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.