Los Angeles - VA & FHA Loan update for 2014

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Mortgage and Lending with VanDyk Mortgage - VA, FHA, Conventional, VA Jumbo, Jumbo, Purchase Loans, & Refinance, Direct Lender NMLS 220268 / 3035

Los Angeles  VA Loans and FHA Home Mortgage Loan info for 2014 - California VA Lender & FHA Lender  

VanDyk Mortgage is your source for VA Loans and FHA Loans in Los Angeles.  We have been making FHA, VA, Conforming, and Jumbo loans since 1987.   VanDyk Mortgage is a Direct Lender.   We offer many loan programs for Los Angeles Homebuyers and Los Angeles 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

Los Angeles FHA Loans are available up to $625,500 with just 3.5% down payment.  The FHA 2014 Loan Limit for Los Angeles is $625,500 for single family homes and condo's.  Los Angeles FHA Loans that are over $417K up to $625,500 are called FHA Jumbo or FHA High Balance loans.

Los Angeles  VA Loans are available up to $687,500 with zero down payment.   The Los Angeles VA Loan Limit for 2014 is $687K.  However, Veterans are not limited to the Los Angeles county Loan limit for our 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 Home loan over the County Loan limit:   VA Loan over your county limit.

Los Angeles Conforming Loans are available up to $625,500. The Los Angeles Conforming Jumbo Loans (aka Conforming High Balance, those over $417,000 and up to $625,500) require a minimum of 10% downpayment or equity. Los Angeles 

Home Loan information for Los Angeles

FHA Home loans iLos Angeles, California:

  • FHA Home Loans require just 3.5% downpayment
  • FHA Jumbo Loans up to $625,500 (aka FHA High Balance)
  • The $625,500 FHA Loan Limit is the base loan amount - the Los Angeles FHA Loan Limit of $625,500 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 6% of your closing and settlement costs.
  • Minimum score for most FHA Home Loans is just 620, even on FHA High balance or FHA Jumbo.
  • Qualify as soon as 2 years after Bankruptcy discharge, or 3 years after Foreclosure - call for details
  • 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 Los Angeles, California:

  • Active Duty Military and Veterans can both qualify
  • 100% financing up to $687,500
  • A $788k Los Angeles Home Purchase would only require a $25,000 downpayment (3.173%) - not including the VA Funding Fee
  • VA Loans require no Monthly Mortgage Insurance (no pmi or mip)
  • 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  
  • Qualify as soon as 2 years after Bankruptcy discharge, 2 years after Foreclosure, 2 years after short sale, or if all mortgage payments were made on-time prior to the short sale - no waiting period - call for details to see if you might quailify now
  • VA Loans are available to purchase or refinance Condominiums.  Here is more information on VA Condo Loans for Los Angeles

Conforming Home Loans in Los Angeles, California:

  • Available up to $625,500 with the Conforming High Balance (aka conforming Jumbo)
  • Los Angeles Conforming loans available up to $417,000
  • Now available – NO Monthly PMI Loans up to $417K with 5% downpayment
  • Conforming Jumbo Loans over $417K require a minimum of 10% downpayment or up to 90% LTV
  • Allow for Condominiums, Second Homes, and Investment properties
  • Call for details on Fico score requirements, downpayment requirements, etc
  • HARP now available with fewer restrictions to help underwater Homeowners refinance at today’s great rates.
  • Vandyk Mortgage allows you have up to 10 financed properties

Now available - 80/10 combo's for a total of up to $750K.   This is a great alternative to PMI, and let's you put down 10% on purchases up to $833K in LA (vs the 20% threshold for most Jumbo Loans). 

 

We offer Jumbo Conventional Loans up to $3m - call for details.  Please visit our post on Conforming vs Conventional 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.

 

 

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Brian Skaar

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