Brian's Blog


News about FHA loans in High Cost Areas - updates & changes

HUD has announced new rules requiring 2 appraisals on FHA loans that fall under the new stimulus package loan limits (those loans over $362K).   While this may seem prohitibitive at first glance, and it will add to the time & expense of an FHA loan, it is a relatively easy hurdle to work with.   First of all, it is important to remember that FHA loans are more affordable alternatives to their Fannie & Freddie counterparts.   FHA loans also still allow downpayments of just 3%, whereas Fannie & Freddie require 3% minimum now, and for loan amounts over $417K, 5% is required.  In Declining markets such as Riverside, Ca, Sacramento, CA, Miami, FL, and San Diego, CA Fannie & Freddie increase the minimum another 5%.   FHA does not require extra down payment in "declining markets".   Even better, with Down Payment Assistance programs such as the Nehemiah program, homeowners can get into a new home for zero down payment.  

Back to the second appraisal.  Here is the good news part of the program.  It will give the buyer some confidence that the appraisals are legitimate and accurate, and also give the opportunity to renegotiate price or exit a contract if the appraised value won't support the sales contract price.    There is some latitude given to the second appraisal process in the HUD regulations.   It can vary by up to 5% without effecting the original appraisal's use for the financing.  It is a less invasive appraisal, as SFR 2nd appraisals won't require interior photos.    Downside:   the 2nd appraiser comes from the HUD list, which may result in slower turn times due to volume in high cost areas.  (good news for FHA approved appraisers though!).  

If you think you could benefit from an FHA loan, it is wise to work with a lender with strong FHA experience.  VanDyk Mortgage has been a direct FHA lender for over 20 years.  Call Brian Skaar at 866-900-2342 (toll free) or visit us online at to find out if FHA is right for you.






We proudly offer a full array of Government Conventional, and Jumbo loan Options including FHAVAUSDAFHA JumboVA Jumbo, VA Refinance, Conventional, JumboVA Condo loans,   FHA 2-4 Unit LoansVA 2-4 Unit Loans, FHA 203K Rehab Loans,  5% down Conventional loans Conventional Condo's OK to 95%,  95% conventional purchase with ZERO Monthly PMI, and more.  

Veterans:  We are able to help Veterans with a new home purchase with a VA Loan or VA Jumbo Loan as soon as 2 years after Bankruptcy, Foreclosure, or Short Sale (even sooner if Short Sale involved no late payments).  Call Today - get back into homeownership!  


--> VA Loan Limits for 2018.  Learn More - Up to $679,650 with zero money down VA Jumbo Loan 


--> VA Loans over the County VA Loan Limit - yes, we allow this:   Read more detail on how to get a VA Loan Over your County VA Loan Limit here  VA Loans up to $1.5M!


--> Answers to Common VA Loan Questions - VA FAQ Series

We serve the entire state of California  including: Anaheim,  Antioch,  Bakersfield, Brentwood, Burbank,  Carlsbad,   Chula VistaCorona,  Coronado, Downtown San Diego, EncinitasEscondido, Fallbrook,  Fremont,  FresnoHermosa Beach, Huntington BeachIrvineLong BeachLos Angeles, Marina Del Rey,   Menifee, Monterey, MurrietaOakland, Oakley,  Oceanside,  Ontario,  Pasadena ,  Poway,   Rancho Cucamonga,  Redlands,   Riverside,   Sacramento,        San BernardinoSan DiegoSan FranciscoSan JoseSan MarcosSan MateoSanta Ana,  Santa Clarita,   Santa MonicaTemecula, Torrance, Ventura, Vista, and all other CA Cities and areas.


We now serve the entire state of Virginia including Virginia Beach, Norfolk, Chesapeake, Richmond, Newport News, Alexandria, Hampton, Roanoke, Portsmouth, Suffolk, and all other Virginia Cities, Towns and Counties. 


We also serve the entire state of  Washington including:  Auburn, Bellevue, Bellingham, Bonney Lake, Bothell, Bremerton, Des Moines, Edmonds, Everett, Federal Way, Ferndale, Issaquah, Kent, Kirkland, Lacey, Lake Stevens, Lynnwood, Mercer Island,  Mill Creek, Monroe,  Montlake Terrace, Mt Vernon, Mukilteo, Olympia, Puyallup, Redmond, Renton, Seatac, Seattle, Silver Lake, Snohomish, Spokane, Sumner, Tacoma, Tumwater, Vancouver, Wenatchee, Woodinville, Yakima and all other WA cities and towns. 


We also serve Alabama, Colorado, Georgia, Illinois, Indiana,  Massachusetts, Michigan, Mississippi,  Indiana, Tennessee, Texas, and Wyoming Homebuyers and Homeowners.  


VA Loan Limits 2018     FHA Loan Limits 2018     Conforming Loan Limits 2018

All information is subject to change without notice.

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VanDyk Mortgage is a private company specializing in FHA & VA financing,  VanDyk Mortgage Corp is not a government agency. Corp 2449 Camelot Ct SE, Grand Rapids, MI 49546

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Branch address  310 Via Vera Cruz, ste 210 & 211, San Marcos, CA  92078  760-752-4480 direct

NMLS ID:  3035 - VanDyk Mortgage Corp   NMLS ID  220268  

Brian Skaar - Loan Originator / Branch Manager   


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Comment balloon 0 commentsBrian Skaar • April 10 2008 10:47AM


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