VA Jumbo Purchase Loans - Filling in the gaps that Conventional loan don't serve.

VA Jumbo Purchase Loans - Filling in the gaps that Conventional loan don't serve.

This sounds a little backwards from what you may have thought, seen or heard in the past about VA Loans, specifically VA Purchase Loans. VA now allows higher loan amounts up to $1,500,000, and VanDyk Mortgage offers these throughout California and Washington.

Conventional Loans require more equity for Jumbo loan amounts over $417,000 for purchase of a home or condo than typical VA requirements. True Jumbo Conventional Loans require at least 20% down payment to purchase a home, and more if you exceed $1m. The VA Jumbo loan allows Veteran purchasers many options for reduced downpayments vs conventional options.

VA Jumbo rates are typically lower than True Jumbo Rates on 30 year fixed rate loans. Call for an updated quote today - 760-752-4480.

There are a couple scenarios below of how VA Jumbo Loans can help Jumbo Borrowers who are Veterans or Active Duty Military Personnel in the purchase of a home:

Scenario 1. You want to buy a home for $1m in San Francisco. A conventional loan will require at least 20% downpayment, You have the money, but would prefer to keep it in the market to recapture what you have lost in the last couple years. In comes the VA Jumbo loan to the rescue. Since the county limit is $962,500 in San Francisco, we can offer a VA Jumbo loan up to $990,625 with just $9,375 down payment (yes, under 1% down). Our VA jumbo loans are typically a 30 year fixed rate, and never a prepayment penalty. Problem Solved! How about putting $9k vs 200K down. and getting a better rate sound?

Scenario 2. You want to buy a home in Long Beach for $900K. Since the county limit is $593,750 for a Los Angeles VA Loan, and VanDyk allows VA loans over the county limit, Our VA Jumbo Purchase loan for Long Beach would only require a $76,562 downpayment (8.51%). Problem solved.

Scenario 3. You want to buy a home in Oakland for $900K. Since the county limit is $962,500 for an Oakland or Alameda county VA Loan, your VA Jumbo Purchase loan for Oaklandwould only require zero downpayment. Conventional loans would require 20% in Oakland, and FHA loans cap out at $729,750. Problem solved for our Veteran.

Scenario 4. You want to buy a home for $1.65m in San Francisco. A conventional loan will require at least 20% downpayment, In comes the VA Jumbo loan to the rescue. Since the county limit is $962,500 in San Francisco, we can offer a VA Jumbo loan up to $1.5M, with a $150K down payment (yes, under 10% down). Our VA jumbo loans are typically a 30 year fixed rate, and never a prepayment penalty. Problem Solved!

As you can see, working a VA Loan pro can really make a difference. Veterans have never had more options or ways to utilize their VA benefit to Purchase or Refinance their homes in California.

There are many more situations and scenarios that VA Loans can help whereas conventional loans may not. Please don't hesitate to contact us if you think your VA Benefit could help you a Refinance or Purchase your home.

Here is a recent post regarding the new VA Loan Limits 2010.

These examples show some of the ways that a VA Jumbo Loan can help, and in ways that many lenders don't offer. VanDyk Mortgage offers VA Jumbo Loans up to $1,500,000 in all areas that we service. Many VA Lenders limit VA Loans to the county limit for your area, or a max of $650K, VanDyk is not contained to these limits. Even in areas with a lower VA Loan Limit, we still offer the VA Loan up to $1,500,000, as long as there is a sufficient combination of entitlement and equity to meet the guideline of 25%.

You do need good credit for VA jumbo loans, and must be able to fully document your income, but that should come as no surprise in today's lending world.

VanDyk Mortgage is a Proud VA Direct Lender. VanDyk Mortgage has been making FHA & VA 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 http://www.vandykfunding.com/ or call Brian Skaar direct at 760-752-4480 for help with your VA or FHA loan.

We are your VA Jumbo Direct Lender and FHA Jumbo Direct Lender and we offer FHA, FHA Jumbo, FHA Manual Underwrite, FHA Jumbo Streamline refinance, FHA Jumbo Purchase, FHA Streamline, VA, VA Streamline, VA Jumbo purchase, VA Jumbo Refinance, VA Cashout refinance, FHA Rehab 203K, VA, Conforming &Jumbo Loans.

VA Jumbo Refinance loans offer solutions conventional loans simply don't allow.

VA Jumbo Refinance loans offer solutions conventional loans simply don't allow. This sounds a little backwards from what you may have thought, seen or heard in the past about VA Loans, specifically VA Refinance Loans. VA now allows higher loan amounts up to $1,500,000, and VanDyk Mortgage offers these throughout California and Washington.

Conventional Loans require more equity for Jumbo loan amounts over $417,000 for both rate/term refinance and cash out refinance than VA requirements. True Jumbo Conventional Loans require at least 20% equity in your home for refinance, more if you want cash out. The VA Jumbo loan allows Refinances up to 90% of your homes value in both cases, VA Refinance, and VA Cash-out refinance. The VA Loan also allows you to consolidate a first and second mortgage with no penalty to rate or fees.

VA Jumbo rates are typically lower than True Jumbo Rates on 30 year fixed rate loans. Call for an updated quote today - 760-752-4480.

There are a couple scenarios below of how VA Jumbo Loans can help Jumbo Borrowers who are Veterans or Active Duty Military Personnel.

Scenario 1. Your home is worth $1m, and you live in San Francisco. You have a ARM loan and owe $860,000. Conventional loans require more equity, at least 20%, this scenario only has 14% equity, so the bank tells you no. In comes the VA Jumbo loan to the rescue. Since the county limit is $962,500 in San Francisco, and you have atleast 10% equity in your home, we can offer you a VA Jumbo Loan can refinance this loan up to $900K. The VA jumbo loans are typically a 30 year fixed rate, and never a prepayment penalty. Problem Solved!

Scenario 2. You live in Los Angeles, your home is worth $900K, and you owe $790K on your current loan, which is adjustable rate or higher interest fixed rate (over 5.3%). You want to get a fixed rate while the rates are good. You call the big bank. They tell you that you don't have enough equity in your home to refinance, you only have 12% equity, far below their 20% requirement. Once again, the VA Jumbo comes to the rescue for Veterans. Since the county limit is $593,750 for a Los Angeles VA Loan, and VanDyk allows VA loans over the county limit with an appropriate combination of entitlement and equity, we are able to offer you a new VA Jumbo 30 yr Fixed rate mortgage for this scenario. The new loan can be up to $810K, or 90% of the appraised value with your new Jumbo VA loan. Problem solved.

Scenario 3. You live in San Diego, your home is worth $750K. You have a first mortgage is $550K , and you have a second mortgage of $90K that you used to upgrade your home, and enhance it's value. A conventional jumbo loan will consider this a Cash-Out transaction due to the second mortgage being paid off, and you will be limited to a maximum of 65% Loan to Value or LTV. This won't work, as you are at 85.33% LTV. In comes the VA Jumbo to the rescue. Since the San Diego County VA Loan Limit is $437,500, and you have some equity in your home, we can combine the first mortgage and the second mortgage into one VA Jumbo 30 year fixed rate Loan, and you have sufficient entitlement and equity to meet the base guideline of 25% guarantee. Problem solved.

Scenario 4. You live in San Diego, your home is worth $1 Million. You have a first mortgage owing $860K. The conforming Jumbo limit is $697,500 in San Diego, so that won't help. The FHA loan loan limit in San Diego County is also $697,500, not helping either. A conventional jumbo loan will require atleast 20% equity in your home. This won't work either, you are at 85.33% LTV. In comes the VA Jumbo to the rescue. Since the San Diego County VA Loan Limit is $437,500, and you have some equity in your home, we can combine the first mortgage and the second mortgage into one VA Jumbo Loan for as much as $880K, since you have sufficient entitlement and equity to meet the base guideline of 25% guarantee. Problem solved.

As you can see, working a VA Loan pro can really make a difference. Veterans have never had more options or ways to utilize their VA benefit to Purchase or Refinance their homes in California.

There are many more situations and scenarios that VA Loans can help whereas conventional loans may not. Please don't hesitate to contact us if you think your VA Benefit could help you a Refinance or Purchase your home.

Here is a recent post regarding the new VA Loan Limits 2010.

These examples show some of the ways that a VA Jumbo Loan can help, and in ways that many lenders don't offer. VanDyk Mortgage offers VA Jumbo Loans up to $1,500,000 in all areas that we service. Many VA Lenders limit VA Loans to the county limit for your area, or a max of $650K, VanDyk is not contained to these limits. Even in areas with a lower VA Loan Limit, we still offer the VA Loan up to $1,500,000, as long as there is a sufficient combination of entitlement and equity to meet the guideline of 25%.

You do need good credit for VA jumbo loans, and must be able to fully document your income, but that should come as no surprise in today's lending world.

VanDyk Mortgage is a Proud VA Direct Lender. VanDyk Mortgage has been making FHA & VA 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 http://www.vandykfunding.com/ or call Brian Skaar direct at 760-752-4480 for help with your VA or FHA loan.

We are your VA Jumbo Direct Lender and FHA Jumbo Direct Lender and we offer FHA, FHA Jumbo, FHA Manual Underwrite, FHA Jumbo Streamline refinance, FHA Jumbo Purchase, FHA Streamline, VA, VA Streamline, VA Jumbo purchase, VA Jumbo Refinance, VA Cashout refinance, FHA Rehab 203K, VA, Conforming &Jumbo Loans.

Use your VA Home Loan Benefit in Orange County -part 2 - refinance your home with a VA Loan

Use your VA Home Loan Benefit in Orange County -part 2 - refinance your home with a VA Loan

The VA Home Loan benefit is a great opportunity for Orange County Veterans and Active Duty Military to refinance an OC home or Orange County condo. We thought it would be a good idea to quickly review the benefits of VA Loans, and a few ways to use them to your benefit.

VA Loans require zero downpayment up to $593,750 in Orange County.

• VA Refinance Loans - available up to 90% of your homes value
• VA Jumbo Refinance Loans - also available up to 90% of your homes value with corresponding amount of home equity. these are also know as VA High Balance loans.
• VA IRRRL Streamline Refinance Loans - Refinance into a lower rate with reduced documentation requirements, up to $1.5M in Orange County.

However,Veterans are not limited to the Orange County Loan limit of $593,750 for VA Loans. We offer VA Jumbo Loans up to $1.5 Million with the appropriate downpayment or equity to reach the VA Guarantee requirements of 25% of the loan amount. Here is one of our posts on how you can get a VanDyk Mortgage VA Loan over your county limit.

Here are a few ways to use your VA home loan Benefit in Orange County to refinance a home:

1. VA Loan to Refinance a single family home with up to $417K loan amount with no PMI (90% ltv)
2. VA Jumbo Loan to Refinance a home up to a $593,750 loan amount no MI required. (90% ltv)
3. VA Loan to refinance a Condo in Orange County - up to $417,000 loan amount no MI required.
4. VA Jumbo Loan to refinance your Orange County Condo up to $593,750 loan amount with no MI required.
5. VA Jumbo Loan to Refinance a $750,000 home in orange County with a loan amount up to $675K with no MI
6. VA Jumbo Loan to Refinance a $1M home in Orange County with a loan amount up to $900K with no MI
7. Refinance your current VA Loan or VA Jumbo Loan using the VA IRRRL Streamline Refinance - Market rates are the lowest on record - Call for today's rates, they will surprise you.
8. Use a VA refinance to refinance out of an Adjustable Rate Mortgage - Up to 90% loan to value - with zero Mortgage Insurance required.
9. Use a VA refinance to consolidate your first and second mortgage with no extra charge to interest. This consolidation is considered Cash Out for Conforming Loans and has additional restrictions, VA Allows this up to 90% LTV.
10. Use the VA Jumbo Loan to take advantage of the lowest 30 year fixed rates on record (call for actual rates, they will shock you). Available up to $1.5M in Los Angeles with a suitable combination of Equity and guarantee. Check out some actual VA Jumbo Loan Refinance scenario's here.

VA Home Loan info for Orange County, California:

• Active Duty Military and Veterans can both qualify
• 100% financing up to $593,750
• A $825k Orange County Home Purchase would only require $57,812 downpayment (7.01%) - 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
• VA Loans are not just for first time homebuyers
• VA Jumbo Loans are offered at competitive rates that will surprise you, in a good way.
• Sellers can pay up to 4% of the VA Buyers closing costs
• VA Loans can be used to purchase VA Approved Condominiums with zero down

VanDyk is your source for VA backed Condo loans. We also do not have a waiting period for "flips". This is often called the Flip Rule or VA Flip Rule. VanDyk does not require the seller of a property to wait 90 days before allowing a VA buyer to purchase the property, only 1 day.

VanDyk Mortgage is a Proud VA Direct Lender. VanDyk Mortgage has been making FHA & VA 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 http://www.vandykfunding.com/ or call Brian Skaar direct at 760-752-4480 for help with your VA or FHA loan.

We serve the entire states of California and Washington for VA Loans, including Los Angeles, San Francisco, Pasadena, Long Beach, San Jose, San Diego, Huntington Beach, Anaheim, Orange, Santa Ana, Oakland, Fresno, Bakersfield, Riverside, Lancaster, Sacramento, Seattle, Tacoma, Spokane, and everything in between.

Here is a link to part one of our series: Using your VA loan benefit to purchase a home in Orange County

Use your VA Home Loan Benefit in Orange County, part 1 - Purchase a home

Use your VA Home Loan Benefit in Orange County, part 1 - Purchase a home

The VA Home Loan benefit is a great opportunity for orange County Veterans and Active Duty Military to purchase an OC home or condo. We thought it would be a good idea to quickly review the benefits of VA Loans, and a few ways to use them to your benefit.

VA Loans require zero downpayment up to $593,750 in Orange County.

• VA Loans - zero downpayment required up to $417,000
• VA Jumbo Loans - zero downpayment required up to $593,750 in LA (aka VA High Balance)
• VA Jumbo Loans up to $1.5M (with downpayment)

Orange County VA Loans are available up to $593,750 with zero downpayment required. The Orange County VA Loan Limit in 2010 is $593,750. However,Veterans are not limited to the Orange County Loan limit of $593,750 for VA Loans. We offer VA Jumbo Loans up to $1.5 Million with the appropriate downpayment or equity to reach the VA Guarantee requirements of 25% of the loan amount. Here is one of our posts on how you can get a VanDyk Mortgage VA Loan over your county limit.

Here are a few ways to use your VA home loan Benefit in Orange County to purchase a home:

• VA Loan to Purchase a single family home up to $417K with zero downpayment and no MI
• VA Jumbo Loan to Purchase a home in Orange County up to $593,750 with zero downpayment and no MI
• VA Loan to purchase a Condo in Orange County - up to $417K with zero downpayment or MI
• VA Jumbo Loan to purchase a Condo in Orange County - up to $593,750 with zero downpayment and no MI required.
• VA Jumbo Loan to purchase a $750,000 home in Orange County with just a $39,062 downpayment required (5.21%)
• VA Jumbo loan to purchase a $825,000 home with just $57,812 (7.01%) downpayment in Orange County
• VA Jumbo loan to purchase a $1.1M Orange County home with just $126,562 (11.51%) downpayment and no MI (mortgage insurance)

VA Jumbo Loan rates are currently at the lowest 30 year fixed rates on Record (call for actual rates, they will shock you). VA Jumbo's are available up to $1.5M in Orange County with a suitable combination of Equity and guarantee. Check out some actual VA Jumbo Loan Purchase scenario's here.

VA Home Loan info for Orange County, California:

• Active Duty Military and Veterans can both qualify
• 100% financing up to $593,750
• Available up to $1.5M with suitable downpayment/Equity in home
• 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
• VA Loans are not just for first time homebuyers
• VA Jumbo Loans are offered at competitive rates that will surprise you, in a good way.
• Sellers can pay up to 4% of the VA Buyers closing costs
• VA Loans can be used to purchase VA Approved Condominiums with zero down

VanDyk is your source for VA backed Condo loans. We also do not have a waiting period for "flips". This is often called the Flip Rule or VA Flip Rule. VanDyk does not require the seller of a property to wait 90 days before allowing a VA buyer to purchase the property, only 1 day.

VanDyk Mortgage is a Proud VA Direct Lender. VanDyk Mortgage has been making FHA & VA 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 http://www.vandykfunding.com/ or call Brian Skaar direct at 760-752-4480 for help with your VA or FHA loan.

Go with the Government Loan Pros, go with VanDyk. Visit us at www.vandykfunding.com or call Brian Skaar direct at 866-900-2342 for help with your VA loan. We serve the entire state of California plus Washington state, including: California,Southern California, Los Angeles, San Diego, San Jose, San Francisco, Santa Monica, Pasadena, Brea, Diamond, Long beach, Huntington beach, Irvine, Costa Mesa, Hollywood, North Hollywood, San Mateo, Ventura, Riverside, Oakland, Fremont, Sunnyvale, Santa maria, Oceanside, Vista, Escondido, Los Angeles, Murrieta, Temecula, Corona, Riverside, Rancho Bernardo, Poway, San Marcos, Carmel, Monterey, Santa Barbara, Santa Cruz, and all areas in between.

Check out part two of our series: how to use your VA benefit to Refinance in Orange County

Our VA Jumbo loans are not capped at $650,000

VanDyk Mortgage allows you to borrow up to your full County Loan Limits. Our VA Jumbo loans are not capped at $650,000. This may sound strange, but many VA lenders do not offer VA loans above $650k. Why $650K you ask? It doesn't correspond with any VA County Limit (check yours here). This has to do with the lenders investors and warehouse financing. Warehouse financing is basically the Lenders line of credit that is used to extend mortgage loans. Many lenders are constricted by their warehouse lenders guidelines such as the $650K limit, without regard to Loan Limits. VanDyk Mortgage allows you to borrow up to your full County Loan Limits. In some cases we can make a VA Jumbo Loan up to $1.5 million. Please call for details on the VA Jumbo Program, it allows Veterans to purchase and refinance properties in higher cost areas in California and Washington such as Los Angeles, San Diego, San Francisco, Seattle, Bellevue, Kirkland, and more.

2010 Loan Limits for VA Borrowers in California

2010 Loan Limits for VA Borrowers in California.

The Veterans Administration, in concert with some help from Congress in 2008 now allows Veterans and Active Duty Military Personnel to purchase homes in higher cost areas such as California and Washington at loan amounts much higher than the old VA limits. Some examples in California are San Jose, San Francisco, Oakland, Fremont and much of the Bay Area may qualify for a 100% VA Jumbo loan up to $962,500. Los Angeles and Orange county cities such as Los Angeles (duh), Irvine, Anaheim, Newport Beach, Costa Mesa, Laguna, Orange, Santa Monica, Hermosa Beach, Manhattan Beach, Torrance, Pasadena, and Brea can borrow up to $593,750 with no money down when buying a house. San Diego Vets qualify up to $437,500 for a 100% VA Loan.

VanDyk Mortgage is a proud VA Lender serving many states including California, Washington, Texas, Florida, and more.

We have compiled the California VA Loan limits for 2010 by county below. Here is a link to our complete list of all nationwide 2010 VA Loan Limits.

STATE COUNTY 2010 VA LIMIT

CA ALAMEDA $962,500

CA CONTRA COSTA $962,500

CA EL DORADO $418,750

CA LOS ANGELES $593,750

CA MARIN $962,500

CA MONO $512,500

CA NAPA $443,750

CA NEVADA $418,750

CA ORANGE $593,750

CA PLACER $418,750

CA SACRAMENTO $418,750

CA SAN BENITO $633,750

CA SAN DIEGO $437,500

CA SAN FRANCISCO $962,500

CA SAN LUIS OBISPO $487,500

CA SAN MATEO $962,500

CA SANTA CLARA $633,750

CA SANTA CRUZ $568,750

CA VENTURA $486,250

CA YOLO $418,750

Any county not listed is at $417,000 for the VA loan limit.

If you need a VA loan for a higher amount than your county loan limit, please call us. We do offer VA loans over the county loan limits for VA IRRRL Streamline Refinance (aka VA Streamline), Refinance and Purchase. Call Brian Skaar at 760-752-4480 to get started.