New Loan Limits for 2009 released

Fannie Mae & Freddie Mac have new loan limits for 2009, as released today. The standard conventional loan limit remains at $417K accross the USA. High Cost Areas have new limits based on the new formula in the 2008 housing bill passed in July.

We expect to see some updates to the current Fannie Mae & Freddie Mac guidelines for loans that exceed the standard limit of $417K which will keep these larger sized loans affordable & attainable. We will keep you posted as we hear updates.

We also expect to see updates soon from HUD regarding the 2009 FHA loan limits, extension of the FHA Secure loan program, and updated guidelines on Hope for Homeowners.

Here are some highlights of the new loan limits:
Alpine County, CA $463,450
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

Access the 2009 High cost area loan limits here PDF: 2009 Loan Limits


We believe that these loan limits are ample enough to help out millions of Americans Purchase new homes and Refinance their homes into safe affordable fixed rate loans.

VanDyk Mortgage is a Nationwide Direct Lender. Visit us on the web at www.vandykfunding.com.

Fannie Mae changes Declining markets policy

Fannie Mae announced that they will no longer require an extra 5% down payment for purchases in "Declining Markets" beginning June 1.

The real question is will this change help. The answer is Yes for some borrowers, and not at all for others. There are 2 factors above and beyond Fannie Mae's basic guidance that will continue to hinder homebuyers looking to put less money down. Mortgage Insurers have increased minimum Fico requirements for all loans, especially those over 90% loan to value. Please note that FHA loans do not have Fico minimums at this point. The other factor effecting the quality of the Fannie Mae loan is the "risk premiums" associated with loans over 90% Loan to value. Fannie Mae loans have higher risk premiums (IE higher rates) for these loans. Once again, FHA does not penalize borrowers for opting to put the standard 3% down payment. The rate is the same for 90%, 95% or 97% FHA loans. Fannie Mae rates may vary as much as 1% on these amounts. Now that's alot of money. You can see why FHA loans are quickly becoming the most popular loans in the USA again.

Give us a call to see if our FHA Direct Loans are right for you. Call Brian Skaar at 760-752-4480. Or visit us online at www.vandykfunding.com.

New Loan Limits released

HUD has finalized the new 2008 loan limits for FHA, FNMA & FHLMC 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.

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.

Help for US homeowners

Help for US homeowners came this past week in the form of Increased Loan limits for Fannie Mae (FNMA), Freddie Mac (FHLMC), and Ginnie Mae (Government loans such as FHA, VA, & FHA Secure). This week the United States Congress, the US Senate and our President, G.W. Bush all came to an agreement on an economic stimulus bill that includes a very important set of provisions for Homeowners. It increases the loan limits for the above entities from a cap of $417,000 for Fannie & Freddie and $362K for FHA to as much as $729,750 in high cost areas such as Coastal California, parts of Florida, New York, and select markets. This is likely to help many thousands of homeowners refinance and purchase homes with affordable, secure financing for their homes during the next year. The increases are temporary (until December 31, 2008) for some of the programs, so those looking to refinance or purchase a home should contact us very soon to get started. This will not only result in lower rates for many loans formerly considered "Jumbo", but will help many folks get qualified as these loan programs allow financing up to 97% of a homes appraised value without large penalties or rate increases.

This is welcome relief for thousands of Adjustable Rate Mortgage (ARM) holders who are worried about interest rate resets and increased payments that can now lock into a more secure 30 year fixed rate mortgage at competitive rates.

VanDyk Mortgage is ready to meet the increased demand with our simple streamlined process for loan application & documentation gathering. Consumers can apply direct at www.vandykfunding.com, then go to the secure "loan application" button at the top of the page. Our processes are largely paperless, which will reduce the timelines for your loan approval and closing. This will help you ensure the best rate for your loan.

VanDyk Mortgage is a privately held Mortgage Banker offering loans accross much of the nation. We have been in business over 21 years, offering FHA, VA, and Conventional financing direct. We are considered experts at FHA loans due to our large volume with HUD. VanDyk Mortgage is a "Full Eagle" FHA Direct Endorsement underwriter (title earned from HUD based on performance) an accomplishment that we are very proud of. This helps us to get you approved for FHA loans, whereas some banks may lack the leverage to help out those with some credit issues.

Please visit us online at www.vandykfunding.com or give us a call at 866-900-2342 to ask us any questions you may have about your loan, the mortgage market, or just to say hello.