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.
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
Lynnwood, WA $506,000
Mono County, CA $529,000
Napa, CA $592,250
Naples, FL $448,500
Oakland, CA $625,500
Oceanside, CA $546,250
Orange County, CA $625,500
Petaluma, CA $520,950
Pierce County, WA $506,000
Riverside, CA $417,000
Sacramento, CA $474,950
Salinas, CA $483,000
San Diego, CA $546,250
San Francisco, CA $625,500
San Jose, CA $625,500
San Juan County, WA $483,000
San Luis Obispo, CA $561,200
San Marcos, CA $546,250
Santa Barbara, CA $603,750
Santa Cruz, CA $625,500
Santa Rosa, CA $520,950
Seattle, WA $506,000
Snohomish County, WA $506,000
Tacoma, WA $506,000
Truckee, CA $477,250
Ventura, CA $598,000
Don't see your city or county listed? Click here for PDF list of all counties.
VanDyk Mortgage is a FHA Direct Lender serving clients for over 22 years. The new loan limits are available for our VanDyk Rehab Express loans and FHA Secure loans as well.
We can help you get the home of your dreams with a Safe, Secure, Affordable FHA loan. Call us at 866-900-2342 toll free to get details and achieve your dream of owning a beautiful new home. VanDyk Mortgage is a Full Eagle Direct Endorsement FHA Direct Lender. We have over 22 years in business Lending FHA loans direct to consumers. Call the experts.
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, 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.
Monday, November 10, 2008
Wednesday, October 1, 2008
Government launches "Hope For Homeowners" program to help underwater homeowners
Government launches "Hope For Homeowners" program to help underwater homeowners
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: Let's say you owe $400K on your home, and it is worth 320K today. This is upside down, you have negative equity (owe more than your home is worth). We get you qualifed and set up with your new FHA Loan, Negotiate with your current Lender to accept a reduced or short payoff on your current loan, and you are left with a fixed rate affordable, safe, and secure FHA Loan from VanDyk Mortgage for $288K.
We take care of the Negotiation with your current lender for you. Call the FHA Experts at VanDyk Mortgage to get started today at 866-900-2342 toll free, ask for Brian Skaar.
Or apply online on our secure website vandykfunding.com.
VanDyk Mortgage is a privately owned, Nationwide Mortgage Banker offering FHA, VA, Conventional, & Jumbo Loans at competitive rates direct to consumers. Be sure to let your Friends, Family, & Coworkers know about our new FHA Short Refi Program too - help and hope for homeowners who owe more than their home is worth. We serve the following areas for FHA, FHA Jumbo, Jumbo 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, 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. If you don't see your city, call us anyway, we most likely can serve you too.
We offer FHA Short Refi or FHA Short Refinance loans under both the Hope for Homeowners program and the VanDyk HomeSaver program.
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: Let's say you owe $400K on your home, and it is worth 320K today. This is upside down, you have negative equity (owe more than your home is worth). We get you qualifed and set up with your new FHA Loan, Negotiate with your current Lender to accept a reduced or short payoff on your current loan, and you are left with a fixed rate affordable, safe, and secure FHA Loan from VanDyk Mortgage for $288K.
We take care of the Negotiation with your current lender for you. Call the FHA Experts at VanDyk Mortgage to get started today at 866-900-2342 toll free, ask for Brian Skaar.
Or apply online on our secure website vandykfunding.com.
VanDyk Mortgage is a privately owned, Nationwide Mortgage Banker offering FHA, VA, Conventional, & Jumbo Loans at competitive rates direct to consumers. Be sure to let your Friends, Family, & Coworkers know about our new FHA Short Refi Program too - help and hope for homeowners who owe more than their home is worth. We serve the following areas for FHA, FHA Jumbo, Jumbo 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, 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. If you don't see your city, call us anyway, we most likely can serve you too.
We offer FHA Short Refi or FHA Short Refinance loans under both the Hope for Homeowners program and the VanDyk HomeSaver program.
Thursday, September 25, 2008
Solution for Upside Down Homeowners - The Short Refi with VanDyk FHA
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/.
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/.
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
Wednesday, July 23, 2008
White House compromise offers help for troubled Homeowners
Today, The White House announced that President Bush would lift his opposition to a Housing bill being voted on today in the House of Representatives. He concluded, with input from Treasury Secretary Paulson, that the Greater good was more important than the provision he opposed.
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 a post. It will allow upside down homeowners to negotiate with their current lender to allow a "Short Refi".
What is a "Short Refi"? This process allows you to negotiate a payoff of your current mortgage that is lower than the current balance, so that you can refinance into a safe, secure & affordable FHA Fixed Rate Mortgage. Previously, Lenders had little motivation to do this, as the tax laws on how they must account for the write down in debt made it undesirable for their financials. Now, the new legislation, combined with the burden of the growing foreclosure lists, have made lenders more likely to work out a solution.
Part of the key to success with this strategy is to work with an experienced FHA direct lender such as VanDyk Mortgage. We have over two decades of FHA experience to offer you. We can even help with the negotiation of the short payoff to assist you into a better, more secure financial situation. Call us today at 866-900-2342, ask for Brian Skaar. Or apply online at http://www.vandykfunding.com/.
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, 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, 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.
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 a post. It will allow upside down homeowners to negotiate with their current lender to allow a "Short Refi".
What is a "Short Refi"? This process allows you to negotiate a payoff of your current mortgage that is lower than the current balance, so that you can refinance into a safe, secure & affordable FHA Fixed Rate Mortgage. Previously, Lenders had little motivation to do this, as the tax laws on how they must account for the write down in debt made it undesirable for their financials. Now, the new legislation, combined with the burden of the growing foreclosure lists, have made lenders more likely to work out a solution.
Part of the key to success with this strategy is to work with an experienced FHA direct lender such as VanDyk Mortgage. We have over two decades of FHA experience to offer you. We can even help with the negotiation of the short payoff to assist you into a better, more secure financial situation. Call us today at 866-900-2342, ask for Brian Skaar. Or apply online at http://www.vandykfunding.com/.
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, 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, 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.
Tuesday, July 1, 2008
HUD changes ease purchasing distressed homes using FHA Financing
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 is 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. This will allow homeowners to qualify for FHA loans to purchase the numerous bargain priced REO or Bank Owned properties coming to market.
We can help you get the home of your dreams with a Safe, Secure, Affordable FHA loan. Call us at 866-900-2342 toll free to get details and achieve your dream of owning a beautiful new home.
VanDyk Mortgage is a Full Eagle Direct Endorsement FHA Direct Lender. We have over 20 years in business Lending FHA loans direct to consumers. Call the experts.
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, 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, 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.
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. This will allow homeowners to qualify for FHA loans to purchase the numerous bargain priced REO or Bank Owned properties coming to market.
We can help you get the home of your dreams with a Safe, Secure, Affordable FHA loan. Call us at 866-900-2342 toll free to get details and achieve your dream of owning a beautiful new home.
VanDyk Mortgage is a Full Eagle Direct Endorsement FHA Direct Lender. We have over 20 years in business Lending FHA loans direct to consumers. Call the experts.
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, 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, 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.
Thursday, April 10, 2008
Updates to FHA appraisal Guidelines
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 Declining markets such as Riverside, Ca, Sacramento, CA, Miami, FL, and San Diego, CA Fannie & Freddie increase the minimum another 5%. FHA does not require extra down payment in "declining markets". Even better, with Down Payment Assistance programs such as the Nehemiah program, homeowners can get into a new home for zero down payment.
Back to the second appraisal. Here is the good news part of the program. It will give the buyer some confidence that the appraisals are legitimate and accurate, and also give the opportunity to renegotiate price or exit a contract if the appraised value won't support the sales contract price. There is some latitude given to the second appraisal process in the HUD regulations. It can vary by up to 5% without effecting the original appraisal's use for the financing. It is a less invasive appraisal, as SFR 2nd appraisals won't require interior photos. Downside: the 2nd appraiser comes from the HUD list, which may result in slower turn times due to volume in high cost areas. (this is good news for FHA approved appraisers though!).
If you could benefit from an FHA loan, it is wise to work with a lender with strong FHA experience. VanDyk Mortgage has been a direct FHA lender for over 20 years. Call Brian Skaar at 866-900-2342 (toll free) or visit us online at www.vandykfunding.com to find out if FHA is right for you. FHA offers security, safety and affordability.
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 Declining markets such as Riverside, Ca, Sacramento, CA, Miami, FL, and San Diego, CA Fannie & Freddie increase the minimum another 5%. FHA does not require extra down payment in "declining markets". Even better, with Down Payment Assistance programs such as the Nehemiah program, homeowners can get into a new home for zero down payment.
Back to the second appraisal. Here is the good news part of the program. It will give the buyer some confidence that the appraisals are legitimate and accurate, and also give the opportunity to renegotiate price or exit a contract if the appraised value won't support the sales contract price. There is some latitude given to the second appraisal process in the HUD regulations. It can vary by up to 5% without effecting the original appraisal's use for the financing. It is a less invasive appraisal, as SFR 2nd appraisals won't require interior photos. Downside: the 2nd appraiser comes from the HUD list, which may result in slower turn times due to volume in high cost areas. (this is good news for FHA approved appraisers though!).
If you could benefit from an FHA loan, it is wise to work with a lender with strong FHA experience. VanDyk Mortgage has been a direct FHA lender for over 20 years. Call Brian Skaar at 866-900-2342 (toll free) or visit us online at www.vandykfunding.com to find out if FHA is right for you. FHA offers security, safety and affordability.
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