fannie: 95% Conventional Loan in Washington - 05/14/10 10:53 AM
95% Conventional Loan in Washington - 5% downpayment or equity
VanDyk Mortgage offers Conventional Purchase and Refinance loans up to $417,000 with just 5% down payment or equity in Washington.   More details coming on this soon.   Here are some basic details:
California, Washington, Arizona, Florida now eligible for our Conventional Fannie Mae Loans up to 95% Loan to Value.  Only 5% down payment required for a Conventional Purchase loan.   Or just 5% equity required for a Conventional Refinance.   Fannie Mae loans are also called conforming Loans.  We do not consider WA a declining market any longer.
Minimum credit score = 680
Maximum Debt Ratio = … (0 comments)

fannie: Seller seasoning for Conventional loans - 1 day - Flip Rule Defined - 04/29/10 06:30 PM
Seller seasoning for Conventional loans - 1 day - Flip Rule Defined
Our Flip Rules for Conventional Loans:  we only require that the seller own the home for 1 day prior to resale.   Essentially we have no flip rule for our conventional loans. The Owner seasoning requirement on our Conventional Loans is one day.  That is right, one day. Why is this important you ask? Well, many lenders have begun to require that sellers own a home for 90-180 days before it is eligible for their Conventional Financing. Fannie Mae and Freddie Mac are both examples of Conventional Financing. We do … (0 comments)

fannie: The difference between Conventional and Conforming Loans. - 03/28/10 08:48 AM
The difference between Conventional and Conforming Loans.
Ever since I can remember, these two terms are incorrectly referenced in the media, websites, and by Mortgage lenders and Realtors as well.   So what is the difference between a Conventional Loan and a Conforming loan?   Let's start with defining Conventional Loans.   Loans fall into two main categories:  Government and Conventional.  Government loans include FHA Loans (Federal Housing Administration), VA Loans (department of Veterans Affairs) and USDA Rural Development (United States Department of Agriculture).   If a loan is not one of the former three, VA, FHA, or USDA, then it is a Conventional Loan.   Conventional loans are … (0 comments)

fannie: Another FHA Refinance Case Study - 03/14/10 07:41 AM
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 … (0 comments)

fannie: Fannie & Freddie extend HARP Refinance program for underwater homeowners - HARP -Home Affordable Refinance Program - 03/04/10 03:55 AM
Fannie & Freddie extend HARP Refinance program for underwater homeowners - HARP -Home Affordable Refinance Program for conventional conforming loans.  
The regulator for Government run Fannie Mae and Freddie Mac has authorized a 1 year extension on the HARP Refinance initiative until June 2011.  This is also called the Home Affordable Refinance Program.   This program allows homeowners with loans currently owned by Fannie Mae or Freddie Mac to refinance with expanded qualifications such as reduced appraisal requirements, higher Loan to Values allowable, reduced income documention, etc.
The Fannie Mae program is called Refi Plus or DU Refi Plus.  This program allows several benefits … (0 comments)

fannie: 2010 California FNMA & FHLMC Loan Limits- Fannie Mae & Freddie Mac Loan limits 2010 - 02/27/10 08:10 AM
2010 California FNMA & FHLMC - Fannie Mae & Freddie Mac Loan limits 2010
Fannie Mae & Freddie Mac have retained the expanded 2009 loan limits for 2010.  The standard conventional loan limit remains at $417K accross the USA.  This is also called the Conforming Loan Limit ($417K).   High Cost Areas have loan limits based on the new formula in the 2008 housing bill passed in July of 2008, and are also called Conforming Jumbo, High Balance, or Super Conforming loans.
There are different ratios and loan to value ratios for the Fannie Mae & Freddie Mac loans that exceed the standard limit of $417K.  They … (0 comments)

fannie: Good News: We now allow you to have up to 10 financed Properties! - 03/14/09 05:11 PM
Good News:  New Rules for those with Multiple financed properties -  We now allow you to have up to 10 financed Properties!  
You can get new financing on your Primary Home, Second Home or Investment property now (NOO).   For many Real Estate Investors, the past couple of years have been difficult.   Especially due to the GSE's rule that you can only have 4 financed properties maximum.  
I must repeat the Good News:   We now allow you to have up to 10 financed Properties!  
We have some new changes with our loan programs this month that may be able to help you out … (0 comments)

fannie: 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)

fannie: 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)

fannie: 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)

fannie: Comparing FHA Jumbo loans to Fannie Mae Jumbo Loans - 04/16/08 04:03 PM
The new Stimulus Package loan limits are here, and we have had a couple weeks to see how the banks would digest the new loan limits (up to $729,750 in certain markets).   For instance, the new loan limit in Los Angeles, CA is $729,750, while the limit for San Diego, CA is $697,500. The Seattle area in Washington, including King, Pierce & Snohomish Counties are now capped at $567,500.
So what is the difference between the larger FHA loans and Fannie Mae's new Jumbo offerings.
Well for starters, FHA only requires 3% down payment vs Fannie Mae's 5% minimum. There is another advantage … (0 comments)

fannie: New Jumbos: Fannie or FHA? - 04/16/08 04:00 PM
The new Stimulus Package loan limits are here, and we have had a couple weeks to see how the banks would digest the new loan limits (up to $729,750 in certain markets).   For instance, the new loan limit in Los Angeles, CA is $729,750, while the limit for San Diego, CA is $697,500. The Seattle area in Washington, including King, Pierce & Snohomish Counties are now capped at $567,500.
So what is the difference between the larger FHA loans and Fannie Mae's new Jumbo offerings.
Well for starters, FHA only requires 3% down payment vs Fannie Mae's 5% minimum. There is another advantage … (0 comments)

fannie: FHA scores again for home buyers - 04/02/08 05:39 PM
FHA Loans guaranteed by HUD are fast becoming the loan of choice again for first time homebuyers and also those buyers who do not want to put 5, 10 or 20% down payment on their new home (there is good reason to keep your assets in other areas, that will be another post, or call me to find out why). The FHA loan requires just 3% down payment. Sellers can contribute to down payment and closing costs as well, it just requires the use of one of our Down Payment Assistance programs to administer the transfer of funds. (HUD requirement). So … (0 comments)

 
Brian Skaar, VA, Jumbo, FHA & Conv Direct Lender (760) 752-4480 (VanDyk Mortgage -  VA, FHA, Conventional, VA Jumbo, Jumbo, Purchase Loans, & Refinance, Direct Lender) Rainmaker large

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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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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