FHA - 3 things every homebuyer should know

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 buyers are carrying equity from the sale of their last home into the new sale, hence that lack of need for the low downpayment FHA loan.

FHA Myth #2 - FHA is for low income buyers (or low income refinancers).
FHA Reality: FHA has no income limits. Once again, FHA is flexible in terms of credit, income qualification, and low downpayment requirements, hence the perception. But many of our clients have a very decent income, they just want the advantages that FHA loans have to offer in the way of less downpayment required, lower fico score requirements, and more liberal credit history evaluation when compared to Conventional loans.

FHA Myth #3 - FHA loans can only be used one time.
FHA Reality: There is no limit as to how many homes you can purchase with FHA. You can however only own one primary residence that is secured by a FHA Loan at a time. So if you currently have a FHA loan on your home, and you sell it to purchase another, you can get another FHA Loan for the new home.

And one more thing: FHA Appraisals are not nearly as stringent as they were just 7 years ago. FHA just wants to ensure that your new home is Safe, Secure & Sound, much like your finances.
The home needs to be in working order, free of obvious water damage, infestations, or structural damage which may effect the safety & structural integrity of the home. But the days of replacing dirty carpet, wall scratches, & flaky paint are over. If you want to buy it in that condition, chances are, FHA will allow it. As long as it is Safe, Sound, & Secure.

VanDyk Mortgage has been making FHA loans since 1987. We are a HUD recognized Full Eagle FHA DE underwriter and FHA Direct Lender. Go with the Government Loan Pros, go with VanDyk. Visit us at www.vandykfunding.com or call Brian Skaar at 760-752-4480 for help with your FHA loan. We offer FHA, FHA Secure, FHA Jumbo, FHA Manual Underwrite, FHA Rehab 203K, VA, Conforming & Jumbo Loans.

VanDyk Mortgage lends accross America including: Southern California, Northern California, Washington, Texas, Georgia, Florida, & more.

New FHA Loan Limits for 2009

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.

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.

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/.

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

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.

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.

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.

Quick primer on new California FHA loan limits

The mortgage limits set by HUD for FHA loans (Federal Housing Administration) for California counties were raised in March. The new limits are set relative to the median price of homes in each county. The bad news: the new limits will only be effective until the end of 2008.
San Diego’s limit has been raised to $697,500 from just over $362,000, while Orange County and Los Angeles county are both at the max of $729,750 now. This change comes as part of the effort to support the origination of larger mortgages, which should lead to lower interest rates. Many Jumbo loan holders or home buyers have been hesitant to finance given the high rates that Jumbo loans have experienced the past few months.

FHA Mortgage Limits in California by County

Alameda County
Median home price $995,000
new FHA Limit $729,750

Alpine County
Median home price $438,000
new FHA Limit $547,500

Amador County
Median home price $355,000
new FHA Limit $443,750

Butte County
Median home price $320,000
new FHA Limit $400,000

Calaveras County
Median home price $370,000
new FHA Limit $462,500

Colusa County
Median home price $318,000
new FHA Limit $397,500

Contra Costa County
Median home price $995,000
new FHA Limit $729,750

Del Norte County
Median home price $249,000
new FHA Limit $311,250

El Dorado County
Median home price $464,000
new FHA Limit $580,000

Fresno County
Median home price $305,000
new FHA Limit $381,250

Glenn County
Median home price $230,000
new FHA Limit $287,500

Humboldt County
Median home price $315,000
new FHA Limit $393,750

Imperial County
Median home price $260,000
new FHA Limit $325,000

Inyo County
Median home price $350,000
new FHA Limit $437,500

Kern County
Median home price $295,000
new FHA Limit $368,750

Kings County
Median home price $260,000
new FHA Limit $325,000

Lake County
Median home price $321,000
new FHA Limit $401,250

Lassen County
Median home price $200,000
new FHA Limit $271,050

Los Angeles County
Median home price $710,000
new FHA Limit $729,750

Madera County
Median home price $340,000
new FHA Limit $425,000

Marin County
Median home price $995,000
new FHA Limit $729,750

Mariposa County
Median home price $330,000
new FHA Limit $412,500

Mendocino County
Median home price $410,000
new FHA Limit $512,500

Merced County
Median home price $378,000
new FHA Limit $472,500

Modoc County
Median home price $125,000
new FHA Limit $271,050

Mono County
Median home price $370,000
new FHA Limit $462,500

Monterey County
Median home price $599,000
new FHA Limit $729,750

Napa County
Median home price $615,000
new FHA Limit $729,750

Nevada County
Median home price $450,000
new FHA Limit $562,500

Orange County
Median home price $710,000
new FHA Limit $729,750

Placer County
Median home price $464,000
new FHA Limit $580,000

Plumas County
Median home price $328,000
new FHA Limit $410,000

Riverside County
Median home price $400,000
new FHA Limit $500,000

Sacramento County
Median home price $464,000
new FHA Limit $580,000

San Benito County
Median home price $790,000
new FHA Limit $729,750

San Bernardino County
Median home price $400,000
new FHA Limit $500,000

San Diego County
Median home price $558,000
new FHA Limit $697,500

San Francisco County
Median home price $995,000
new FHA Limit $729,750

San Joaquin County
Median home price $391,000
new FHA Limit $488,750

San Luis Obispo County
Median home price $550,000
new FHA Limit $687,500

San Mateo County
Median home price $995,000
new FHA Limit $729,750

Santa Barbara County
Median home price $615,000
new FHA Limit $729,750

Santa Clara County
Median home price $790,000
new FHA Limit $72,9750

Santa Cruz County
Median home price $719,000
new FHA Limit $729,750

Shasta County
Median home price $339,000
new FHA Limit $423,750

Sierra County
Median home price $228,000
new FHA Limit $285,000

Siskiyou County
Median home price $235,000
new FHA Limit $293,750

Solano County
Median home price $446,000
new FHA Limit $557,500

Sonoma County
Median home price $530,000
new FHA Limit $662,500

Stanislaus County
Median home price $339,000
new FHA Limit $423,750

Sutter County
Median home price $340,000
new FHA Limit $425,000

Tehama County
Median home price $250,000
new FHA Limit $312,500

Trinity County
Median home price $200,000
new FHA Limit $271,050

Tulare County
Median home price $260,000
new FHA Limit $325,000

Tuolumne County
Median home price $350,000
new FHA Limit $437,500

Ventura County
Median home price $599,000
new FHA Limit $729,750

Yolo County
Median home price $464,000
new FHA Limit $580,000

Yuba County
Median home price $340,000
new FHA Limit $425,000

FHA Jumbo loans

They are now here. FHA Jumbo loans. The new stimulus bill allows FHA loans up to $729,750 in the highest cost markets. Even if you are not in one of these markets, your loan limits have increased. Click here to access the limits for your area. (pdf will take a moment to load).

The FHA jumbo loan is fast becoming our most popular loan with the wider range of qualifying rules, (lower fico's, credit hiccups, etc), but also for the sheer economy of the loan.

• FHA Mortgage Insurance is cheaper on a monthly basis
• FHA loan are the most affordable loans on the market today
• FHA loans still go to 97% loan to value (require just 3% down payment)
• There is no "declining market" hit for FHA (other loan programs have increased the down payment to 5, 10 or 20%)

And FHA loans are 30 year fixed rates.

• no Rate Adjustments
• no Interest Only
• no Negative Amortization.

Call the FHA loan pros to help with your safe, secure, affordable FHA loan. Call me at 866-900-2342 (toll free) or apply online at www.vandykfunding.com .

Another Score for FHA loans

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 an FHA Loan can be a 100% loan in that regard.

With Fannie & Freddie declaring many metro areas "Declining Markets" it is now harder to qualify (if at all) for low down payment loans from Fannie & Freddie in many markets. For instance, if you live in Riverside California, a widely recognized trouble spot for foreclosure activity, your maximum loan to value (LTV) with Fannie & Freddie is now 95%. But wait, there's more. Fannie & Freddie also limit the fico's that qualify for 95%, and add to the price.
That makes it difficult and expensive to go with a Fannie or Freddie low down payment loan.

So what? FHA is what. FHA doesn't ding you for a declining market, they still go to 97%.
FHA also doesn't have the FICO minimums that Fannie & Freddie do. It is not only easier to qualify, but more cost effective.

Work with the FHA loan pros, call Brian Skaar and VanDyk Mortgage to handle your FHA loan.
Brian Skaar 866-900-2342 www.vandykfunding.com

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 official (for details click here) 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 to $271,050. This will help many families refinance out of Adjustable Rate Mortgages, ARM's, 80/20 combo mortgages, Option ARM's, and other risky mortgages into safe, secure, affordable FHA & FHA secure mortgages to up 97% of their homes appraised value.

Meanwhile FNMA (Fannie Mae) & FHLMC (Freddie Mac) loans became more affordable and less obtainable during the same week. While the loan limits increased for these loans, which should help many homeowners, it is now much harder to qualify for a Fannie or Freddie loan over 80% Loan to value. The reason for this is the recent changes (which start 3-17) for Mortgage insurance on these loans. The Mortgage Insurers have seen losses mount in the Billions, and have put limits on minimum ficos (anything less than 680 will be effected).

Fannie & Freddie have also limited the maximum Loan to Value (LTV) in "declining markets" such as specific counties in California, Florida, Arizona, and many more by 5-10% from prior levels. This also makes it more difficult for borrowers (even the best credit risk borrowers) to get Low Down Payment or High LTV financing in many markets.

There is the good news amidst all this doom & gloom!
FHA loans are not affected by either of these issues, the Mortgage Insurance limits on LTV or the Declining markets adjustments.

Good old FHA to the rescue.
FHA mortgage insurance premiums are self-funding. They all go into a fund that guarantees the mortgage banks in the case of default by the borrower. This program is self-funding, it is not subsidized by tax payer money, contrary to public opinion.

VanDyk Mortgage is a direct lender of FHA loans, and we have been making FHA loans for over 20 years. We are proud to have achieved the "Full Eagle Direct Endorsement" underwriter designation from HUD. This is the highest level of approval from HUD (US Department of Housing & Urban Development).

1. FHA loans require just 3% down payment (up to 97% LTV)
2. FHA loans are not limited by "declining markets" for Maximum LTV
3. FHA loans are safe, secure & affordable
4. FHA loans can work with lower credit scores than conventional loans

VanDyk Mortgage can work with tarnished credit histories to get you approved for FHA financing. Bankruptcy is OK (must over 24 months discharged for chapter 7, preferably 24 months from filing for chapter 13, although you can remain in Chapter 13 and refinance with trustee approval). FHA does prefer to see 12 months of on-time mortgage payments, 24 is even better. The FHA Secure program does allow for some late payments in certain circumstances.

Please call us at 866-900-2342 to see if you might benefit from FHA or FHA Secure financing. Brian Skaar and VanDyk Mortgage are your source for FHA financing.

www.vandykfunding.com for news, market updates, and secure loan application.

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 limits for your area here: 2008 Loan Limits .

FNMA & FHLMC, AKA Fannie Mae & Freddie Mac, are both GSE's or Government Sponsored Enterprises that purchase loans made by Mortgage Banks that meet their criteria. The new loan limits for Fannie & Freddie rose from $417K up to $729,750 as well in many areas, depending on Geographic area based on housing prices. Many areas did experience a significant increase in this amount, even if it didn't go to the max ceiling. For instance, Seattle homes can now qualify up to $569,500, and San Diego homes now qualify up to $697,500.

Please do not hesitate to call us to find out if the new loan limits can help your financial plans.

Our toll free number is 866-900-2342, ask for Brian Skaar.

You may also apply online to get your home loan quote at http://www.vandykfunding.com/ , simply click on the Loan Application button at the top of the page.