Los Angeles, San Francisco, Pasadena, Long Beach, San Jose, San Diego, Huntington Beach, Anaheim, Orange, Santa Ana, Oakland, Fresno, Bakersfield, Riverside, Lancaster, Sacramento, Seattle, Tacoma, Spokane, and everything in between.

Here is a link to part one of our series: Using your VA loan benefit to purchase a home in Los Angeles

UsUsing your VA Home Loan Benefit in Los Angeles, part 1 - Purchase a home

Using your VA Home Loan Benefit in Los Angeles, part 1 - Purchase a home

The VA Home Loan benefit is a great opportunity for Los Angeles Veterans and Active Duty Military to purchase a LA home or condo. We thought it would be a good idea to quickly review the benefits of VA Loans, and a few ways to use them to your benefit.

VA Loans require zero downpayment up to $593,750 in Los Angeles, throughout Los Angeles County.

VA Loans - zero downpayment required up to $417,000
VA Jumbo Loans - zero downpayment required up to $593,750 in LA (aka VA High Balance)
VA Jumbo Loans up to $1.5M (with downpayment)

Los Angeles VA Loans are available up to $593,750 with zero downpayment required. The Los Angeles VA Loan Limit in 2010 is $593,750. However,Veterans are not limited to the Los Angeles Loan limit of $593,750 for VA Loans. We offer VA Jumbo Loans up to $1.5 Million with the appropriate downpayment or equity to reach the VA Guarantee requirements of 25% of the loan amount. Here is one of our posts on how you can get a VanDyk Mortgage VA Loan over your county limit.

Here are a few ways to use your VA home loan Benefit in Los Angeles to purchase a home:

VA Loan to Purchase a single family home up to $417K with zero downpayment and no MI
VA Jumbo Loan to Purchase a home up to $593,750 with zero downpayment and no MI
VA Loan to purchase a Condo in Los Angeles - up to $417K with zero downpayment or MI
VA Jumbo Loan to purchase a Condo in Los Angeles - up to $593,750 with zero downpayment and no MI required.
VA Jumbo Loan to purchase a $750,000 home in Los Angeles with just a $39,062 downpayment required (5.21%)
VA Jumbo loan to purchase a $825,000 home with just $57,812 (7.01%) downpayment in Los Angeles
VA Jumbo loan to purchase a $1.1M Los Angeles home with just $126,562 (11.51%) downpayment and no MI (mortgage insurance)

VA Jumbo Loan rates are currently at the lowest 30 year fixed rates on Record (call for actual rates, they will shock you). VA Jumbo's are available up to $1.5M in Los Angeles with a suitable combination of Equity and guarantee. Check out some actual VA Jumbo Loan Purchase scenario's here.

VA Home Loan info for Los Angeles, California:

Active Duty Military and Veterans can both qualify
100% financing up to $593,750
Available up to $1.5M with suitable downpayment/Equity in home
VA Loans require no Mortgage Insurance
VA Loans do require a VAFF (VA Funding Fee), which is usually financed
Veterans with a 10% or higher VA disability pay no VA Funding fee
VA Loans are not just for first time homebuyers
VA Jumbo Loans are offered at competitive rates that will surprise you, in a good way.
Sellers can pay up to 4% of the VA Buyers closing costs
VA Loans can be used to purchase VA Approved Condominiums with zero down

Go with the Government Loan Pros, go with VanDyk. Visit us at www.vandykfunding.com or call Brian Skaar direct at 866-900-2342 for help with your VA loan. We serve the entire state of California plus Washington state, including: California,Southern California, Los Angeles, San Diego, San Jose, San Francisco, Santa Monica, Pasadena, Brea, Diamond, Long beach, Huntington beach, Irvine, Costa Mesa, Hollywood, North Hollywood, San Mateo, Ventura, Riverside, Oakland, Fremont, Sunnyvale, Santa maria, Oceanside, Vista, Escondido, Los Angeles, Murrieta, Temecula, Corona, Riverside, Rancho Bernardo, Poway, San Marcos, Carmel, Monterey, Santa Barbara, Santa Cruz, and all areas in between.

VA Jumbo Purchase Loans - Filling in the gaps that Conventional loan don't serve.

VA Jumbo Purchase Loans - Filling in the gaps that Conventional loan don't serve.

This sounds a little backwards from what you may have thought, seen or heard in the past about VA Loans, specifically VA Purchase Loans. VA now allows higher loan amounts up to $1,500,000, and VanDyk Mortgage offers these throughout California and Washington.

Conventional Loans require more equity for Jumbo loan amounts over $417,000 for purchase of a home or condo than typical VA requirements. True Jumbo Conventional Loans require at least 20% down payment to purchase a home, and more if you exceed $1m. The VA Jumbo loan allows Veteran purchasers many options for reduced downpayments vs conventional options.

VA Jumbo rates are typically lower than True Jumbo Rates on 30 year fixed rate loans. Call for an updated quote today - 760-752-4480.

There are a couple scenarios below of how VA Jumbo Loans can help Jumbo Borrowers who are Veterans or Active Duty Military Personnel in the purchase of a home:

Scenario 1. You want to buy a home for $1m in San Francisco. A conventional loan will require at least 20% downpayment, You have the money, but would prefer to keep it in the market to recapture what you have lost in the last couple years. In comes the VA Jumbo loan to the rescue. Since the county limit is $962,500 in San Francisco, we can offer a VA Jumbo loan up to $990,625 with just $9,375 down payment (yes, under 1% down). Our VA jumbo loans are typically a 30 year fixed rate, and never a prepayment penalty. Problem Solved! How about putting $9k vs 200K down. and getting a better rate sound?

Scenario 2. You want to buy a home in Long Beach for $900K. Since the county limit is $593,750 for a Los Angeles VA Loan, and VanDyk allows VA loans over the county limit, Our VA Jumbo Purchase loan for Long Beach would only require a $76,562 downpayment (8.51%). Problem solved.

Scenario 3. You want to buy a home in Oakland for $900K. Since the county limit is $962,500 for an Oakland or Alameda county VA Loan, your VA Jumbo Purchase loan for Oaklandwould only require zero downpayment. Conventional loans would require 20% in Oakland, and FHA loans cap out at $729,750. Problem solved for our Veteran.

Scenario 4. You want to buy a home for $1.65m in San Francisco. A conventional loan will require at least 20% downpayment, In comes the VA Jumbo loan to the rescue. Since the county limit is $962,500 in San Francisco, we can offer a VA Jumbo loan up to $1.5M, with a $150K down payment (yes, under 10% down). Our VA jumbo loans are typically a 30 year fixed rate, and never a prepayment penalty. Problem Solved!

As you can see, working a VA Loan pro can really make a difference. Veterans have never had more options or ways to utilize their VA benefit to Purchase or Refinance their homes in California.

There are many more situations and scenarios that VA Loans can help whereas conventional loans may not. Please don't hesitate to contact us if you think your VA Benefit could help you a Refinance or Purchase your home.

Here is a recent post regarding the new VA Loan Limits 2010.

These examples show some of the ways that a VA Jumbo Loan can help, and in ways that many lenders don't offer. VanDyk Mortgage offers VA Jumbo Loans up to $1,500,000 in all areas that we service. Many VA Lenders limit VA Loans to the county limit for your area, or a max of $650K, VanDyk is not contained to these limits. Even in areas with a lower VA Loan Limit, we still offer the VA Loan up to $1,500,000, as long as there is a sufficient combination of entitlement and equity to meet the guideline of 25%.

You do need good credit for VA jumbo loans, and must be able to fully document your income, but that should come as no surprise in today's lending world.

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.

VA Jumbo Refinance loans offer solutions conventional loans simply don't allow.

VA Jumbo Refinance loans offer solutions conventional loans simply don't allow. This sounds a little backwards from what you may have thought, seen or heard in the past about VA Loans, specifically VA Refinance Loans. VA now allows higher loan amounts up to $1,500,000, and VanDyk Mortgage offers these throughout California and Washington.

Conventional Loans require more equity for Jumbo loan amounts over $417,000 for both rate/term refinance and cash out refinance than VA requirements. True Jumbo Conventional Loans require at least 20% equity in your home for refinance, more if you want cash out. The VA Jumbo loan allows Refinances up to 90% of your homes value in both cases, VA Refinance, and VA Cash-out refinance. The VA Loan also allows you to consolidate a first and second mortgage with no penalty to rate or fees.

VA Jumbo rates are typically lower than True Jumbo Rates on 30 year fixed rate loans. Call for an updated quote today - 760-752-4480.

There are a couple scenarios below of how VA Jumbo Loans can help Jumbo Borrowers who are Veterans or Active Duty Military Personnel.

Scenario 1. Your home is worth $1m, and you live in San Francisco. You have a ARM loan and owe $860,000. Conventional loans require more equity, at least 20%, this scenario only has 14% equity, so the bank tells you no. In comes the VA Jumbo loan to the rescue. Since the county limit is $962,500 in San Francisco, and you have atleast 10% equity in your home, we can offer you a VA Jumbo Loan can refinance this loan up to $900K. The VA jumbo loans are typically a 30 year fixed rate, and never a prepayment penalty. Problem Solved!

Scenario 2. You live in Los Angeles, your home is worth $900K, and you owe $790K on your current loan, which is adjustable rate or higher interest fixed rate (over 5.3%). You want to get a fixed rate while the rates are good. You call the big bank. They tell you that you don't have enough equity in your home to refinance, you only have 12% equity, far below their 20% requirement. Once again, the VA Jumbo comes to the rescue for Veterans. Since the county limit is $593,750 for a Los Angeles VA Loan, and VanDyk allows VA loans over the county limit with an appropriate combination of entitlement and equity, we are able to offer you a new VA Jumbo 30 yr Fixed rate mortgage for this scenario. The new loan can be up to $810K, or 90% of the appraised value with your new Jumbo VA loan. Problem solved.

Scenario 3. You live in San Diego, your home is worth $750K. You have a first mortgage is $550K , and you have a second mortgage of $90K that you used to upgrade your home, and enhance it's value. A conventional jumbo loan will consider this a Cash-Out transaction due to the second mortgage being paid off, and you will be limited to a maximum of 65% Loan to Value or LTV. This won't work, as you are at 85.33% LTV. In comes the VA Jumbo to the rescue. Since the San Diego County VA Loan Limit is $437,500, and you have some equity in your home, we can combine the first mortgage and the second mortgage into one VA Jumbo 30 year fixed rate Loan, and you have sufficient entitlement and equity to meet the base guideline of 25% guarantee. Problem solved.

Scenario 4. You live in San Diego, your home is worth $1 Million. You have a first mortgage owing $860K. The conforming Jumbo limit is $697,500 in San Diego, so that won't help. The FHA loan loan limit in San Diego County is also $697,500, not helping either. A conventional jumbo loan will require atleast 20% equity in your home. This won't work either, you are at 85.33% LTV. In comes the VA Jumbo to the rescue. Since the San Diego County VA Loan Limit is $437,500, and you have some equity in your home, we can combine the first mortgage and the second mortgage into one VA Jumbo Loan for as much as $880K, since you have sufficient entitlement and equity to meet the base guideline of 25% guarantee. Problem solved.

As you can see, working a VA Loan pro can really make a difference. Veterans have never had more options or ways to utilize their VA benefit to Purchase or Refinance their homes in California.

Here is a recent post regarding the new VA Loan Limits 2010.

You do need good credit for VA jumbo loans, and must be able to fully document your income, but that should come as no surprise in today's lending world.

Use your VA Home Loan Benefit in Orange County -part 2 - refinance your home with a VA Loan

Use your VA Home Loan Benefit in Orange County -part 2 - refinance your home with a VA Loan

The VA Home Loan benefit is a great opportunity for Orange County Veterans and Active Duty Military to refinance an OC home or Orange County condo. We thought it would be a good idea to quickly review the benefits of VA Loans, and a few ways to use them to your benefit.

VA Loans require zero downpayment up to $593,750 in Orange County.

VA Refinance Loans - available up to 90% of your homes value
VA Jumbo Refinance Loans - also available up to 90% of your homes value with corresponding amount of home equity. these are also know as VA High Balance loans.
VA IRRRL Streamline Refinance Loans - Refinance into a lower rate with reduced documentation requirements, up to $1.5M in Orange County.

However,Veterans are not limited to the Orange County Loan limit of $593,750 for VA Loans. We offer VA Jumbo Loans up to $1.5 Million with the appropriate downpayment or equity to reach the VA Guarantee requirements of 25% of the loan amount. Here is one of our posts on how you can get a VanDyk Mortgage VA Loan over your county limit.

Here are a few ways to use your VA home loan Benefit in Orange County to refinance a home:

VA Loan to Refinance a single family home with up to $417K loan amount with no PMI (90% ltv)
VA Jumbo Loan to Refinance a home up to a $593,750 loan amount no MI required. (90% ltv)
VA Loan to refinance a Condo in Orange County - up to $417,000 loan amount no MI required.
VA Jumbo Loan to refinance your Orange County Condo up to $593,750 loan amount with no MI required.
VA Jumbo Loan to Refinance a $750,000 home in Orange County with a loan amount up to $675K with no MI
VA Jumbo Loan to Refinance a $1M home in Orange County with a loan amount up to $900K with no MI
Refinance your current VA Loan or VA Jumbo Loan using the VA IRRRL Streamline Refinance - Market rates are the lowest on record - Call for today's rates, they will surprise you.
Use a VA refinance to refinance out of an Adjustable Rate Mortgage - Up to 90% loan to value - with zero Mortgage Insurance required.
Use a VA refinance to consolidate your first and second mortgage with no extra charge to interest. This consolidation is considered Cash Out for Conforming Loans and has additional restrictions, VA Allows this up to 90% LTV.
Use the VA Jumbo Loan to take advantage of the lowest 30 year fixed rates on record (call for actual rates, they will shock you). Available up to $1.5M in Los Angeles with a suitable combination of Equity and guarantee. Check out some actual VA Jumbo Loan Refinance scenario's here.

VA Home Loan info for Orange County, California:

Active Duty Military and Veterans can both qualify
100% financing up to $593,750
A $825k Orange County Home Purchase would only require $57,812 downpayment (7.01%) - not including the VA Funding Fee
VA Loans require no Mortgage Insurance
VA Loans do require a VAFF (VA Funding Fee), which is usually financed
Veterans with a 10% or higher VA disability pay no VA Funding fee
VA Loans are not just for first time homebuyers
VA Jumbo Loans are offered at competitive rates that will surprise you, in a good way.
Sellers can pay up to 4% of the VA Buyers closing costs
VA Loans can be used to purchase VA Approved Condominiums with zero down

Here is a link to part one of our series: Using your VA loan benefit to purchase a home in Orange County

Use your VA Home Loan Benefit in Orange County, part 1 - Purchase a home

Use your VA Home Loan Benefit in Orange County, part 1 - Purchase a home

The VA Home Loan benefit is a great opportunity for Orange County Veterans and Active Duty Military to purchase an OC home or condo. We thought it would be a good idea to quickly review the benefits of VA Loans, and a few ways to use them to your benefit.

VA Loans require zero downpayment up to $593,750 in Orange County.

VA Loans - zero downpayment required up to $417,000
VA Jumbo Loans - zero downpayment required up to $593,750 in LA (aka VA High Balance)
VA Jumbo Loans up to $1.5M (with downpayment)

Orange County VA Loans are available up to $593,750 with zero downpayment required. The Orange County VA Loan Limit in 2010 is $593,750. However,Veterans are not limited to the Orange County Loan limit of $593,750 for VA Loans. We offer VA Jumbo Loans up to $1.5 Million with the appropriate downpayment or equity to reach the VA Guarantee requirements of 25% of the loan amount. Here is one of our posts on how you can get a VanDyk Mortgage VA Loan over your county limit.

Here are a few ways to use your VA home loan Benefit in Orange County to purchase a home:

VA Loan to Purchase a single family home up to $417K with zero downpayment and no MI
VA Jumbo Loan to Purchase a home in Orange County up to $593,750 with zero downpayment and no MI
VA Loan to purchase a Condo in Orange County - up to $417K with zero downpayment or MI
VA Jumbo Loan to purchase a Condo in Orange County - up to $593,750 with zero downpayment and no MI required.
VA Jumbo Loan to purchase a $750,000 home in Orange County with just a $39,062 downpayment required (5.21%)
VA Jumbo loan to purchase a $825,000 home with just $57,812 (7.01%) downpayment in Orange County
VA Jumbo loan to purchase a $1.1M Orange County home with just $126,562 (11.51%) downpayment and no MI (mortgage insurance)

VA Jumbo Loan rates are currently at the lowest 30 year fixed rates on Record (call for actual rates, they will shock you). VA Jumbo's are available up to $1.5M in Orange County with a suitable combination of Equity and guarantee. Check out some actual VA Jumbo Loan Purchase scenario's here.

VA Home Loan info for Orange County, California:

Active Duty Military and Veterans can both qualify
100% financing up to $593,750
Available up to $1.5M with suitable downpayment/Equity in home
VA Loans require no Mortgage Insurance
VA Loans do require a VAFF (VA Funding Fee), which is usually financed
Veterans with a 10% or higher VA disability pay no VA Funding fee
VA Loans are not just for first time homebuyers
VA Jumbo Loans are offered at competitive rates that will surprise you, in a good way.
Sellers can pay up to 4% of the VA Buyers closing costs
VA Loans can be used to purchase VA Approved Condominiums with zero down

Check out part two of our series: how to use your VA benefit to Refinance in Orange County

Saturday, August 28, 2010

San Diego VA Loans and VA Home Mortgage Loans - VanDyk Mortgage - VA Lender.

San Diego VA Loans and VA Home Mortgage Loans - VanDyk Mortgage - VA Lender.

VanDyk Mortgage is your source for VA Loans in San Diego. We have been making
VA loans since 1987. VanDyk Mortgage is a Direct Lender. We offer many loan programs for San Diego Homebuyers and San Diego Homeowners to Purchase and refinance homes in San Diego.

VA & VA Jumbo (aka High Balance) for Purchase and Refinance
VA Purchase Loans up to $1.5M
VA Jumbo Refinance Loans to $1.5m

San Diego VA Loans are available up to $437,500 with zero downpayment. The San Diego VA Loan Limit in 2010 is $437,500. However, Veterans are not limited to the San Diego Loan limit of $437,500 for VA Loans. We also offer VA Jumbo Loans up to $1.5 Million with the appropriate downpayment or equity to reach the VA Guarantee requirements of 25%. Here is one of our posts on how you can get a VanDyk Mortgage VA Loan over your county limit.

Here are some links to more info on San Diego information, loans for buyers and sellers, etc:

San Diego Home Loan information

VA Home Loans in San Diego, California:

Active Duty Military and Veterans can both qualify
100% financing up to $437,500
A $500K San Diego Home Purchase would only require $15,625 downpayment (3.13%) - not including the VA Funding Fee
VA Loans require No Mortgage Insurance
VA Loans do require a VAFF (VA Funding Fee), which is usually financed
Veterans with a 10% or higher VA disability pay no VA Funding fee
Sellers can pay up to 4% of the VA Buyers closing costs

VA Loans can be used to Purchase and Refinance Condominiums in San Diego. The Approved VA Condo list is quite extensive, please call for details on the Condo you want to purchase or refinance.

VanDyk Mortgage has been making VA loans since 1987. We are a VA Direct Lender and VA Jumbo Direct lender. We are also a HUD recognized Full Eagle FHA DE underwriter and FHA Direct Lender.

Go with the Government Loan Pros, go with VanDyk. Visit us at www.vandykfunding.com or call Brian Skaar at 760-752-4480 for help with your VA loan.

____

We serve the following areas for VA, FHA and Conventional loans: California,Southern California, Bakersifield, Bonita, Carlsbad, Chula Vista, Corona, Costa Mesa, Encinitas, Escondido, Fresno, Glendale, Huntington Beach, Irvine, Lake Elsinore, Long Beach, Los Angeles, Menifee, Monterey, Murrieta, National City, Oakland, Oceanside, Palm Springs, Palmdale,Poway, Riverside, Sacramento, San Bernardino, San Diego, San Francisco, San Jose, San Marcos, San Mateo, San Dimas, Santa Barbara, Santa Monica,Temecula, Tulare, Ventura, Visalia, Vista, Wildomar. VanDyk Mortgage offers FHA, VA, & Conventional loans in addition to FHA Jumbo, VA Jumbo, and Conforming Jumbo loans (aka FHA High Balance, VA High Balance, and Conforming High Balance). VanDyk Mortgage offers competitive VA & VA Jumbo rates also, as we are a VA direct lender.

Long Beach VA Loans and FHA Home Mortgage Loans - VanDyk Mortgage - California VA Lender & FHA Lender.

Long Beach VA Loans and FHA Home Mortgage Loans - VanDyk Mortgage - California VA Lender & FHA Lender.

VanDyk Mortgage is your source for VA Loans and FHA Loans in Long Beach. We have been making FHA, VA, Conforming, and Jumbo loans since 1987. VanDyk Mortgage is a Direct Lender. We offer many loan programs for Long Beach Homebuyers and Long Beach Homeowners to Purchase and refinance homes.

FHA & FHA Jumbo (aka High Balance)
VA & VA Jumbo (aka High Balance)
Conforming & Conforming Jumbo (aka High Balance or Super Conforming)
Jumbo Loans to $3m

Long Beach FHA Loans are available up to $729,750 with just 3.5% down payment. The FHA 2010 Loan Limit for Los Angeles County is $729,750. Long Beach FHA Loans that are over $417K up to $729,750 are called FHA Jumbo or FHA High Balance loans.

Long Beach VA Loans are available up to $593,750 with zero downpayment. The Long Beach VA Loan Limit in 2010 is $593,750. However, Veterans are not limited to the Los Angeles County Loan limit of $593,50 for VA Loans. We offer VA Jumbo Loans up to $1.5 Million with the appropriate downpayment or equity to reach the VA Guarantee requirements of 25%. Here is one of our posts on how you can get a VanDyk Mortgage VA Loan over your county limit .

Long Beach Conforming Loans are available up to $729,750. The Los Angeles county Conforming Jumbo Loans (aka Conforming High Balance, those over $417,000 and up to $729,750) require a minimum of 10% downpayment or equity.

Here are some links to local Long Beach information:

Long Beach City Website

Long Beach Statistics, Demographics, & Info

Long Beach Real Estate

Long Beach School info

Long Beach Wiki

Long Beach visitor info

The Queen Mary - Hotel and Ship

Long Beach Home Loan information

FHA Home loans in Long Beach, California:

FHA Home Loans require just 3.5% downpayment

FHA Jumbo Loans up to $729,750 (aka FHA High Balance)

The $729,750 is the base loan amount - the Long Beach FHA Loan Limit of $729,750 does not have to include the UFMIP (FHA's Upfront Mortgage Insurance Premium, which is usually financed into your loan amount)

The Seller can pay up to 3% of your closing and settlement costs.

Minimum score for most FHA Home Loans is just 620, even on FHA High balance or FHA Jumbo.

You can receive a gift of funds for your Downpayment and closing costs from Family

FHA Condominium requirements include at least a 51% owner occupancy ratio, no outstanding lawsuits against the Homeowners Association - call for details.

FHA Loans allow non-occupying co-borrowers such as parents and siblings.

VA Home Loans in Long Beach, California:

Active Duty Military and Veterans can both qualify

100% financing up to $593,750

A $825k Long Beach Home Purchase would only require $57,812 downpayment (7.01%) - not including the VA Funding Fee

VA Loans require no Mortgage Insurance

VA Loans do require a VAFF (VA Funding Fee), which is usually financed

Veterans with a 10% or higher VA disability pay no VA Funding fee

Sellers can pay up to 4% of the VA Buyers closing costs

Conforming Home Loans in Long Beach, California:

Long Beach Conforming Jumbo Loans are available up to $729,750 with the Conforming High Balance (aka conforming Jumbo)

Long Beach Conforming Jumbo loans require a minimum of 10% downpayment or up to 90% LTV

Long Beach Conforming loans available up to $417,000

Conforming loans up to $417K require just 5% downpayment - up to 95% LTV

Allow for condominiums, Second Homes, and investment properties

Call for details on Fico score requirements, downpayment requirements, etc

We offer Jumbo Conventional Loans up to $3m - call for details.** please visit our post on Conforming vs Conventional loans to help explain the difference between these two terms, they are often misused in the media and web.

VanDyk Mortgage has been making FHA loans since 1987. We are a HUD recognized Full Eagle FHA DE underwriter and FHA Direct Lender. We are also a VA Lender and VA Jumbo Lender.

Go with the Government Loan Pros, go with VanDyk. Call Brian Skaar at 866-900-2342 for help with your FHA or VA loan. We offer FHA, FHA Jumbo, FHA Manual Underwrite, FHA Rehab 203K, VA, VA Jumbo, Conforming & Jumbo Loans. We serve the following areas for VA, FHA and Conventional loans: California,Southern California, Los Angeles, San Diego, San Jose, San Francisco, Santa Monica, Pasadena, Brea, Diamond, Long beach, Huntington beach, Irvine, Costa Mesa, Hollywood, North Hollywood, San Mateo, ventura, Riverside, Oakland, Fremont, Sunnyvale, Santa maria, Oceanside, Vista, Escondido, Los Angeles, Rancho Bernardo, Poway, San Marcos, Carmel, Monterey, Santa Barbara, Santa Cruz, and all areas in between. VanDyk Mortgage offers FHA, VA, & Conventional loans in addition to FHA Jumbo , VA Jumbo, and Conforming Jumbo loans (aka FHA High Balance, VA High Balance, and Conforming High Balance).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 loans, FHA Jumbo, FHA Jumbo Purchase, FHA Jumbo Refinance, FHA Jumbo Streamline Refinance, FHA High Balance, and FHA mortgages of all types.

Riverside VA Loan info - Riverside VA Lender

Riverside VA Loans & VA Jumbo Home Mortgage Loans - VanDyk Mortgage - California VA Lender & VA Jumbo Lender. VanDyk Mortgage is your source for VA Loans and VA Jumbo Loans in Riverside. We have been making VA loans since 1987. VanDyk Mortgage is a Direct Lender. We offer many loan programs for Riverside Homebuyers and Riverside Homeowners to Purchase and refinance homes..

VA purchase Loans
VA Refinance Loans
VA IRRRL Streamline Refinance
VA Jumbo purchase Loans
VA Jumbo Refinance Loans
VA Jumbo IRRRL Streamline Refinance

VA Loans are available to purchase or refinance Condominiums too. Here is more information on VA Condo Loans for Riverside.

VA Jumbo Loans are also called VA High Balance Loans. These are VA Loans that are $417,001 and higher (up to $1.5M).

Riverside VA Loans are available up to $417,000 with zero downpayment. The Riverside VA Loan Limit in 2010 is $417,000. However, Veterans are not limited to the Riverside Loan limit of $417,000 for VA Loans. We also offer VA Jumbo Loans up to $1.5 Million with the appropriate downpayment or equity to reach the VA Guarantee requirements of 25%. Here is one of our posts on how you can get a VanDyk Mortgage VA Loan over your county limit.

Here are some links to local Riverside information:

Riverside VA Home Loan information

VA Home Loans in Riverside, California:

Active Duty Military and Veterans can both qualify
100% financing up to $417,00
A $500K Riverside Home Purchase would only require $20,750 downpayment (4.15%) - not including the VA Funding Fee
VA Loans require no Mortgage Insurance
VA Loans do require a VAFF (VA Funding Fee), which is usually financed
Veterans with a 10% or higher VA disability pay no VA Funding fee
Sellers can pay up to 4% of the VA Buyers closing costs

Give us a call at 760-752-4480 direct, ask for Brian Skaar to see if a VA Loan is the right loan for you. Visit us on the web at www.vandykfunding.com

VanDyk Mortgage has been making VA loans since 1987. We are a VA Lender and VA Jumbo Lender. We are a HUD recognized Full Eagle FHA DE underwriter and FHA Direct Lender.

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 loans, FHA Jumbo, FHA Jumbo Purchase, FHA Jumbo Refinance, FHA Jumbo Streamline Refinance, FHA High Balance, and FHA mortgages of all types. Visit us at www.vandykfunding.com to get started or just find out more

Go with the Government Loan Pros, go with VanDyk. Visit us at www.vandykfunding.com or call Brian Skaar at 760-752-4480 for help with your VA loan. We offer VA, VA Jumbo, FHA, FHA Jumbo, Conforming & Jumbo Loans. VanDyk Mortgage offers FHA, VA, & Conventional loans in addition to FHA Jumbo, VA Jumbo, and Conforming Jumbo loans (aka FHA High Balance, VA High Balance, and Conforming High Balance).

VA Loan info - Riverside California VA Lender

VA Loan Info - Riverside, California VA lender

Riverside -CA- VA Loans & VA Jumbo Home Mortgage Loans - VanDyk Mortgage - California VA Lender & VA Jumbo Lender. VanDyk Mortgage is your source for VA Loans and VA Jumbo Loans in Riverside. We have been making VA loans since 1987. VanDyk Mortgage is a Direct Lender. We offer many loan programs for Riverside Homebuyers and Riverside Homeowners to Purchase and refinance homes..

VA purchase Loans
VA Refinance Loans
VA IRRRL Streamline Refinance
VA Jumbo purchase Loans
VA Jumbo Refinance Loans
VA Jumbo IRRRL Streamline Refinance
VA Condo Loans

VA Jumbo Loans are also called VA High Balance Loans. These are VA Loans that are $417,001 and higher (up to $1.5M).

VanDyk Mortgage Allows VA Flips - IE no seller seasoning. Read our article on VA Flipping Rules here.

Here are some links to local Riverside information:

Riverside VA Home Loan information

VA Home Loans in Riverside, California:

Active Duty Military and Veterans can both qualify
100% financing up to $417,00
A $500K Riverside Home Purchase would only require $20,750 downpayment (4.15%) - not including the VA Funding Fee
VA Loans require no Mortgage Insurance
VA Loans do require a VAFF (VA Funding Fee), which is usually financed
Veterans with a 10% or higher VA disability pay no VA Funding fee
Sellers can pay up to 4% of the VA Buyers closing costs

Give us a call at 760-752-4480 direct, ask for Brian Skaar to see if a VA Loan is the right loan for you. Visit us on the web at www.vandykfunding.com

VanDyk Mortgage has been making VA loans since 1987. We are a VA Lender and VA Jumbo Lender. We are a HUD recognized Full Eagle FHA DE underwriter and FHA Direct Lender.

Wednesday, August 11, 2010

FHA Delays Mortgage Insurance Premium Increase until Oct 4, 2010

FHA Delays Mortgage Insurance Premium Increase until Oct 4, 2010

Hud has announced that previously announced FHA Premium Changes will now be implemented Oct 4, 2010, delayed from the original plan of Sept 7, 2010. Go here to view the Statement from Deputy Assistant Secretary Vicki Bott on the change.

This will create some opportunity for folks purchasing and refinancing their homes to take advantage of the current MI premium plans, which are less expensive than the new FHA MIP program.

Please view the following articles for more information on comparing the old and new FHA MIP premium structures, and how they effect you:

FHA Changes to Mortgage Insurance Premiums authorized in House Bill HR 5981

Part 1: Why FHA Loans will still be the better choice for many homebuyers (and refinancers!)

Part 2: Why FHA Loans will still be the better choice for many homebuyers (and refinancers!)

To get started on your FHA Loan today, please visit our online application at vandykfunding.com or call us direct at 760-752-4480, ask for Brian Skaar.

Sunday, August 8, 2010

We'll do Flips for you! part 3: VA flips. Our Flip Rules for VA Loans - We only require that the seller own the home for 1 day

We'll do Flips for you! part 3: VA flips. Our Flip Rules for VA Loans - We only require that the seller own the home for 1 day. VA Flip rule - 1 day OK

The Seller seasoning requirement on our VA Loans is one day. This is not a misprint, just one day. Why is this important you may ask? Many lenders require that sellers own a home for 90-180 days before it is eligible for their VA Financing. We do not require these waiting periods.
We require 1 day.

Seller Seasoning simply means how long the current owner has owned the property (as recorded on Title Records). Seller seasoning is also called Owner seasoning.

VanDyk only requires that the seller is the owner of record on the day the contract is signed.

This is in complete alignment with the Veterans Administration Rules for VA Loans. The other lenders that have added restrictions are reducing the eligibility for Veterans to use VA Loans to purchase homes from investors who may have purchased the home at a foreclosure auction, or direct from a bank. This causes Veterans to miss out on teh opportunity to purchase these homes, most of which have been completely rehabilitated, making them a more desirable home to buy - Turn key homes.

Our VA Rules can help you avoid the issue of seller seasoning, Flip Rules, and big bank rules that restrict access to quality VA Loans and VA Jumbo Loans.

Get started on your VA Home loan with the VA Loan Pros at VanDyk. Visit us at http://www.vandykfunding.com/ to apply online, or call 760-752-4480 and ask for Brian Skaar.

VA Condo's also qualify under our VA Flip Rules.

also check out our articles on FHA Flips and Conventional Flips

We'll do Flips for you! part 2: conventional Flips.

We'll do Flips for you! part 2: conventional flips. Our Flip Rules for Conventional Loans - We only require that the seller own the home for 1 day prior to resale.

Our Seller seasoning requirement on our Conventional Loans is one day. One Day. Many lenders require that sellers own a home for 90-180 days before it is eligible for their Conventional Financing through Fannie Mae and Freddie Mac, both examples of Conventional Financing. VanDyk Mortgage does not require a waiting period.

We do not require these waiting periods. Seller Seasoning simply means how long the current owner has owned the property (ie how long on Title). VanDyk Mortgage requires that the seller is the owner of record on the day the contract is signed. Many other lenders have added restrictions that reduce the eligibility for homes that were recently purchased and rehabbed to be sold again within 90 - 180 days. Investors may have purchased the home at a foreclosure auction, or direct from a bank. Many of these homes have been completely rehabilitated, making them a more desirable home to buy - They are Turn key homes.

Our Underwriting Rules can help you avoid the issue of seller seasoning, Flip Rules, and big bank rules that restrict access to quality Conventional Loans. Get started on your New Home loan with the Loan Pros at VanDyk. Visit us at http://www.vandykfunding.com/ to apply online, or call 760-752-4480 and ask for Brian Skaar.

Ask about our FHA Flip program and VA Flip Program as well!

We'll do Flips for you! part 1: FHA Flips

We'll do Flips for you! part 1: FHA Flips. Our FHA Flip rule - 1 day owned by seller OK

We require one day of Seller seasoning for our FHA Loans. Yes, one day. While FHA has released guidance for lenders allowing the Flip Rule to be Waived for all Sellers until Feb 1, 2011, many lenders still require that sellers own a home for 90-180 days before it is eligible for their FHA Financing. We do not require these waiting periods for FHA Loans.

Seller Seasoning simply means how long the current owner has owned the property (as recorded on Title Records). Seller seasoning is also called Owner seasoning. The contract date must be after the date of acquisition for the seller, a redated contract is not allowable.

This is in complete alignment with the HUD guidelines for FHA Loans. The other lenders that have added restrictions are reducing the eligibility for Homebuyers to use FHA Loans to purchase homes from investors who may have purchased the home at a foreclosure auction, or direct from a bank. This opens the door for more homes to be eligible for safe, secure, and sound FHA financing. Many of these homes have been completely rehabilitated and reconditioned, making them a more desirable home to buy: they are Turn key homes.

Our FHA Rules can help you avoid the issue of FHA seller seasoning, FHA Flip Rules, and big bank rules that restrict access to quality FHA Loans.

Get started on your FHA Home loan with the FHA Loan Pros at VanDyk. Visit us at http://www.vandykfunding.com/ to apply online, or call 760-752-4480 and ask for Brian Skaar.

There are some guidelines for FHA Flips under 90 days that will require some attention. If the home increased in price more than 20% from the sellers acquisition cost, the increase in price will need to be justified with renovation records, the sale must be arms-length (No Idendity of Interest between buyer and seller), multiple flipping within previous 12 months is a red flag, no assignment of contracts, property inspection may be required, and buyer's agent cannot be the seller of the home.

VanDyk Mortgage is a FHA Direct Lender offering FHA & FHA Jumbo Loans throughout our lending areas including California, Washington, Los Angeles, San Diego, Riverside, Temecula, Murrieta, Orange County, San Jose, San Francisco, Seattle, Puyallup, Auburn, Kent, Everett, Tacoma, and everything in between.

also check out our articles on VA Flips and Conventional Flips

FHA Loans - helping homeowners where conventional loans leave off, part 2

FHA Loans - Helping homeowners where conventional loans leave off part 2

I just posted a FHA Refinance Case Study for a loan over $417K, here is another FHA Refinance Case Study to show another area where FHA can help homeowners.

Let's say you live in Los Angeles California. Your home is now worth $400K. Your First Mortgage is $340K, and you have a small second mortgage of $36K, which you used to finance your child's college expenses. Your first loan has been denied for a HARP (Home Affordable Refinance Program, aka DU Refi +) due to the fact that it was a Non-conforming mortgage from Ameriquest. That rate is now set to adjust, and you explore Refinance options further before your payment increases. The big bank says no, because you live in California, their limit for a conventional loan is 90% in CA. Also, Fannie Mae and Freddie Mac consider your second mortgage payoff as a Cash Out Refinance. Fannie Mae and Freddie Mac limit the maximum Loan to Values for Cash out refinances as well as charging higher rates for all of their cash out refinances, even at lower LTV's or Loan to values.

The solution is a FHA Refinance. We can offer you a FHA refinance that will pay off your first mortgage and second mortgage. The FHA Loan will combine these into one fixed rate 30 year mortgage and will not penalize you for paying off the second mortgage with this refinance. This scenario is considered a FHA Refinance, not a FHA Cash Out Refinance.

With a FHA Cash Out Refinance, you can consolidate debts, get cash for home improvement, college expenses, etc. We offer FHA Cash Out Refinances up to 85% of your homes value (85% LTV).

Call us to find out if an FHA Loan can help you. 760-752-4480 - ask for Brian Skaar. VanDyk is a FHA Direct lender and VA Direct Lender. We have been making FHA, VA, and Conventional Loans since 1987.

FHA loans - helping homeowners where conventional loans leave off

FHA Loans - helping homeowners where conventional loans leave off, part 1.

Here is a scenario to show why it can be beneficial to Refinance your loan or loans into a safe, secure, fixed rate FHA Loan. Let's say you live in Seattle, Washington. Your home is worth $600K and you currently owe $460K on your first mortgage, and you have a second mortgage for $100K. Let's say that you used the $100K to completely remodel and upgrade your home. New Kitchen, Baths, flooring, windows, etc. You have put alot of love and effort into your home and want to stay there for a few more years. Your first mortgage is a 5/1 ARM that you got in 2005 or 2006, and you are worried about the rate and payment increasing, and what that may translate to in the future. You owe 93.3% of your homes value. (93.3% LTV or Loan to Value).

It is now time to refinance the two mortgages into one fixed rate mortgage. From all the headlines, it might seem like the government has set up a nice safety net for you. Here is the bad news: Your first mortgage doesn't qualify for HARP (Home Affordable refinance program) from Fannie Mae or Freddie Mac, since it was not a Fannie or Freddie loan in the first place. The next problem is that Fannie Mae and Freddie Mac Jumbo Conforming (aka high balance, or Super Conforming) limit new loans to 90% Loan to value. But that is not the end of the problems of qualifying for a Fannie Mae High balance refinance for your loan - Fannie Mae now considers the second mortgage payoff to be a "Cash Out Refinance". even thought you are not receiving cash, but that is how Fannie Mae now classifies it. So now for your scenario, the max Loan to Value is 75%, the Fannie Mae Cash out refinance limit. You may think you are Stuck. What did the government do to help me? (note - Freddie Mac guidelines mimic Fannie Mae in all of these areas, so they aren't much of a help either).

Don't despair, this is where FHA Jumbo comes to the rescue. The FHA Jumbo (aka FHA High Balance) allows you to refinance the first and second mortgage on your home without considering this a Cash out Refinance. You might be thinking " I don't want to pay Mortgage Insurance". The choices are clear: do nothing with your Adjustable rate mortgage and keep paying two mortgages, or Refinance into a fixed rate FHA Loan. The FHA Loan can help you get the security of knowing your rate and payment without rate increases for years to come. **FHA also allows true cash out refinances up to 85% LTV, as in debt payoff, cash for home improvement, etc.

Call the FHA Loan pros at VanDyk Mortgage to find out if you can benefit from a FHA Refinance. No cost, no obligation, just honest information and help. Brian Skaar 760-752-4480 or visit online at http://www.vandykfunding.com/ . In addition to being a FHA Lender, We are also a proud VA lender serving our veterans.

Part 2: One size shoe does not fit all borrowers.

Part 2: Why FHA Loans will still be the better choice for many homebuyers (and refinancers!)

In our previous article, Part 1: Why FHA Loans will still be the better choice for many homebuyers (and refinancers!), we compared the new FHA Mortgage Insurance premiums and compared the monthly cost to a 95% conforming loan with MI, and a 95% conforming loan with NO MI. While the monthly payment leads us to think that the conforming (or conventional) loans are now the best option, one size shoe does not fit all borrowers.

First let's compare and discuss the conforming loan options:

MI is cancellable before 60 months if your property increases in value a sufficient amount Whereas FHA MIP is required for a minimum of 60 months before cancellation, regardless of property value growth.
Rates are similar to FHA rates - so that is not a pro or a con.
The conforming loan with no MI has the lowest overall payment of the 4 options.
Require 5% down payment
Requires a 680 fico score
requires a debt ratio of 41% or lower

Benefits of the FHA Loan option (3.5% downpayment):

Low downpayment required - 3.5%
Down payment can be from Gift Funds
lower ficos required (We offer FHA Loans down to a 580 middle score).
FHA allows higher debt ratios, up to 50%
FHA allows non-occupant co-borrowers such as parents helping their kids get a start

As you can see, one shoe doesn't fit everyone, and every borrower's finances and goals are a little different. Let us work with you to find the most suitable loan option to meet your needs, for now and the future. Contact VanDyk Mortgage direct at 760-752-4480, ask for Brian Skaar.

Part 1: one size shoe does not fit all borrowers.

Part 1: Why FHA Loans will still be the better choice for many home buyers ie. one size shoe does not fit all borrowers!

We just posted information on the new FHA Mortgage Insurance Changes. I examined the options that now come to mind as potential competitors for the selection of a loan with low downpayment, or little equity.

We compared the following loan options:

FHA Loan with 3.5% down
FHA Loan with 5% down
5% down Conventional loan (yes, we offer this in california with a 680 fico)
5% down conventional loan with no MI (we pay the MI for you).

As the table below illustrates, the payment is similar between the 95% conventional loan with PMI and the FHA Loan with 3.5% down. The FHA loan requires less downpayment, and is therefore more beneficial in my analysis. However, the 95% Conventional loan with no MI now becomes the lowest payment option, in spite of a higher interest rate (required to cover the cost of the Mortgage Insurance, which is paid as a lump sum upfront by the lender at no cost to the borrower).

Check out our next post for more reasons why FHA will still be the loan of choice for many.

Here is a link to the spreadsheet of the numbers for these low down payment options.

VanDyk Mortgage is a FHA Lender offering FHA, FHA Jumbo, FHA Streamline, and FHA 203K Renovation and 203K rehab loans thoughout California and Washington state. Call Brian Skaar direct at 760-752-4480 to get started.

Click on the table below to enlarge:

House Bill 5981 authorizes increased FHA Mortgage Insurance Premiums

House Bill 5981 authorizes increased FHA Mortgage Insurance Premiums

Congress passed house bill 5981 this week, authorizing FHA, The Federal Housing Administration, to increase the Annual Mortgage Insurance Premium. Here is a letter from FHA Commissioner Stevens on the MIP changes.

There is good news and bad news. The good news is that the Upfront Mortgage Insurance Premium (UFMIP on your HUD1/Good Faith Estimate) is being reduced to 1.0% from the current level of 2.25%. Now the bad news: The Annual Mortgage Insurance Premium (which is paid monthly by the FHA Borrower) is increasing from .55% to .90% for FHA loans above 95% Loan to value, and from .50% to .85% for FHA Loans at 95% or lower loan to value.

So the important questions are:

When does it go into effect? The new rates will apply to all FHA case numbers dated Sept 7, 2010 and later. FHA Case #'s prior to this date can still qualify for the existing MIP rates.

How does it effect my FHA loan? This will only effect new FHA Loans, existing FHA Loans will adhere to the their current MIP Rates (ie no changes).

Is it more expensive or cheaper than now? The overall cost to the borrower actually increases with the new MIP Rates. On a $100K home purchase, with a 4.5% 30 year fixed FHA Loan, the monthly PIMI (Principal, Interest, Mortgage Insurance) payment will be $566.94 on the new plan. The old MIP rates would have yielded a PIMI of $554.12, about $12 per month lower. You can also extrapolate your effect for your potential loan as this payment sample is per $100K purchased.

Now $12 per month is not the end of the world, but the increased monthly cost of MIP will reduce the homebuying power of Americans in a time we are trying to keep housing strong with good financing options. The cost over 5 years is about $2,133 total. FHA Jumbo Loans will feel the impact the most, as the loan amounts are much higher (up to $729,750)

However, FHA Loans still offer huge benefits to qualified borrrowers for many reasons. Check out our next post as we examine why FHA Loans are still a better choice for many homebuyers and refinancers even with the higher MIP rates.

What should I do? If you have been thinking about refinancing with a FHA Loan, purchasing with an FHA Loan, or Streamline Refinancing your FHA Loan, the time to move is now. Call us to get started, and lock in the old MIP rates for your loan before they go up.

Check out the FHA Loan Limits for your County:

2010 FHA Loan limits for California

2010 FHA Loan limits for Washington

Please contact Brian Skaar direct at 760-752-4480 or visit us online to get started now at www.vandykfunding.com. We are Direct Lenders offering FHA, FHA Jumbo, FHA 203K, and FHA Condo Loans. (plus VA, VA Jumbo, and VA Condo Loans).