San Marcos VA Loans and FHA Home Mortgage Loans - VanDyk Mortgage - VA Lender & FHA Lender - California

San Marcos VA Loans and FHA Home Mortgage Loans - VanDyk Mortgage - VA Lender & FHA Lender - California. VanDyk Mortgage is your source for VA Loans and FHA Loans in San Marcos. We have been making FHA, VA, Conforming, and Jumbo loans since 1987. VanDyk Mortgage is a Direct Lender. We offer many loan programs for San Marcos Homebuyers and San Marcos Homeowners to Purchase and refinance homes in San Marcos.

• FHA & FHA Jumbo (aka High Balance)


• VA & VA Jumbo (aka High Balance)


• Conforming & Conforming Jumbo (aka High Balance or Super Conforming)


• Jumbo Loans to $3m

San Marcos FHA Loans are available up to $697,500 with just 3.5% down payment. The FHA 2010 Loan Limit for San Marcos is $697,500. San Marcos FHA Loans that are over $417K up to $697,500 are called FHA Jumbo or FHA High Balance loans.

San Marcos VA Loans are available up to $437,500 with zero downpayment. The San Marcos VA Loan Limit in 2010 is $437,500. However, Veterans are not limited to the San Marcos Loan limit of $437,500 for VA Loans. We also offer VA Jumbo Loans up to $1.5 Million with the appropriate downpayment or equity to reach the VA Guarantee requirements of 25%. Here is one of our posts on how you can get a VanDyk Mortgage VA Loan over your county limit.

San Marcos Conforming Loans are available up to $697,500. The San Marcos Conforming Jumbo Loans (aka Conforming High Balance, those over $417,000 and up to $697,500) require a minimum of 10% downpayment or equity.

San Marcos is located in North County San Diego in California. It has just a few miles from Pacific Ocean beaches, and is located just east of Vista, Carlsbad borders to the south & southwest, San Diego County to the North, Elfin Forest and Harmony Grove to the South, and Escondido to the East.

Here are some links to local San Marcos information:

• San Marcos City Website


• San Marcos Crime Maps


• San Marcos Statistics, Demographics, & Info


• San Marcos Real Estate


• San Marcos School info


• San Marcos Wiki

San Marcos Home Loan information

FHA Home loans in San Marcos, California:

• FHA Home Loans require just 3.5% downpayment


• FHA Jumbo Loans up to $697,500 (aka FHA High Balance)


• The $697,500 is the base loan amount - the San Marcos FHA Loan Limit of $697,500 does not have to include the UFMIP (FHA's Upfront Mortgage Insurance Premium, which is usually financed into your loan amount)


• The Seller can pay up to 3% of your closing and settlement costs.


• Minimum score for a FHA Home Loan is just 620, even on FHA High balance or FHA Jumbo.


• You can receive a gift of funds for your Downpayment and closing costs from Family


• FHA Condominium requirements include at least a 51% owner occupancy ratio, no outstanding lawsuits against the Homeowners Association - call for details.


• FHA Loans allow non-occupying co-borrowers such as parents and siblings.

VA Home Loans in San Marcos, California:

• Active Duty Military and Veterans can both qualify


• 100% financing up to $437,500


• A $500K San Marcos Home Purchase would only require $15,625 downpayment (3.13%) - not including the VA Funding Fee


• VA Loans require no Mortgage Insurance


• VA Loans do require a VAFF (VA Funding Fee), which is usually financed


• Veterans with a 10% or higher VA disability pay no VA Funding fee


• Sellers can pay up to 4% of the VA Buyers closing costs

Conforming Home Loans in San Marcos, California:

• Available up to $697,500 with the Conforming High Balance (aka conforming Jumbo)


• San Marcos Conforming loans available up to $417,000


• require a minimum of 10% downpayment or up to 90% LTV


• Allow for condominiums, Second Homes, and investment properties


• Call for details on Fico score requirements, downpayment requirements, etc

** please visit our post on Conforming vs Conventional to help explain the difference between these two terms, they are often misused in the media and web.

San Marcos Zip codes include 92069 and 92078. San Marcos Area codes include the 760 area code and 442 area code.

VanDyk Mortgage has been making FHA loans since 1987. We are a HUD recognized Full Eagle FHA DE underwriter and FHA Direct Lender. We are also a VA Lender and VA Jumbo 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 or VA loan. We offer FHA, FHA Jumbo, FHA Manual Underwrite, FHA Rehab 203K, VA, VA Jumbo, Conforming & Jumbo Loans.We serve the following areas for VA, FHA and Conventional loans: California,Southern California, San Diego, San Marcos, San Marcos, Oceanside, Vista, Escondido, Fallbrook, Bonsall, San Diego, Rancho Bernardo, Poway, San Marcos, Carmel Valley, Scripps Ranch, Tierra Santa, El Cajon, La Jolla, Chula Vista, National City, San Ysidro, Santee, Eastlake, Ramona, Temecula, Murrieta, and Valley Center. VanDyk Mortgage offers FHA, VA, & Conventional loans in addition to FHA Jumbo, VA Jumbo, and Conforming Jumbo loans (aka FHA High Balance, VA High Balance, and Conforming High Balance).

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 Mortgages of all types. As a Government Direct Lender, VanDyk Mortgage is also a HUD Full Eagle FHA Direct Endorsement Underwriter, ie FHA Direct Lender offering FHA Loans such as FHA Purchase loans, FHA Refinance, FHA Streamline Refinance, FHA loans, FHA Jumbo, FHA Jumbo Purchase, FHA Jumbo Refinance, FHA Jumbo Streamline Refinance, FHA High Balance, and FHA mortgages of all types. Visit us at www.vandykfunding.com to get started or just find out more

Mortgage Loan

A mortgage loan is a loan secured by real property through the use of a mortgage (a legal instrument). However, the word mortgage alone, in everyday usage, is most often used to mean mortgage loan. A home buyer or builder can obtain financing (a loan) either to purchase or secured against the property from a financial institution, such as a bank, either directly or indirectly through intermediaries.

Features of mortgage loans such as the size of the loan, maturity of the loan, interest rate, method of paying off the loan, and other characteristics can vary considerably.According to Anglo-American property law, a mortgage occurs when an owner (usually of a fee simple interest in realty) pledges his interest as security or collateral for a loan. Therefore, a mortgage is an encumbrance on property just as an easement would be, but because most mortgages occur as a condition for new loan money, the word mortgage has become the generic term for a loan secured by such real property.

As with other types of loans, mortgages have an interest rate and are scheduled to amortize over a set period of time; typically 25, 30 and in recent years 40 years. All types of real property can, and usually are, secured with a mortgage and bear an interest rate that is supposed to reflect the lender's risk.

Governments usually regulate many aspects of mortgage lending, either directly (through legal requirements, for example) or indirectly (through regulation of the participants or the financial markets, such as the banking industry), and often through state intervention (direct lending by the government, by state-owned banks, or sponsorship of various entities). Other aspects that define a specific mortgage market may be regional, historical, or driven by specific characteristics of the legal or financial system.

Mortgage loans are generally structured as long-term loans, the periodic payments for which are similar to an annuity and calculated according to the time value of money formula. The most basic arrangement would require a fixed monthly payment over a period of ten to thirty years, depending on local conditions. Over this period the principal component of the loan (the original loan) would be slowly paid down through amortization. In practice, many variants are possible and common worldwide and within each country.

There are many types of mortgages used worldwide, but several factors broadly define the characteristics of the mortgage. All of these may be subject to local regulation and legal requirements.
Interest: interest may be fixed for the life of the loan or variable, and change at certain pre-defined periods; the interest rate can also, of course, be higher or lower.Term: mortgage loans generally have a maximum term, that is, the number of years after which an amortizing loan will be repaid. Some mortgage loans may have no amortization, or require full repayment of any remaining balance at a certain date, or even negative amortization.Payment amount and frequency: the amount paid per period and the frequency of payments; in some cases, the amount paid per period may change or the borrower may have the option to increase or decrease the amount paid.

Prepayment: some types of mortgages may limit or restrict prepayment of all or a portion of the loan, or require payment of a penalty to the lender for prepayment.The two basic types of amortized loans are the fixed rate mortgage (FRM) and adjustable rate mortgage (ARM) (also known as a floating rate or variable rate mortgage). In many countries, floating rate mortgages are the norm and will simply be referred to as mortgages; in the United States, fixed rate mortgages are typically considered "standard." Combinations of fixed and floating rate are also common, whereby a mortgage loan will have a fixed rate for some period, and vary after the end of that period.

In a fixed rate mortgage, the interest rate, and hence periodic payment, remains fixed for the life (or term) of the loan. In the Canada the term is usually up to 40 years (25 and 30 being the most common), although longer terms may be offered in certain circumstances. For a fixed rate mortgage, payments for principal and interest should not change over the life of the loan, although ancillary costs (such as property taxes and insurance) can and do change.

In an adjustable rate mortgage, the interest rate is generally fixed for a period of time, after which it will periodically (for example, annually or monthly) adjust up or down to some market index.
Common indices in the Canada include the Prime Rate, the London Interbank Offered Rate (LIBOR), and the Treasury Index ("T-Bill"); other indices are in use but are less popular. Adjustable rates transfer part of the interest rate risk from the lender to the borrower, and thus are widely used where fixed rate funding is difficult to obtain or prohibitively expensive. Since the risk is transferred to the borrower, the initial interest rate may be from 0.5% to 2% lower than the average 30-year fixed rate; the size of the price differential will be related to debt market conditions, including the yield curve.

Mortgage Forgiveness Act Signed into Law

Mortgage Forgiveness Act Signed into Law
Yesterday, President Bush signed H.R. 3648, The Mortgage Forgiveness Act of 2007, into law, sparing homeowners the tax burden associated with canceled mortgage debt.

Prior to this action, forgiven mortgage debt due to foreclosure, short sale, or deed in lieu of foreclosure, was considered taxable income. The new law, however, temporarily waives these taxes for debts forgiven (as high as 35%) from the beginning of 2007 to the end of 2009. The bill also extends the tax deduction for mortgage insurance premiums through 2014.

"This is going to make a happy holiday for many homeowners," President Bush said yesterday before signing the bill in to law. During the press conference he added the following:

"When you're worried about making your payments, higher taxes are the last thing you need to worry about. So this bill will create a three-year window for homeowners to refinance their mortgage and pay no taxes on any debt forgiveness that they receive. And it's a really good piece of legislation. The provision will increase the incentive for borrowers and lenders to work together to refinance loans – and it will allow American families to secure lower mortgage payments without facing higher taxes."

"There's more work to be done," Bush added, saying that Congress needs to pass legislation to strengthen Freddie Mac and Fannie Mae, to modernize FHA, and to allow the government to issue tax-exempt bonds for refinancing existing home loans.

H.R. 3648 Summary

FHA Loans with VanDyk Mortgage

VanDyk Mortgage offers FHA & VA loans Direct to consumers. No middlemen necessary.

VanDyk Mortgage proudly holds the title of "Full Eagle Direct Endorsement" lender with HUD for FHA origination. What does this mean? It means that in the past 20+ years, VanDyk Mortgage has developed & maintained a great record with HUD for quality FHA Lending, and FHA has entrusted VanDyk Mortgage with the highest status of HUD approval, Full Eagle.

This designation allows us to underwrite and fund your FHA loan ourselves. No brokering necessary. Direct Rates with Personal service. Why would you trust your loan to a "Johnny Come Lately" company or Loan broker who is just entering the FHA field when you can go to a team of trusted FHA professionals like VanDyk Mortgage.

Contact Brian Skaar, Branch Manager with VanDyk Mortgage today at 866-900-2342 x106 or apply online at VanDyk Mortgage to get your FHA loan started.