Tacoma Conventional Loans with 3% down payment – 97% conventional financing options for the Tacoma and Pierce County Area

Tacoma Conventional Loans with 3% down payment – 97% conventional financing options for the Tacoma and Pierce County Area

VanDyk Mortgage offers Conventional Purchase loans up to $417,000 with just a 3% down payment for Tacoma, Washington Homebuyers.    Here are some basic details:

Tacoma and Washington state is now eligible for our Conventional Fannie Mae Loans up to 97% Loan to Value – Only 3% down payment is required.    We do not consider Tacoma, WA a declining market, so we are able to offer these enhance financing options for Conventional loans.

Condo’s OK to 95%!  Info on our 95% conventonal loan. The 5% down option allows for lower fico score (to 660) and higher Debt Ratios.

Loan amounts up to $417,000 (that would be a purchase price up to $429,900 with 3% down).

If you don’t have a 680 middle score, or have a slightly higher debt ratio, we can alao help with our FHA Loans. If your purchase price is higher than $429K, FHA Jumbo may be able to help as well.

Give us a call to get started – 760-752-4480.  Ask for Brian Skaar.

We offer the 97% Conventional Loan in the following cities in Washington:   Seattle, Bellevue, Tacoma, Everett, Kirkland, Redmond, Vancouver, Olympia, Puyallup, Federal Way, Snohomish, Bellingham, Mount Vernon, Yakima, Richland, Kennewick, Pasco, Sunnyside, Walla Walla, Mead, Ellensburg, Bremerton, Kent, Auburn, Des Moines, Seatac, Renton, Issaquah, North Bend, Woodinville, Bothell, Shoreline, Edmonds, Lynnwood, and all other WA cities and areas.

WA, Direct Lender, Conventional, Conforming, 97, 3 percent, 97 percent, low down

 

Vancouver Conventional Loans with 3% down payment – 97% conventional financing options for the Vancouver WA Area

Vancouver Conventional Loans with 3% down payment – 97% conventional financing options for the Vancouver WA Area

VanDyk Mortgage offers Conventional Purchase loans up to $417,000 with just a 3% down payment for Vancouver, Washington Homebuyers.    Here are some basic details:

Vancouver and Washington state is now eligible for our Conventional Fannie Mae Loans up to 97% Loan to Value – Only 3% down payment is required.    We do not consider Vancouver, WA a declining market, so we are able to offer these enhance financing options for Conventional loans.

Condo’s OK to 95%!  Info on our 95% conventonal loan. The 5% down option allows for lower fico score (to 620)

Loan amounts up to $417,000 (that would be a purchase price up to $429,900 with 3% down).

If you don’t have a 680 middle score, or have a slightly higher debt ratio, we can also help with our FHA Loans. If your purchase price is higher than $429K, FHA Jumbo may be able to help as well.

Give us a call to get started – 760-752-4480.  Ask for Brian Skaar.

We offer the 97% Conventional Loan in the following cities in Washington:   Seattle, Bellevue, Tacoma, Everett, Kirkland, Redmond, Vancouver, Olympia, Puyallup, Federal Way, Snohomish, Bellingham, Mount Vernon, Yakima, Richland, Kennewick, Pasco, Sunnyside, Walla Walla, Mead, Ellensburg, Bremerton, Kent, Auburn, Des Moines, Seatac, Renton, Issaquah, North Bend, Woodinville, Bothell, Shoreline, Edmonds, Lynnwood, and all other WA cities and areas.

WA, Direct Lender, Conventional, Conforming, 97, 3 percent, 97 percent, low down

 

 

VA Home Loans to purchase a Duplex or 2, 3 or 4 Unit property in Washington

VA Home Loans to purchase a Duplex or 2, 3 or 4 Unit property in Washington

We offer VA Loans to finance the Purchase of a multi family home (2-unit, 3-unit or 4 Unit, aka Duplex, Triplex, and Fourplex).  This can be a great investment strategy, as you can live in one of the units and rent out the other units. This awesome opportunity that requires Zero Downpayment or Equity up to the VA Loan Limits for your county, and that you live in and occupy one of the units to qualify for VA Financing.

You can use the rental income of the rented units to help qualify. This will be determined either by using existing tenants and their actual rent rolls, or a projected rent schedule from the VA Appraisal. Our VA underwriters will allow you to use 75% of those rents towards your income for qualifying purposes.  The VA does require that the Veteran has a high probability of success in managing the rental units,  this can be prior experience managing rental properties or a well qualified buyer (liquid assets, good income, great credit profile, etc).

Call us if you are interested in purchasing a multi unit property, and we can help you with the numbers. You might be surprised what you would qualify for! 866-900-2342 toll free direct.

You can also utilize VA Loans to Refinance your current 2, 3 or 4 unit property. More info here

We do suggest that you utilize an experienced Realtor when searching for a multi-unit property, as they can help with the property search, cash flow projections, and VA property eligibility.  Let us know if you would like a VA Experienced Realtor Referral for your area.

You can utilize your VA Home Loan Benefit for a VA Loan to make your next home a true investment. Here are the 2011 VA Loan Limits for high cost Washington Counties:

  • $517,500 – King, Pierce and Snohomish Counties
  • $483,000 – San Juan
  • $417,000 – Adams, Asotin, Benton, Chelan, Clallam, Clark, Columbia, Cowlitz, Douglas, Ferry, Franklin, Garfield, Grant, Grays Harbor, Island, Jefferson, Kitsap, Kittitas, Klickitat, Lewis, Lincoln, Mason, Okanogan, Pacific, Pend Oreille, Skagit, Skamania, Spokane, Stevens, Thurston, Wahkiakum, Walla Walla, Whatcom, Whitman, & Yakima counties.

VA Loans are available with zero downpayment for VA 2, 3 or 4 plex purchase and refinance up to the respective county VA Loan Limit. For VA Multi Unit loans over the county VA Loan Limits, we can utilize a downpayment or equity in the property to satisfy the 25% VA Guarantee requirement, this basically amounts to 25% of the amount over the county loan limit (not counting the VA Funding Fee).

Call the VA Loan Pros at VanDyk Mortgage today at 866-900-2342 to get started, or apply online.

 

VA Home Loans to refinance your Duplex or 2, 3 or 4 Unit property in Washington

VA Home Loans to refinance your Duplex or 2, 3 or 4 Unit property in Washington

We offer VA Loans to refinance multi family homes (2-unit, 3-unit or 4 Unit, aka Duplex, Triplex, and Fourplex) in Washington State.   The maximum loan to value is 90%, and you must occupy one of the units.   There is no Mortgage Insurance on VA Loans, and the rates on VA Loans are very competitive compared to Conventional loans.   Plus – The VA Loan can go up to 90% on a 2-3 or 4 unit property.   Conventional loans are limited to 80%.

** We also offer VA Loans to purchase 2-3 or 4 unit homes – more info

You can use the rental income of the rented units to help qualify. This will determined by using existing tenants and their actual rent rolls, or a projected rent schedule from the VA Appraisal.   Our VA underwriters will allow you to use 75% of those rents towards your income for qualifying purposes.   The VA does require that the Veteran has experience managing rental properties or be able to show the financial qualifications that would lead to success as a landlord.   Call us to see if you qualify under the VA rules.

Call us if you are interested in refinancing your multi unit property, and we can help you with the numbers. You might be surprised what you would qualify for!   866-900-2342 toll free direct.

 

You can utilize your VA Home Loan Benefit for a VA Loan to ensure your 2-4 unit home is a true investment. Here are the 2011 VA Loan Limits for Washington Counties:

  • $517,500 – King, Pierce and Snohomish Counties
  • $483,000 – San Juan
  • $417,000 – Adams, Asotin, Benton, Chelan, Clallum, Clark, Columbia, Cowlitz, Douglas, Ferry, Franklin, Garfield, Grant, Grays Harbor, Island, Jefferson, Kitsap, Kittitas, Klickitat, Lewis, Lincoln, Mason, Okanogan, Pacific, Pend Oreille, Skagit, Skamania, Spokane, Stevens, Thurston, Wahkiakum, Walla Walla, Whatcom, Whitman, & Yakima counties.

VA Loans are available with zero down payment for VA 2, 3 or 4 plex purchase and you can refinance up to the respective county VA Loan Limit.   For VA Multi Unit loans over the county VA Loan Limits, we can utilize a down payment or equity in the property to satisfy the 25% VA Guarantee requirement, this basically amounts to 25% of the amount over the county loan limit (not counting the VA Funding Fee).Call the VA Loan Pros at VanDyk Mortgage today at 866-900-2342 to get started, or apply online.

2-unit, 3-unit, 4 unit, duplex, triplex, fourplex, twoplex, threeplex, quadplex, VA, VA Lender, VA Jumbo, VA Direct Lender, California, Washington, Seattle

 

 

Oceanside VA loan and VA Jumbo Home Mortgage Loan info – Direct Lender.

Oceanside VA and VA Jumbo Home Mortgage Loan info – Direct Lender.

We are your local source for VA Loans and VA Jumbo Loans in Oceanside and San Diego County.   We have been making VA loans since 1987.  VanDyk Mortgage is a Direct Lender. We offer many loan options for Oceanside Homebuyers and Oceanside Veteran Homeowners to Purchase and refinance homes using VA financing.

  • VA Loans
  • VA Jumbo Loans
  • VA Loans for Condo’s
  • Purchase, Refinance, Streamline Refinance (IRRRL)

Oceanside VA Loans are available up to $532,350 with zero down payment. The Oceanside / San Diego County VA Loan Limit in 2015 is $562,350. However, Veterans are not limited to the Oceanside VA Loan limit of $562,350 for San Diego county VanDyk VA Jumbo 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.

VA Home Loans in Oceanside, California:

  • Active Duty Military and Veterans can both qualify
  • 100% financing up to $562,350 – zero down required for eligible Veterans
  • A $650K Oceanside VA Home Purchase would only require $21,913 down payment (3.371%) – not including the VA Funding Fee
  • A $925K OceansideVA Home Purchase would only require $90,663 down payment (9.801%) – 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
  • VA Approved Condo’s can utilize VA Loans too

VA Loans can be used to purchase multi family 2-4 unit homes (2-unit, 3-unit, 4-unit, Duplex, Triplex, Fourplex).  We offer VA financing on VA Approved Condo’s.

Here is a link to the new Veterans Administration VA Approved Condo Search Engine. Please call us if you have questions or need help with your VA Approved Condo search, we are here to help.

VanDyk Mortgage has been helping Veterans with VA loans since 1987. We are a HUD recognized Full Eagle FHA DE underwriter and FHA Direct Lender also. We are also a VA Lender and VA Jumbo Lender.  Go with the Government Loan Pros, go with VanDyk. Call Brian Skaar at 760-752-4480 for help with your VA loan financing.

In addition to Oceanside, we also service all of San Diego County: Alpine, Bonsall, Carlsbad, Chula Vista, Coronado, Del Mar, El Cajon, Encinitas, Escondido, Fallbrook, Imperial Beach, Julian, La Mesa, Lemon Grove, National City, Oceanside, Pala, Palomar, Poway, Romona, San Diego, San Marcos, Santee, Scripps Ranch, 4s Ranch, Rancho Bernardo, Tierra Santa, La Jolla, Solana Beach, Spring Valley, Valley Center, Vista

Zero Down Loans for California HomeBuyers

Zero Down Loans for California HomeBuyers – 100 percent Home Loans

We offer two US Government backed programs that allow for zero down, or no downpayment financing of your new home.

The VA Loan and the USDA Rural Development Loan both allow 100% financing and require no downpayment.

Learn more about our VA Loans and VA Jumbo Loans on our VA pages (click the links). VA Jumbo‘s are VA Loans for high cost markets that exceed the standard VA Loan Limit of $417K. These are available in Los Angeles, San Diego, Bay Area, Oakland, San Francisco, Orange County, Seattle, and many other cities. VA Loans require that you are an American Veteran or Active Duty US Military to qualify.

USDA – yes, the US Department of Agriculture, offers the USDA RD or Rural Development loan. Here is more info on the USDA RD Loan. These loans are for less densely populated areas, our USDA RD Loan Page has links to the property search tool to see if your future home may qualify for 100% USDA financing. There are also income limits for this program, but many families qualify.

Please give us a call to find out more and get started with your VA or USDA Home Financing. 760-752-4480 direct, ask for Brian Skaar.

We also offer Conventional Loans with 3% down in California, and FHA Loans with 3.5% down payment.

A common myth about VA Loans debunked – the VA County Loan Limit

A common myth about VA Loans debunked – the VA County Loan Limit

A common myth with VA Loans is that they aren’t relevant or used very often for your area, or the loan amounts are too low for your area or that Lenders are limited to the VA Loan Limit for your County.   In the past this was true, but recent changes have altered the picture.   We allow you to exceed your VA County Loan Limit with the appropriate amount of downpayment on a VA Jumbo Purchase, or enough equity on a VA Jumbo Refinance.   The amount of the downpayment or equity is roughly equal to 25% of the amount that exceeds your county loan limit (which is also your VA Entitlement amount if you are 100% eligible).    Please see our VA Loan Limits page for details on your county limits.

VA Loan Amounts above $417,000 are called VA Jumbo Loans.   While many counties in the country are limited to the $417,000 amount, many high cost counties exceed that figure (Los Angeles, San Diego, San Francisco, San Jose, the Bay Area, Orange County, Ventura, Seattle, Tacoma, etc.).   In each case, the VA County loan limit is not the highest VA loan amount available for that county.

VanDyk Mortgage offers VA loans up to $1,500,000 in all the states we serve.   What changes is the amount of required home equity or down payment.   Each case is unique.  Be sure to ask your Loan Officer if they allow VA Loan Amounts that exceed your County Loan limit upfront – many VA Lenders do not allow this in California or Washington.  Also, be sure to ask what the Maximum VA Loan amount they offer is, many lenders are limited to $417K, or other arbitrary numbers unrelated to VA Guidelines for Loan Amounts.

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, lower equity requirements for Refinances.   Let’s say you live in a county where the VA loan limit is $417,000 (such as Riverside or San Bernardino counties in California).   You want to purchase a home that is $450,000 with a little of down payment possible.   Assume that you have full VA eligibility & fully restored 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.   So if your bank tells you that you need to put down 10% for a conventional loan, Call VanDyk Mortgage and go with a VA loan instead.    You will be glad you called.

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.    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 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, Georgia, Texas, Washington, & More. Visit us at www.vandykfunding.com to get started or just find out more.