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. 

Let's say you live in Seattle, Washington.   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 Fannie Mae DU Refi +) due to the fact that it was a Non-conforming mortgage.  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 the Seattle Area, and their limit for a conventional loan is 90% in WA.   Also, they have to 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.

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.