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FHA -VA-USDA-FHA Jumbo – VA Jumbo Home Loans

GovernmentLoanPros.com Your Source for VA, FHA & USDA Loans.

For many American Families our number one dream is owning your own home.   We are here to help you fulfill your dream of home ownership.  Whether you want to purchase your first home, a larger home, or Refinance your current mortgage,  we are here to help.

We offer FHA, VA, USDA, Conventional, Jumbo, Fannie Mae and Freddie Mac home loans – we have many options to help you get the keys to your very own home.   VanDyk Mortgage is a Direct Lender offering VA Loans, FHA Loans, and USDA Loans direct to you.  VanDyk Mortgage is approved by HUD with Full Eagle status. We have been helping families with Home Loans since 1987.

The first step in the Home Purchase process is to get in touch with one of our Government Home Loan Professionals.   It will give you the confidence of a cash buyer.   We will help you determine what you can comfortably afford.   In a short time, you will be on your way to making your first offer on the home of your dreams.

Our Government Loan Pro’s will work with you direct to qualify your for the mortgage loan that best meets your needs.   We like to offer a more personalized approach with our clients.   Our goal is to create a smooth, stress-free loan process for you.    Our Team members will help you determine the right loan program,  how much you can afford, help you get you Approved, and keep in contact throughout the process.

If you currently own a home and would like to explore a refinance to reduce your interest rate, or get cash out,  you’re at the right place.   There are many loan programs, we will help you find the right one.  You can reduce your interest rate, pay down your loan balance quicker, consolidate debts, or get cash to use toward a dream vacation, home improvement, college tuition — virtually anything you need it for.

Veterans – Own your own home!  We can help.   Call the Government Loan Pros at VanDyk Mortgage.

We serve California, Georgia, Indiana, Massachusetts, Michigan, Virginia, Washington, and Wyoming.

Contact us today for help with any questions you may have or to get started.    866-900-2342  Toll Free Direct

>>> I want to get started on my Loan Approval now >>>

FHA Simple Refinance

The FHA Simple Refinance – what is it, and how can it help me? 

HUD has released new FHA Guidance as of 9-14-2015 that includes dozens of changes to FHA Rules for qualifying borrowers to purchase and refinance homes.  This article will focus on FHA’s new Simple Refinance.   The new FHA Guidelines eliminated that FHA Streamline Refinance with Appraisal.   This Streamline was beneficial to some FHA refinances as the Closing Costs and Prepaid items such as Property Tax and Insurance could be included in the Loan.   With a FHA Streamline without Appraisal,  the Closing Costs and Prepaid items such as Property Tax and Insurance must be paid either by the borrower in cash, by a Lender Credit, or a combination of the two (most common option).

What is the FHA Simple Refinance?

The FHA Simple Refinance allows you to refinance your current FHA Loan into a new FHA Loan.   The Simple FHA Refinance requires credit qualification and Appraisal.   Credit Qualification is the process of analyzing credit, income and assets to ensure the borrower qualifies for the new loan terms.   This loan can include all of your Closing Costs and Prepaid items in the loan amount as long as the Appraised value supports the numbers.  (OK up to 97.75% Loan to Value).

Why would I want a FHA Simple Refinance vs a FHA Streamline without Appraisal?

Every situation is different, and we advise that you contact us to review both options to see which makes the most sense for your goals.   The FHA Simple Refinance would have very low out of pocket costs and may even make a lower rate more workable for situations where there is equity available.   The FHA Streamline Refinance without Appraisal is perfect for situations where the home hasn’t increased in value much, or where adding the closing costs to the principal balance doesn’t fit with a borrowers long term plans (such as plans to move or sell within a few years).

>>> We offer free analysis of your FHA Refinance options.   Contact us online to get started now or call direct at 866-900-2342.

 

Now serving Georgia Home Buyers, Home Owners and Real Estate Agents

Now serving Georgia Home Buyers, Home Owners and Real Estate Agents

We now service the Peach state of Georgia for Home Purchase and Refinance.   We also help Georgia Real Estate Agents grow their business.

VanDyk Mortgage is a Direct Lender (since 1987) offering VA, VA Jumbo, FHA, FHA Jumbo, Conventional, Conventional Jumbo, True Jumbo and USDA financing for the Purchase, Refinance or Streamline Refinance (VA IRRRL) of your home.     VanDyk has FHA Full Eagle Direct Endorsement status with HUD and strong experience with Government backed home loans such as FHA, VA, and USDA RD Loans.   We also have a full selection of Conventional loans such as Conforming Loans with as little as 3% down payment required (up to $417K),  and Jumbo Loans up to $2m.

Stay tuned for more details on how our loan options can help Georgia residents buy or refinance GA Homes.

Can I get a VA Loan that is higher than my County VA Loan Limit?

Can I get a VA Loan that is higher than my County VA Loan Limit?

Yes.  A common misconception with VA Loans is that VA Loans aren’t used in your area, or the  VA Loan amounts are too low for your City.  In the past this was true, but VA Loan changes have improved the picture.  VA loans and VA Jumbo Loans are available much higher than $417K, the standard VA Loan Limit.

VA Loans at loan amounts above $417,000 are called VA Jumbo Loans, VA High Balance Loans, or VA Super Conforming Loans.  While many counties in the country are limited to the $417,000 amount, that isn’t the highest VA loan available for that particular county.   VanDyk Mortgage offers VA loans up to $1,500,000 in all the states we serve.   What changes is the amount of required down payment or home equity.   Each case is unique depending on your VA County Loan Limit and your Home’s purchase price or value for VA refinance.

In counties where the loan limit is lower than your purchase price or refinance loan amount, you may have to have equity (for a VA Jumbo refinance) or put a down payment (for a VA Jumbo Purchase).

So what is the benefit of using a VA loan in this scenario? – Lower down payments than conventional alternatives, fixed rates, no Mortgage Insurance, ability to combine a first and second mortgage, or get cash out up to 90% of your homes value.

Let’s say you live in a county where the VA loan limit is $417,000 (such as Fresno, Riverside or San Bernardino counties in California).   You want to purchase a home that is $450,000 with a little of down payment possible.   Assuming that you have full VA eligibility & fully restored VA Entitlement, VanDyk Mortgage will allow a VA loan in this scenario up to $441,750, requiring just $8,250 down payment, or 1.83%.

The goal of the VA calculation is the reach a guarantee figure of 25% of the loan amount. This can be a combination of the Entitlement and a down payment.

Here is the math to figure this out:
1. Take your county loan limit (in this case $417,000) and multiply times 25% to reach your maximum entitlement and guaranty available ($417,000 x .25 = $104,250)
2. Take your purchase price and multiply times the minimum guaranty required. ($450,000 X .25 = $112,500)
** since this figure is higher than your maximum guaranty and entitlement from #1, we must now figure out how to handle the shortage.
3. Take #2, the Minimum required guaranty ($112,500) and subtract the available guaranty and entitlement for you ($104,250) and it yields us $8,250.

$8,250 represents the required down payment for purchasing a $450,000 property in a county with a VA loan limit of $417,000 for a Veteran or Active Duty Service Member with full Entitlement available. $8,250 is a 1.83% down payment. Now that is a huge benefit for our Veterans. This is far superior to the conventional loan alternatives or even FHA loans.

When your bank tells you that you need to put down 10% or even 20% for a conventional loan, call us direct and go with a VA loan instead. You will be glad you called.

A quick note – our maximum VA Loan Amount is $1.5M.   Many VA Lenders are capped at $417K, $625K, $729K , or $1m for VA loans.   We fund VA Jumbo Loans up to $1.5M.

VanDyk Mortgage is a VA Direct Lender (since 1987) offering VA Loans such as VA purchase loans, VA Streamline Refinance, VA IRRRL, VA Refinance Loans, VA Jumbo purchase loans, VA Jumbo Refinance Loans, VA Jumbo Streamline Refinance loans, VA Jumbo IRRRL , VA Mortgages of all types.

We are a Direct Lender specializing in Government Loans. VanDyk Mortgage is a HUD Full Eagle FHA Direct Endorsement Underwriter, ie Direct Lender offering FHA Loans such as FHA Purchase loans, FHA Refinance, FHA Streamline Refinance, FHA 203K Streamline Rehab loans, FHA Jumbo, FHA Jumbo Purchase, FHA Jumbo Refinance, FHA Jumbo Streamline Refinance, FHA mortgages of all types. We offer FHA & VA loans in California, Indiana, Massachusetts, Virginia, Washington, Wyoming & More.

Massachusetts VA Loan Limits – 2015

Massachusetts VA Loan Limits – 2015

The Department of Veterans Affairs (the VA) have issued the VA loan limits for 2015.   Many counties across the nation decreased this year due to the expiration of the VA Loan Limit formula put into effect in 2008 and renewed in 2012.   The new VA Loan Limits will be effective for the entire year of 2015.   The standard VA Loan Limit, or base VA Loan Limit is $417,000 across the USA. Massachusetts has 8 counties that qualify for Higher VA Loan Limits.  VA Loans that exceed $417K are known as VA Jumbo, VA High Balance, or VA Super Conforming loans.      The VA loan limit corresponds with the maximum VA loan available with zero money down for a respective county.

Here is the complete list of Massachusetts counties and their respective VA Loan Limits:

County Name                    2015 VA Loan Limit

  • Barnstable County:       $417,000
  • Berkshire County:         $417,000
  • Bristol County:               $426,650
  • Dukes County:                $625,500
  • Essex County:                 $517,500
  • Franklin County:            $417,000
  • Hampden County:          $417,000
  • Hampshire County:        $417,000
  • Middlesex County:          $517,500
  • Nantucket County:          $625,500
  • Norfolk County:               $517,500
  • Plymouth County:           $517,500
  • Suffolk County:                $517,500
  • Worcester County:          $417,000

VanDyk Mortgage is a Direct Lender.    We are specialists in VA Jumbo financing – for Purchase or Refinance for your home.

Qualified Veterans can qualify up to the County VA loan limit with no money down required.  

We allow Massachusetts Veterans to Exceed the County VA Loan Limit with a corresponding down payment for VA Jumbo Purchases, or equity in the home for VA Jumbo Refinances.    Our max VA loan amount is $1.5M, and we lend on Single Family Homes,  Condo’s, 2-3-4 unit homes, Townhomes, and Rowhomes.

We offer VA Jumbo Loans to qualified Veterans as soon as 24 months after a BK, Foreclosure, or Shortsale.   Some short sales qualify as soon as 1 day out, or 12 months out.   Please call us and we will review your scenario to see if you can qualify now, or when you will qualify again.

Call today to get started – 866-900-2342,  toll free direct, ask for Brian Skaar.   OR >>> Get Started Online-Click Here