california: FHA - a few things you should know....... - 12/02/08 02:57 PM
With the re-emergence of FHA as one of the best ways to buy a home this year (or in my opinion, the best way) many old wives tales have come back into water cooler & family dinner table discussions about FHA loan qualifications.     
FHA Myth #1  -  FHA is for First Time Home Buyers
FHA Reality:  FHA is for all Home Buyers, there is NO requirement that you be a First Time HomeBuyer (FTHB).  It has just always been most common that people use FHA for their first home, as they may not have a large downpayment.   Most second time … (0 comments)

california: New FHA Jumbo size loan limits for 2009 released - 11/10/08 03:51 AM
New Loan Limits for FHA loans made in 2009 have been released. The Base FHA Loan Limit remains at $271,050 accross much of the USA. The new Maximum limit for higher cost areas is now $625,500, with many counties accross America falling somewhere inbetween.   We are offering loan with these limits now, no waiting for January necessary. Here are some highlights of the new loan limits: Bellevue, WA $506,000 Carlsbad, CA $546,250 Chula Vista, CA $546,250 Escondido, CA $546,250 Everett, WA $506,000 Greene County, GA $515,200 Key West, FL $529,000 Kirkland, WA $506,000 Long Beach, CA $625,500 Los Angeles, CA $625,500 … (0 comments)

california: new 2009 Loan Limits for Fannie & Freddie released today - 11/07/08 05:51 AM
Fannie Mae & Freddie Mac have new loan limits for 2009, as released today.  The standard conventional loan limit remains at $417K accross the USA.   High Cost Areas have new limits based on the new formula in the 2008 housing bill passed in July.
We expect to see some updates to the current Fannie Mae & Freddie Mac guidelines for loans that exceed the standard limit of $417K which will keep these larger sized loans affordable & attainable.  We will keep you posted as we hear updates.
We also expect to see updates soon from HUD regarding the 2009 FHA loan … (0 comments)

california: Government launches "Hope For Homeowners" program to help underwater homeowners - 10/01/08 09:30 AM
Government launches "Hope For Homeowners" program to help underwater homeowners
***note - this program has been discontinued 
The Bush administration formally launched the much anticipated "Hope For Homeowners" FHA loan program today. This program helps homeowners stay in their homes by working with your existing lender to refinance your existing loan into a new FHA Fixed Rate Loan.
VanDyk Mortgage is proud to participate in this new FHA Loan program. As a HUD approved Full Eagle DE FHA Underwriter & Direct Lender, we feel that we can provide consumers a Quality Source for your FHA Loan.
The new program works like this: … (0 comments)

california: Instant Equity Growth in a down market - How to create equity in your new California home. - 09/28/08 12:31 PM
How can I create Instant Equity Growth in a down market?  Read on to find out how to create instant equity in your new California home purchase.   (warning:  reading this article might make you want to purchase a bank REO, REPO or Short Sale utilizing our new VanDyk FHA Rehab Express loan!) 
One sure fire way to create instant Equity Growth in your new home is to utilize the VanDyk FHA Rehab Express Loan.  Our VanDyk Rehab Express loan allows you combine the cost & installation of new paint, flooring, appliances, roof, siding, patio, interior upgrades, and more with your new home purchase.
This … (0 comments)

california: Fannie & Freddie Bailout helps FHA Borrowers too - 09/08/08 05:22 PM
This weekends blockbuster government takeover of Government Sponsored Mortgage Giants Fannie Mae (FNMA) and Freddie Mac (FHLMC) has created a welcome stability and confidence in both the mortgage market and the money markets as a whole.   These entities are too large, effect too many individuals, and would create too much havoc if crippled for the US government to let them fail.   I am not a personal fan of more government, but in this case, hoorah.  It is necessary for the stability of many levels of our economy.
So the real question I promised to answer was, How does the Fannie & Freddie bailout … (0 comments)

california: Fannie & Freddie Bailout helps FHA Borrowers too - 09/08/08 05:17 PM
This weekends blockbuster government takeover of Government Sponsored Mortgage Giants Fannie Mae (FNMA) and Freddie Mac (FHLMC) has created a welcome stability and confidence in both the mortgage market and the money markets as a whole.   These entities are too large, effect too many individuals, and would create too much havoc if crippled for the US government to let them fail.   I am not a personal fan of more government, but in this case, hoorah.  It is necessary for the stability of many levels of our economy.
So the real question I promised to answer was, How does the Fannie & Freddie bailout … (0 comments)

california: Please don't fear the Rehab project - 08/10/08 06:19 PM
This post isn't talking about some hollywood celebrity fearing another stay at the Betty Ford Clinic, rather it is regarding Realtors & HomeBuyers fearing the Rehab Property and the Rehab loan.Many Realtors & Homebuyers are discouraged when they see a bank-owned REO or Bank Repo that is in exceptionally Poor Condition.  Dirty, filthy carpets, dire need of fresh paint, needs new appliances, and otherwise simple repairs, but they all cost money.  The problem is that the house just doesn't show well.  It leaves a bad taste in your mouth just looking at it.   But for those with a little design vision … (0 comments)

california: VanDyk Mortgage helps Homebuyers with REO's & Repo's & the Rehab too! - 08/05/08 02:56 PM
There is a little known program that is becoming very necessary for the purchase of many Bank Owned, REO, or Repo properties.   The Rehab loan.   VanDyk Mortgage offers 203K streamlines to make the process of buying a home that needs a little TLC (or quite a bit in some cases!) easier, more affordable, and quicker.   Many of us have seen firsthand, or have heard stories about foreclosed home that have been torn up, stripped, vandalized, etc.  With conventional financing,  these homes are very difficult to sell or buy, as they are not in move in condition, and most lenders will not lend … (0 comments)

california: President Bush compromise may help thousands of Homeowners out of trouble - 07/23/08 01:48 PM
Today,  The White House announced that the President would lift his opposition to a Housing bill being voted on today in the House of Representatives.   This bill includes several upgrades for homeowners accross America.   It provides tax credits for first time homebuyers of up to $7500.  Property Tax credits for other qualifying homeowners.   Authorizes Government investment to shore up Fannie Mae & Freddie Mac, the two largest guarantors of home mortgages.  It will allow permanent upgrades to the maximum loan amounts for Fannie, Freddie & FHA (details to come in the following weeks).  Here is the part that really inspired me to write … (0 comments)

california: Consumer help for ARM or Adjustable Rate Mortgage Holders - 07/09/08 04:48 PM
When we first start working with a client, We tell you that our company is different from others in the mortgage industry. We will always keep you up-to-date on the major changes in the market that could affect your financial goals or the goals of those close to you.
This is one of those times. In a recent New York Times article, the subprime lending collapse was faulted for "industry-wide problems" that affect more than just those borrowers with poor credit or subprime Adjustable Rate Mortgages (ARMs). Now, because of credit tightening, even borrowers with good credit and A-paper ARMs are expected … (0 comments)

california: HUD changes allow home buyers to use FHA loans to Buy REO's/Bank Owned Homes - 07/01/08 05:07 PM
HUD has recently made changes allowing homeowners to qualify for FHA loans when buying homes that have been foreclosed, returned to lender (deed in lieu of foreclosure),  AKA REO properties.   REO stands for Real Estate Owned, which are essentially Bank Owned Repos.    Outdated regulations from HUD to prohibit property flipping and false price appreciation made it difficult for banks to sell recently foreclosed properties due to a HUD rule which prohibited the use of a FHA loan to purchase a home that had not been owned by the seller for atleast 90 days.   This has now been lifted until June 2009.  
(0 comments)

california: Fannie Mae's turnabout on Declining markets. Will it really help? - 05/18/08 05:03 PM
Fannie Mae announced that they will no longer require an extra 5% down payment for purchases in "Declining Markets" beginning June 1.   The real question is will this change help.   The answer is Yes for some borrowers, and not at all for others.   There are 2 factors above and beyond Fannie Mae's basic guidance that will continue to hinder homebuyers looking to put less money down.   Mortgage Insurers have increased minimum Fico requirements for all loans, especially those over 90% loan to value.   Please note that FHA loans do not have Fico minimums at this point.   The other factor effecting the … (0 comments)

california: News about FHA loans in High Cost Areas - updates & changes - 04/10/08 03:47 AM
HUD has announced new rules requiring 2 appraisals on FHA loans that fall under the new stimulus package loan limits (those loans over $362K).   While this may seem prohitibitive at first glance, and it will add to the time & expense of an FHA loan, it is a relatively easy hurdle to work with.   First of all, it is important to remember that FHA loans are more affordable alternatives to their Fannie & Freddie counterparts.   FHA loans also still allow downpayments of just 3%, whereas Fannie & Freddie require 3% minimum now, and for loan amounts over $417K, 5% is required.  In … (0 comments)

california: FHA Lending updates - 04/10/08 03:46 AM
HUD has announced new rules requiring 2 appraisals on FHA loans that fall under the new stimulus package loan limits (those loans over $362K).   While this may seem prohitibitive at first glance, and it will add to the time & expense of an FHA loan, it is a relatively easy hurdle to work with.   First of all, it is important to remember that FHA loans are more affordable alternatives to their Fannie & Freddie counterparts.   FHA loans also still allow downpayments of just 3%, whereas Fannie & Freddie require 3% minimum now, and for loan amounts over $417K, 5% is required.  In … (0 comments)

california: New Loan Limits released for FHA loans - 03/12/08 06:15 PM
New Loan Limits released for FHA loans
 
HUD has finalized the new 2008 loan limits for FHA Government backed loans. The new limits increase the max loans for FHA from just over $368K up to $729,750.
Although the highest amounts are for high cost metropolitan areas such as Los Angeles, New York, & San Francisco, Every county in America benefits from an increase in the FHA loan limit from $200K to a new minimum limit of $271,050. This helps to increase the number of US households that can qualify to purchase and refinance their homes.
You can find the new … (0 comments)

california: FHA Moves to the forefront in lending again - 03/12/08 06:11 PM

FHA moves to the forefront in lending again The past couple weeks have seen significant news for Mortgage holders, lenders, and banks. Loan amount increases are officiall for FHA, FNMA, & Freddie Mac loans. This will help hundreds of thousands of US homeowners get lower rates for the purchase, refinance, or construction of their home. The benefits aren't just for people in Los Angeles ( now $729,750), Seattle, (now $569,500), San Diego (now $697,500) and other high cost areas though. Prior to the new limits, the minimum FHA loan amount in much of America was $200,160, which has now been increased … (0 comments)

 
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Brian Skaar

VA, Jumbo, FHA & Conv Direct Lender (760) 752-4480

San Diego, CA

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VanDyk Mortgage - VA, FHA, Conventional, VA Jumbo, Jumbo, Purchase Loans, & Refinance, Direct Lender

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Office: (760) 752-4480

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The Government Loan Pro's Blog includes topics on Government backed Home Mortgage Loans and Lending, VA loans, VA Jumbo Loans, FHA Loans, USDA Loans, FHA Jumbo Loans, VA High Balance Loans, FHA 203K loans, Conventional Loans, Jumbo Loans, No monthly PMI Loans, Piggyback loans, 80/10/10 loans, Conforming High Balance Loans, how to use your VA Home Loan Benefit, San Diego, Los Angeles, SF Bay Area, Northern California and Southern California Home Loans, Seattle - Tacoma - Everett Area Home Loans, Colorado Home Loans, Denver Home Loans, Boulder Home Loans, Texas Home Loans, Dallas Home Loans, Houston Home Loans, San Antonio Home Loans, Virginia Loans, Wyoming Home Loans, Washington Loans, Georgia Home Loans, Massachusetts Home Loans, Wyoming Home Loans, and more. Visit us at vandykfunding.com for even more info or to get started. Or give us a call at 760-752-4480 direct. NMLS ID: 3035 - VanDyk Mortgage Corp NMLS ID 220268 Brian Skaar - Loan Originator http://www.nmlsconsumeraccess.org/ All content Copyright 2007-2018 VanDyk Mortgage, all rights reserved.


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