Solution for Upside Down Homeowners - The Short Refi with VanDyk FHA
The housing bill of July 31, 2008 offered a new solution for homeowners who are upside down in their homes to refinance into safe, secure, affordable FHA loans. It is called the "Hope for Homeowners act". The new loan is based on the current appraised value, and will be at 90% of the current value. The homeowner must negotiate with their current lender to accept the "short payoff" and participation in the program. VanDyk Mortgage offers negotiation services to help homeowners get their current lender to accept the short payoff, allowing the "short refi" to happen.
What is a Short Refi? A short refi is much like a Short Sale, except you get to stay in your home afterward. Your current lender accepts a payoff for less than what is owed, and you refinance into a new VanDyk FHA Loan.
Homeowners may qualify for this program even if they have not been late on their Mortgage. Many banks are telling their clients that they don't qualify for loan modification or short payoff until they have been late. We can help you negotiate with your current lender to get the results you need and get the loan you can afford.
Even if you owe more than your home is worth, we can help you get into a new FHA loan, based on your current appraised value (even if this is less than you currently owe), and negotiate the terms of the Short Payoff with your current Lender.
We offer two solutions for this problem, one for homeowners who are delinquent on their current mortgage and another for those who have good credit still, but are facing a rate adjustment or reset, or just have too high of a mortgage.
Give us a call to help fix your home loan into a safe, secure, fixed FHA Loan from VanDyk Mortgage. We offer over 21 years of FHA experience, and are a Nationwide FHA Direct Lender with Full Eagle Status from HUD. Our toll free: 866-900-2342 or visit us online at http://www.vandykfunding.com/.
Thursday, September 25, 2008
Monday, September 8, 2008
Treasury Bailout of Fannie & Freddie, how it effects FHA Loans
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 plan help FHA borrowers? Aren't FHA loans covered by HUD? FHA Home Loans are covered by HUD, and are not directly associated with Fannie & Freddie. However, the market's reaction to the bailout has reduced Interest Rates by nearly .50% today on both Fannie/Freddie conventional loans but also on FHA Loans. The new found confidence the market has is helping to lower rates overall, which will improve buyer's affordability rates.
FHA Loans are still more competitive and have lower overall costs than Conventional or conforming loans when purchasing a home with very little down payment (10% or less) Contact Brian Skaar for a detailed comparison of your options, and find out why we are passionate about the benefits of FHA Loans and the money they can save you. It is also easier to qualify for FHA Loans. Fannie & Freddie Loans require Private Mortgage Insurance, which requires a secondary underwriting process from the mortgage insurer. With the VanDyk FHA Loan, you are automatically approved for the Mortgage Insurance when you qualify for the FHA Loan. It is just that easy.
It is important to work with a true loan professional to stay on top of the market, keep you abreast of the market changes, and get the best overall loan for your needs. Trust the FHA experts at VanDyk Mortgage. We have been a FHA Direct Lender since 1987, and proudly lend throughout most of the US.
For more information on how FHA loans may be able to help you, call Brian Skaar at 760-752-4480 or apply online at www.vandykfunding.com. We offer FHA, FHA jumbo, Fha Secure, and conventional loans.
We serve the following areas for FHA and Conventional loans: California, San Diego, San Marcos, 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, Concord, Fremont, Oakland, San Jose, California, San Diego, Orange, Los Angeles, Bakersfield, Fresno, Pomona, 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, 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
So the real question I promised to answer was, How does the Fannie & Freddie bailout plan help FHA borrowers? Aren't FHA loans covered by HUD? FHA Home Loans are covered by HUD, and are not directly associated with Fannie & Freddie. However, the market's reaction to the bailout has reduced Interest Rates by nearly .50% today on both Fannie/Freddie conventional loans but also on FHA Loans. The new found confidence the market has is helping to lower rates overall, which will improve buyer's affordability rates.
FHA Loans are still more competitive and have lower overall costs than Conventional or conforming loans when purchasing a home with very little down payment (10% or less) Contact Brian Skaar for a detailed comparison of your options, and find out why we are passionate about the benefits of FHA Loans and the money they can save you. It is also easier to qualify for FHA Loans. Fannie & Freddie Loans require Private Mortgage Insurance, which requires a secondary underwriting process from the mortgage insurer. With the VanDyk FHA Loan, you are automatically approved for the Mortgage Insurance when you qualify for the FHA Loan. It is just that easy.
It is important to work with a true loan professional to stay on top of the market, keep you abreast of the market changes, and get the best overall loan for your needs. Trust the FHA experts at VanDyk Mortgage. We have been a FHA Direct Lender since 1987, and proudly lend throughout most of the US.
For more information on how FHA loans may be able to help you, call Brian Skaar at 760-752-4480 or apply online at www.vandykfunding.com. We offer FHA, FHA jumbo, Fha Secure, and conventional loans.
We serve the following areas for FHA and Conventional loans: California, San Diego, San Marcos, 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, Concord, Fremont, Oakland, San Jose, California, San Diego, Orange, Los Angeles, Bakersfield, Fresno, Pomona, 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, 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
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