Government Home Loan programs
FHA Loans are made by Private Mortgage Lenders such as VanDyk Mortgage. FHA Loans are then insured by the Federal Housing Administration, a Federal Agency that is within HUD, the U.S. Department of Housing and Urban Development. The FHA does not loan money direct to borrowers. It provides lenders with default protection through mortgage insurance (MIP) in the event the borrower defaults on his or her loan obligation.
FHA Loans are available to all buyers, FHA Loans do not have an income maximum, and are available to First Time Home Buyers as well as second time Home Purchasers. FHA loan guidelines allow many creditworthy families to purchase homes or refinance home who otherwise do not meet requirements for conventional loans.
FHA loan programs require just 3.5% down payment, which can be from the borrowers own funds or a gift from qualified sources. FHA Loan rates on competitive vs conventional loan rates, even with lower down payment requirements than conventional loans.
Some other benefits of FHA financing:
- Just a 3.5 percent down payment is required.
- Affordable monthly mortgage insurance premiums and, under certain conditions, automatic cancellation of the premium.
- More flexible underwriting criteria than conventional loans
- More forgiving underwriting criteria for Credit Scores, Bankruptcy, and Foreclosure
- Loans are assumable to qualified buyers.
- FHA Loans allow you to consolidate a first and second mortgage without classifying the loan as Cash out – a limiting factor in Conventional Loans
VanDyk Mortgage is a Full Eagle FHA Direct Lender. We underwrite & fund your loan direct. There is no middleman. Call the FHA Experts, call VanDyk Mortgage.
866-900-2342 (toll free).
2015 FHA Loan limits for California
For information on VA Loans, please visit our VA Loan information page.
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