MIP, UFMIP, VAFF, PMI, LPMI What are all of these?
Quick and easy reference guide:
MIP = Mortgage Insurance Premium - this acronym is used for FHA's annual mortgage insurance premium, which is paid on a monthly basis as part of your Mortgage Payment.
UFMIP = Upfront Mortgage Insurance Premium - in addition to the annual MIP, FHA charges a one time UFMIP when your loan in originated. This helps to keep the monthly costs affordable by splitting the cost into two parts.
VAFF = VA Funding Fee. The VA doesn't require Mortgage Insurance, but it does fund the VA guarantee with their VAFF or VA Funding Fee. This ranges from .50% on a VA Irrrl Streamline refi to 3.3% on a subsequent use for purchase or refinance. Note- if you have a 10% VA Disability Rating you may be eligible to waive the VAFF.
PMI = Private Mortgage Insurance - This is mortgage insurance for Conventional loans such as Fannie Mae and Freddie Mac loans. This can be Monthly or one-time paid up front.
LPMI = Lender Paid Mortgage Insurance - This is where the lender pays your Mortgage Insurance as part of the rate, usually with a slightly higher rate. Definitely worth considering, call for a quote, this changes with the market very fast.
Please give us a call if we can answer your questions regarding the various types of Mortgage Insurance and Mortgage Guarantees available.
Wednesday, April 20, 2011
California Mortgage Outlook for April 20, 2011
California Mortgage Outlook for April 20, 2011
Our California Mortgage Outlook for this week remains strong (ie low rates continue). The past few Fridays, the mortgage bond market has been a little erratic, only to correct on Monday following the weekend. Holiday weekends always create a little action up or down in the markets, but the last two weeks action on Fridays leads me to believe that rates are ready to rise anytime. This will undoubtedly come without warning.
If you want to save money on your current loan, or purchase a home, there has never been a better time to purchase or refinance in California.
It is also important to consider Streamline Refinancing your FHA Loan now, as rates have never been lower and MIP changes are coming in early October which will make a FHA Streamline Refinance a little more expensive. In this article, we examined and discussed the reasons to Streamline your FHA Loan now.
The following types of loans would benefit from getting started this week:
Our California Mortgage Outlook for this week remains strong (ie low rates continue). The past few Fridays, the mortgage bond market has been a little erratic, only to correct on Monday following the weekend. Holiday weekends always create a little action up or down in the markets, but the last two weeks action on Fridays leads me to believe that rates are ready to rise anytime. This will undoubtedly come without warning.
If you want to save money on your current loan, or purchase a home, there has never been a better time to purchase or refinance in California.
It is also important to consider Streamline Refinancing your FHA Loan now, as rates have never been lower and MIP changes are coming in early October which will make a FHA Streamline Refinance a little more expensive. In this article, we examined and discussed the reasons to Streamline your FHA Loan now.
The following types of loans would benefit from getting started this week:
- FHA loans -Purchase, Refinance, or Streamline Refinance
- VA Loans - Purchase, Refinance, or Streamline Refinance
- Conforming Loans for purchase or refinance
- Fannie Mae and Freddie Mac HARP loans - DU Refi + and Freddie Open Acceess -High Balance too
- FHA Jumbo - Purchase, Refinance, or Streamline Refinance
- VA Jumbo - Purchase, Refinance, or Streamline Refinance
- Conforming Jumbo loans for Purchase or Refinance
Seattle Washington FHA refinance case study 2
Seattle Washington FHA refinance case study 2
Yesterday, we just posted a FHA Refinance Case Study for a loan over $417K, here is another Seatte Washington FHA Refinance Case Study to show another area where FHA can help Puget Sound area homeowners.
The solution is a FHA Refinance for your Seattle, WA home. 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.
If you need a FHA Cash Out Refinance, you can consolidate debts, get cash for home improvements, 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.
VanDyk Mortgage is a Proud FHA 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 are your FHA & FHA Jumbo Direct Lender and VA & VA Jumbo Direct Lender and we offer FHA, FHA Jumbo, 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.
As a FHA & VA Lender, we offer FHA & VA Loans in all areas of California and Washington including the following areas for VA, FHA and Conventional loans:California,Southern California, Northern California, Washington, 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, 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, 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.
Seattle FHA Loans - How to utilize an FHA Loan to refinance - scenario 1
Seattle FHA Loans - How to utilize an FHA Loan to refinance - scenario 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 Bellevue, Washington. Your home is worth $550K and you currently owe $430K on your first mortgage, and you have a second mortgage for $75K. You utilized the $75K to completely remodel and upgrade your home, and pay off a few debts along the way. New Kitchen, Baths, flooring, windows, etc. You have put alot of work into your home and want to stay there for a few more years. Your first mortgage is a 5/1 ARM that will adjust soon, and you are worried about the rate and payment increasing, and what that may translate to in the future. You owe 91.82% of your homes value. (91.82% 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 though you are not receiving cash in hand, 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 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: you can 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/ .
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. Visit us at www.vandykfunding.com or call Brian Skaar direct at 866-900-2342 for help with your FHA or VA loan. We offer FHA, FHA Jumbo, VA, VA 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).
In addition to Auburn, WA, we service the entire state of Washington, including Spokane, Spokane Valley, Mead, Newport, Liberty Lake, Newman Lake, Airway Heights, Deerpark, Seattle, Tacoma, Everett, Puyallup, Kent, Auburn, Bellevue, Federal Way, Kirkland, Redmond, Woodinville, Snohomish, Marysville, Lake Stevens, Mukilteo, Lynnwood, Montlake Terrace, Edmonds, Des Moines, Renton, Issaquah, North Bend, Monroe, Olympia, Lacey, Bremerton, Tumwater, Port Orchard, and Vancouver. In addition to Washington State, we service the entire state of California, including Redding, Sacramento, Bakersfield, Stockton, Oakland, San Francisco, Fremont, Clovis, Sunnyvale, Patterson, Modesto, Salinas, Palmdale, Lancaster, Los Angeles, Ventura, Santa Monica, San Bernardino, Riverside, Corona, Santa Ana, Orange, Irvine, Anaheim, Huntington Beach, Long Beach, Brea, Ventura, Santa Barbara, Monterey, Corona, Palm Springs, Indio, Temecula, Murrieta, San Diego, Chula Vista, Oceanside, Escondido, Vista, La Mesa, Santee, Santa Maria, Santa Clarita, San Clemente, Laguna, Aliso Viejo, Mission viejo, Rancho, Santa Margarita, Rancho Cucamonga, and more.
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
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 Bellevue, Washington. Your home is worth $550K and you currently owe $430K on your first mortgage, and you have a second mortgage for $75K. You utilized the $75K to completely remodel and upgrade your home, and pay off a few debts along the way. New Kitchen, Baths, flooring, windows, etc. You have put alot of work into your home and want to stay there for a few more years. Your first mortgage is a 5/1 ARM that will adjust soon, and you are worried about the rate and payment increasing, and what that may translate to in the future. You owe 91.82% of your homes value. (91.82% 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 though you are not receiving cash in hand, 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 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: you can 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/ .
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. Visit us at www.vandykfunding.com or call Brian Skaar direct at 866-900-2342 for help with your FHA or VA loan. We offer FHA, FHA Jumbo, VA, VA 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).
In addition to Auburn, WA, we service the entire state of Washington, including Spokane, Spokane Valley, Mead, Newport, Liberty Lake, Newman Lake, Airway Heights, Deerpark, Seattle, Tacoma, Everett, Puyallup, Kent, Auburn, Bellevue, Federal Way, Kirkland, Redmond, Woodinville, Snohomish, Marysville, Lake Stevens, Mukilteo, Lynnwood, Montlake Terrace, Edmonds, Des Moines, Renton, Issaquah, North Bend, Monroe, Olympia, Lacey, Bremerton, Tumwater, Port Orchard, and Vancouver. In addition to Washington State, we service the entire state of California, including Redding, Sacramento, Bakersfield, Stockton, Oakland, San Francisco, Fremont, Clovis, Sunnyvale, Patterson, Modesto, Salinas, Palmdale, Lancaster, Los Angeles, Ventura, Santa Monica, San Bernardino, Riverside, Corona, Santa Ana, Orange, Irvine, Anaheim, Huntington Beach, Long Beach, Brea, Ventura, Santa Barbara, Monterey, Corona, Palm Springs, Indio, Temecula, Murrieta, San Diego, Chula Vista, Oceanside, Escondido, Vista, La Mesa, Santee, Santa Maria, Santa Clarita, San Clemente, Laguna, Aliso Viejo, Mission viejo, Rancho, Santa Margarita, Rancho Cucamonga, and more.
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
VA & VA Jumbo Rates at all time lows
VA & VA Jumbo Rates at all time lows. Rate Alert - Great rates available now on VA Loans, VA Jumbo Loans, VA Streamline IRRRL refinance and VA Jumbo Streamline IRRRL Refinance
The continued flight of money markets to the safe haven of Treasuries and Mortgage Bonds has resulted in very low rates for VA Loans, VA Jumbo Loans, VA High Balance Loans, VA Refinance, VA Streamline IRRRL refinance and VA Jumbo Streamline IRRRL Refinance. VA Loan rates and VA Jumbo rates for VA loans over $417,000 are at their lowest point ever now.
If your current VA Rate is too high (5.25% or higher), please give us a call to get started and lock in your low rate. These rates may not last, this is a limited time opportunity alert due to market conditions! Do not delay, the market is changing daily.
We offer VA Loans, VA Jumbo Loans, VA Refinance, VA Streamline IRRRL refinance and VA Jumbo Streamline IRRRL Refinance (aka VA High Balance) throughout California and Washington, including Los Angeles, San Diego, Santa Monica, Pasadena, Irvine, Orange County, San Jose, San Francisco, Oakland, Fremont, Bay Area, Ventura, Seattle, Tacoma, Everett, and every other city in the state. Our VA IRRRL Streamline Refinances and VA Jumbo Loans can exceed your current county VA loan limit. We offer VA Jumbo loans up to $1.5M with the appropriate amount of equity or downpayment. You can exceed your counties VA Jumbo Loan limit with our VA Loans.
Call 760-752-4480 and we can give you a quote to see if you would benefit.
VanDyk Mortgage is able to offer competitive VA & VA Jumbo rates because we are a VA direct lender.
Go with the Government Loan Pros, go with VanDyk. Visit us at http://www.vandykfunding.com/ or call Brian Skaar at 760-752-4480 for help with your loan. We also 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, 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.
The continued flight of money markets to the safe haven of Treasuries and Mortgage Bonds has resulted in very low rates for VA Loans, VA Jumbo Loans, VA High Balance Loans, VA Refinance, VA Streamline IRRRL refinance and VA Jumbo Streamline IRRRL Refinance. VA Loan rates and VA Jumbo rates for VA loans over $417,000 are at their lowest point ever now.
If your current VA Rate is too high (5.25% or higher), please give us a call to get started and lock in your low rate. These rates may not last, this is a limited time opportunity alert due to market conditions! Do not delay, the market is changing daily.
We offer VA Loans, VA Jumbo Loans, VA Refinance, VA Streamline IRRRL refinance and VA Jumbo Streamline IRRRL Refinance (aka VA High Balance) throughout California and Washington, including Los Angeles, San Diego, Santa Monica, Pasadena, Irvine, Orange County, San Jose, San Francisco, Oakland, Fremont, Bay Area, Ventura, Seattle, Tacoma, Everett, and every other city in the state. Our VA IRRRL Streamline Refinances and VA Jumbo Loans can exceed your current county VA loan limit. We offer VA Jumbo loans up to $1.5M with the appropriate amount of equity or downpayment. You can exceed your counties VA Jumbo Loan limit with our VA Loans.
Call 760-752-4480 and we can give you a quote to see if you would benefit.
VanDyk Mortgage is able to offer competitive VA & VA Jumbo rates because we are a VA direct lender.
Go with the Government Loan Pros, go with VanDyk. Visit us at http://www.vandykfunding.com/ or call Brian Skaar at 760-752-4480 for help with your loan. We also 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, 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.
The no cost loan - does it really exist?
The no cost loan - does it really exist?
We have all seen ads on the internet, in our mailboxes, or on TV touting the no fee loan at ridiculous rates. No doubt, there are some honest lenders offering these, and some unscrupulous ones as well.
I even saw one that was offering a 3.35% fixed rate! Wow. Well, it was fixed, but it was a 5 yr fixed rate, them becomes adjustable, definitely not a 30 year fixed.
Here is the straight scoop. Rates have fallen in the past couple months. It is always wise to look at several rate/ fee / point combinations to see which one makes the most sense for you. It needs to meet your needs for budget, payment, how long to break even on the decision, how long will you stay in this home, what are you other life plans that may be effected by this decision, etc. Many more things to consider than rate alone.
Perhaps you purchased your home last year. Rates were low last year, but very erratic. Closing timelines don't always mesh well with rate watching, it is often better to lock in with a known rate than to watch the low rate you are shooting for fade to a distant memory. One such client was in a short escrow and really wanted that low rate, and missed the mark by .50 percent when the market went haywire for a few weeks. Well, this is where the no point/no fee loan comes in. This year, we are able to offer them a rate even lower than the .50 spot he missed last year, and with no points or fees. The logic is that he already paid fees last year, so it is really a no-brainer to refi now at the lower rate and save a significant amount on interest each month. The strange part was when we looked at buying the rate down even lower, It just didn't make good financial sense. Even with paying closing fees and 1% origination, the loan rate was only .375% lower than the no point/no fee option. It would have taken nearly 5 years to start saving money on that scenario. The no point / no fee option with a slightly higher rate definitely looks like the better overall choice.
If you would like to discuss this option for your loan, please let us know . We also offer No point/No Fee options on Purchase Money loans. These are available for the following loan types:
We have all seen ads on the internet, in our mailboxes, or on TV touting the no fee loan at ridiculous rates. No doubt, there are some honest lenders offering these, and some unscrupulous ones as well.
I even saw one that was offering a 3.35% fixed rate! Wow. Well, it was fixed, but it was a 5 yr fixed rate, them becomes adjustable, definitely not a 30 year fixed.
Here is the straight scoop. Rates have fallen in the past couple months. It is always wise to look at several rate/ fee / point combinations to see which one makes the most sense for you. It needs to meet your needs for budget, payment, how long to break even on the decision, how long will you stay in this home, what are you other life plans that may be effected by this decision, etc. Many more things to consider than rate alone.
Perhaps you purchased your home last year. Rates were low last year, but very erratic. Closing timelines don't always mesh well with rate watching, it is often better to lock in with a known rate than to watch the low rate you are shooting for fade to a distant memory. One such client was in a short escrow and really wanted that low rate, and missed the mark by .50 percent when the market went haywire for a few weeks. Well, this is where the no point/no fee loan comes in. This year, we are able to offer them a rate even lower than the .50 spot he missed last year, and with no points or fees. The logic is that he already paid fees last year, so it is really a no-brainer to refi now at the lower rate and save a significant amount on interest each month. The strange part was when we looked at buying the rate down even lower, It just didn't make good financial sense. Even with paying closing fees and 1% origination, the loan rate was only .375% lower than the no point/no fee option. It would have taken nearly 5 years to start saving money on that scenario. The no point / no fee option with a slightly higher rate definitely looks like the better overall choice.
If you would like to discuss this option for your loan, please let us know . We also offer No point/No Fee options on Purchase Money loans. These are available for the following loan types:
- FHA for purchase or refinance
- VA for purchase or refinance
- Conforming for purchase or refinance
- FHA Jumbo
- VA Jumbo
- Conforming Jumbo
- FHA Streamline Refinance
- VA IRRRL Streamline Refinance
- FHA Jumbo Streamline Refinance
- VA Jumbo IRRRL Streamline Refinance
- Home Affordable Refinance
Auburn WA - VA Loans and FHA Home Mortgage Loans - VanDyk Mortgage - Washington VA Lender & FHA Lender
Auburn WA - VA Loans and FHA Home Mortgage Loans - VanDyk Mortgage - Washington VA Lender & FHA Lender
VanDyk Mortgage is your source for VA Loans and FHA Loans in Auburn. We have been making FHA, VA, Conforming, and Jumbo loans since 1987. VanDyk Mortgage is a Direct Lender. We offer many loan programs for Auburn Homebuyers and King County Homeowners to Purchase and refinance homes..
Auburn VA Loans are available up to $500K with zero down payment required. The Auburn VA Loan Limit in 2011 is $500,000, However, Veterans are not limited to the King County Loan limit of $500K for our VA Loans in Auburn. 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.
Auburn Conforming Loans are available up to $567,500. The Auburn Conforming Jumbo Loans (aka Conforming High Balance,those over $417,000 and up to $567,500) require a minimum of 10% downpayment or equity.
Auburn Home Loan information
FHA Home loans in Auburn, Washington:
Give us a call at 866-900-2342 direct, ask for Brian Skaar to see if this is the right loan for you. Visit us on the web at www.vandykfunding.com
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. Visit us at www.vandykfunding.com or call Brian Skaar direct at 866-900-2342 for help with your FHA or VA loan. We offer FHA, FHA Jumbo, VA, VA 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).
In addition to Auburn, WA, we service the entire state of Washington, including Spokane, Spokane Valley, Mead, Newport, Liberty Lake, Newman Lake, Airway Heights, Deerpark, Seattle, Tacoma, Everett, Puyallup, Kent, Auburn, Bellevue, Federal Way, Kirkland, Redmond, Woodinville, Snohomish, Marysville, Lake Stevens, Mukilteo, Lynnwood, Montlake Terrace, Edmonds, Des Moines, Renton, Issaquah, North Bend, Monroe, Olympia, Lacey, Bremerton, Tumwater, Port Orchard, and Vancouver.
In addition to Washington State, we service the entire state of California, including Redding, Sacramento, Bakersfield, Stockton, Oakland, San Francisco, Fremont, Clovis, Sunnyvale, Patterson, Modesto, Salinas, Palmdale, Lancaster, Los Angeles, Ventura, Santa Monica, San Bernardino, Riverside, Corona, Santa Ana, Orange, Irvine, Anaheim, Huntington Beach, Long Beach, Brea, Ventura, Santa Barbara, Monterey, Corona, Palm Springs, Indio, Temecula, Murrieta, San Diego, Chula Vista, Oceanside, Escondido, Vista, La Mesa, Santee, Santa Maria, Santa Clarita, San Clemente, Laguna, Aliso Viejo, Mission viejo, Rancho, Santa Margarita, Rancho Cucamonga, and more.
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
VanDyk Mortgage is your source for VA Loans and FHA Loans in Auburn. We have been making FHA, VA, Conforming, and Jumbo loans since 1987. VanDyk Mortgage is a Direct Lender. We offer many loan programs for Auburn Homebuyers and King County 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
Auburn VA Loans are available up to $500K with zero down payment required. The Auburn VA Loan Limit in 2011 is $500,000, However, Veterans are not limited to the King County Loan limit of $500K for our VA Loans in Auburn. 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.
Auburn Conforming Loans are available up to $567,500. The Auburn Conforming Jumbo Loans (aka Conforming High Balance,those over $417,000 and up to $567,500) require a minimum of 10% downpayment or equity.
Auburn Home Loan information
FHA Home loans in Auburn, Washington:
- FHA Home Loans require just 3.5% downpayment
- FHA Jumbo Loans up to $567,500 (aka FHA High Balance)
- The $567,500 is the base loan amount - the Auburn FHA Loan Limit of $567,500 does not have to include the UFMIP (FHA's Upfront Mortgage Insurance Premium, which is usually financed into your loan amount)
- Auburn home buyers can purchase up to a $588K home with 3.5% down.
- The Seller can pay up to 3% of your closing and settlement costs.
- Minimum score for a FHA Home Loan 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.
- Active Duty Military and Veterans can both qualify
- 100% financing up to $500K
- A $600k Auburn VA Home Purchase would only require a $25K down payment (4.16%) - not including the VA Funding Fee
- A $700k Auburn VA Home Purchase would only require $50K downpayment (7.14%) - 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 for condos are available up to $500k with zero down
- Available up to $567,500 with the Conforming High Balance (aka conforming Jumbo)
- Auburn Conforming loans available up to $417,000
- require a minimum of 5% downpayment or up to 95% LTV
- Allow for condominiums, Second Homes, and investment properties
- Call for details on Fico score requirements, downpayment requirements, etc
Give us a call at 866-900-2342 direct, ask for Brian Skaar to see if this is the right loan for you. Visit us on the web at www.vandykfunding.com
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. Visit us at www.vandykfunding.com or call Brian Skaar direct at 866-900-2342 for help with your FHA or VA loan. We offer FHA, FHA Jumbo, VA, VA 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).
In addition to Auburn, WA, we service the entire state of Washington, including Spokane, Spokane Valley, Mead, Newport, Liberty Lake, Newman Lake, Airway Heights, Deerpark, Seattle, Tacoma, Everett, Puyallup, Kent, Auburn, Bellevue, Federal Way, Kirkland, Redmond, Woodinville, Snohomish, Marysville, Lake Stevens, Mukilteo, Lynnwood, Montlake Terrace, Edmonds, Des Moines, Renton, Issaquah, North Bend, Monroe, Olympia, Lacey, Bremerton, Tumwater, Port Orchard, and Vancouver.
In addition to Washington State, we service the entire state of California, including Redding, Sacramento, Bakersfield, Stockton, Oakland, San Francisco, Fremont, Clovis, Sunnyvale, Patterson, Modesto, Salinas, Palmdale, Lancaster, Los Angeles, Ventura, Santa Monica, San Bernardino, Riverside, Corona, Santa Ana, Orange, Irvine, Anaheim, Huntington Beach, Long Beach, Brea, Ventura, Santa Barbara, Monterey, Corona, Palm Springs, Indio, Temecula, Murrieta, San Diego, Chula Vista, Oceanside, Escondido, Vista, La Mesa, Santee, Santa Maria, Santa Clarita, San Clemente, Laguna, Aliso Viejo, Mission viejo, Rancho, Santa Margarita, Rancho Cucamonga, and more.
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
Spokane Valley WA - VA Loans and FHA Home Mortgage Loans - VanDyk Mortgage - Washington VA Lender & FHA Lender serving the Spokane Valley
Spokane Valley WA - VA Loans and FHA Home Mortgage Loans - VanDyk Mortgage - Washington VA Lender & FHA Lender serving the Spokane Valley
VanDyk Mortgage is your source for VA Loans and FHA Loans in Spokane Valley. We have been making FHA, VA, Conforming, and Jumbo loans since 1987. VanDyk Mortgage is a Direct Lender. We offer many loan programs for Spokane Valley Homebuyers and Spokane area Homeowners to Purchase and refinance homes..
VA Loans are available in Spokane Valley up to $417,000 with zero downpayment. The Spokane Valley VA Loan Limit in 2011 is $417,000. However, Veterans are not limited to the Spokane County 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 VA Mortgage VA Loan over your county limit.
Spokane Valley Conforming Loans are available up to $417,000. The Spokane Conforming purchase or refinance loans are available with a minimum of 5% downpayment or equity.
Spokane Valley Home Loan information
FHA Home loans in Spokane Valley, Washington:
Give us a call at 866-900-2342 direct, ask for Brian Skaar to see if this is the right loan for you. Visit us on the web at www.vandykfunding.com
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. Visit us at www.vandykfunding.com or call Brian Skaar at 866-900-2342 for help with your FHA or VA loan. We offer FHA, FHA Jumbo, VA, VA 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).
In addition to Spokane Valley, we service the entire state of Washington, including Spokane, Spokane Valley, Mead, Newport, Liberty Lake, Newman Lake, Airway Heights, Deerpark, Seattle, Tacoma, Everett, Puyallup, Kent, Auburn, Federal Way, Kirkland, Redmond, Woodinville, Snohomish, Marysville, Lake Stevens, Mukilteo, Lynnwood, Montlake Terrace, Edmonds, Des Moines, Renton, Issaquah, North Bend, Monroe, Olympia, Lacey, Bremerton, Tumwater, Port Orchard, and Spokane.
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.
VanDyk Mortgage is your source for VA Loans and FHA Loans in Spokane Valley. We have been making FHA, VA, Conforming, and Jumbo loans since 1987. VanDyk Mortgage is a Direct Lender. We offer many loan programs for Spokane Valley Homebuyers and Spokane area Homeowners to Purchase and refinance homes..
- FHA Loans for Purchase and refinance
- VA & VA Jumbo (aka High Balance) for Purchase and refinance
- Conforming Loans for Loans for Purchase and refinance
- Jumbo Loans to $3m
VA Loans are available in Spokane Valley up to $417,000 with zero downpayment. The Spokane Valley VA Loan Limit in 2011 is $417,000. However, Veterans are not limited to the Spokane County 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 VA Mortgage VA Loan over your county limit.
Spokane Valley Conforming Loans are available up to $417,000. The Spokane Conforming purchase or refinance loans are available with a minimum of 5% downpayment or equity.
Spokane Valley Home Loan information
FHA Home loans in Spokane Valley, Washington:
- FHA Home Loans require just 3.5% downpayment
- FHA Home Loans for Refinance available up to 97.75% Loan to Value
- Spokane Valley FHA Loans available up to $271,050
- The $271,050 is the base loan amount - the Spokane county FHA Loan Limit of $271,050 does not have to include the UFMIP (FHA's Upfront Mortgage Insurance Premium, which is usually financed into your loan amount)
- This would allow you to purchase up to a $280K home in Spokane Valley with 3.5% down.
- The Seller can pay up to 3% of your closing and settlement costs.
- Minimum score for a FHA Home Loan is just 620.
- 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.
- Active Duty Military and Veterans can both qualify
- 100% financing up to $417,000
- A $500k Spokane Valley VA Home Purchase would only require $20,750 downpayment (4 .15%) - not including the VA Funding Fee
- A $675k Spokane Valley VA Home Purchase would only require $64,500 downpayment (9.56%) - 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
- Spokane Valley Conforming loans available up to $417,000
- For Purchase and refinance
- require a minimum of 5% downpayment or up to 95% LTV on Purchase loans
- Up to 95% Loan to Value on Refinances
- Allow for condominiums, Second Homes, and investment properties
- Call for details on Fico score requirements, downpayment requirements, etc
Give us a call at 866-900-2342 direct, ask for Brian Skaar to see if this is the right loan for you. Visit us on the web at www.vandykfunding.com
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. Visit us at www.vandykfunding.com or call Brian Skaar at 866-900-2342 for help with your FHA or VA loan. We offer FHA, FHA Jumbo, VA, VA 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).
In addition to Spokane Valley, we service the entire state of Washington, including Spokane, Spokane Valley, Mead, Newport, Liberty Lake, Newman Lake, Airway Heights, Deerpark, Seattle, Tacoma, Everett, Puyallup, Kent, Auburn, Federal Way, Kirkland, Redmond, Woodinville, Snohomish, Marysville, Lake Stevens, Mukilteo, Lynnwood, Montlake Terrace, Edmonds, Des Moines, Renton, Issaquah, North Bend, Monroe, Olympia, Lacey, Bremerton, Tumwater, Port Orchard, and Spokane.
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.
We proudly offer a full array of loans including FHA, VA, USDA, Conventional, Jumbo, FHA Jumbo, VA Jumbo,VA loans for Condo's, FHA 203K Rehabilitation Loans, Conventional loans up to 95% ltv, and more.
Serving California Cities: Anaheim, Bakersfield, Chula Vista, Corona, Escondido, Fremont, Fresno, Irvine, Los Angeles, Long Beach, Murrieta, Oakland, Oceanside, Riverside, Sacramento, San Bernardino,San Diego, San Francisco, San Jose, San Marcos, Santa Ana, Temecula, and all in between.
Wednesday, April 13, 2011
Conventional Condo Financing with 5% down in California
Conventional Condo Financing with 5% down in California - California Condo loans with 95% Conventional Loan
We offer Conventional Loans with 5% down payment to finance Condo's in California
VanDyk Mortgage offers Conventional Purchase loans for Condominiums up to $417,000 with just a 5% down payment.
Here are some basic details:
California and Washington state are now eligible for our Conventional Fannie Mae Condo Loans up to 95% Loan to Value - Only 5% down payment is required. We do not consider CA a declining market, so we are able to offer these enhance financing options for Conventional loans.
- Minimum credit score = 680
- Maximum Debt Ratio = 41%
- Loan amounts up to $417,000 (purchase price up to $438K with 5% down).
If you don't have a 680 middle score, or have a slightly higher debt ratio, we can still help with our FHA Loans. If your purchase price is higher than $438K, FHA Jumbo may be able to help as well.
Give us a call to get started - 760-752-4480.
Conventional Loans with 5% down payment in California - 95% financing options
Conventional Loans with 5% down payment in California - 95% financing options
VanDyk Mortgage offers Conventional Purchase loans up to $417,000 with just a 5% down payment.
Here are some basic details:
California and Washington state are now eligible for our Conventional Fannie Mae Loans up to 95% Loan to Value - Only 5% down payment is required. We do not consider CA a declining market, so we are able to offer these enhanced financing options for Conventional loans.
- Minimum credit score = 660
- Maximum Debt Ratio = 41% (up to 45% Debt Ratio with a 740+ Fico score)
- Condo's OK to 95%!
Loan amounts up to $417,000 are eligible (that would be a purchase price up to $438K with 5% down).
If you don't have a 660 middle score, or have a slightly higher debt ratio, we can still help with our FHA Loans. If your purchase price is higher than $438K, FHA Jumbo may be able to help as well.
Give us a call to get started - 760-752-4480.
We proudly offer a full array of loans including FHA, VA, USDA, Conventional, Jumbo, FHA Jumbo, VA Jumbo,VA loans for Condo's, FHA 203K Rehabilitation Loans, Conventional loans up to 95% ltv, and more.
Serving California Cities: Anaheim, Bakersfield, Chula Vista, Corona, Escondido, Fremont, Fresno, Irvine, Los Angeles, Long Beach, Murrieta, Oakland, Oceanside, Riverside, Sacramento, San Bernardino,San Diego, San Francisco, San Jose, San Marcos, Santa Ana, Temecula, and all in between.
Our Office also serves Washington State, including Auburn, Bellevue, Bellingham, Bremerton, Edmonds, Everett, Federal Way, Kent, Kirkland, Lacey, Olympia, Puyallup, Redmond, Renton, Seattle, Spokane, Tacoma, Vancouver,and the entire state.
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