California VA Loans and FHA Home Mortgage Loans - VanDyk Mortgage - California VA Lender & FHA Lender.
VanDyk Mortgage is your source for VA Loans and FHA Loans in California. We have been making FHA, VA, Conforming, and Jumbo loans since 1987. VanDyk Mortgage is a Direct Lender. We offer many loan programs for California Homebuyers and California Homeowners to Purchase and refinance homes.
- FHA & FHA Jumbo (aka High Balance) - up to $1,089,300 loan amounts
- VA & VA Jumbo (aka High Balance) - up to $2,000,000 loan amounts
- Conforming & Conforming Jumbo (aka High Balance or Super Conforming) - up to $1,089,300 loan amounts
- Jumbo Loans to $3m
California FHA Loans are available up to $1,089,300 with just 3.5% down payment in high cost counties. The FHA 2023 Loan Limit for the highest cost California counties is up to $1,089,300. California FHA Loans that are over $726K up to $1,089,300 are called FHA Jumbo or FHA High Balance loans. Check your counties California 2023 FHA Loan Limits here.
California VA Loans are available up to $2m with zero down payment with no down payment required for qualified Veterans with full VA Entitlement available (ie no current VA Loan or past VA Loans that resulted in a charge to entitlement). To be clear - there is no longer a VA Loan Limit for Veterans with full VA Entitlement available. The VA county loan limit only applies to Veterans with partial VA Entitlement (aka remaining VA Entitlement). For Veterans without full VA Loan Entitlement available, we calculate the remaining entitlement available by subtracting the entitlement charged to prior VA Loans from the County loan limit. An example might be: a Veteran either still owns a home purchased with a VA Loan, or still owns the home and still has the VA loan with an original balance of $300K. This would result in a $75K charge against entitlement until that home is sold. Veteran wants to purchase a home in Fresno county for $500K. We start by calculating 25% of the County VA loan limit of $726,200 this gives us $181,550. Since there is still entitlement of $75K charged to the first home, we reduce the available entitlement for the county of $181,550 by $75,000 for the Entitlement charged to the previous home and come up with $106,550 of VA Entitlement available. The maximum zero down VA loan will be 4 times this figure giving us $426,200. So the Veteran in this case is not required to put a down payment on another VA home loan for a $426k home, however they want to purchase a $500K home. To achieve the required VA guaranty, the Veteran will have to put down 25% of the difference between $426,200 and $500k. That gives us $73,800 times 25% = $18,450. This is the minimum down payment for this scenario.
In many parts of the Bay area, the VA loan limit is $1,089,300, and up to $1,089,300 in Los Angeles and Orange Counties. The California VA Loan Limit in 2023 is up to $1,089,300 for the highest cost counties, and the base VA Loan Limit for 2023 is $726,200. However, Veterans are not limited to their specific county VA loan limit in California for VanDyk VA Jumbo Loans. We also offer VA Jumbo Loans up to $2.0 Million with the appropriate down payment or equity to reach the VA Guarantee requirements of 25%. Here is an article on how you can get a VanDyk Mortgage VA Loan over your county limit.
California Conforming Loans are available up to $1,089,300. The California Conforming Jumbo Loans (aka Conforming High Balance, those over $726,200 and up to $1,089,300) require a minimum of 5% down payment or equity. California Conforming loans up to $726K require just 3% down for qualified applicants.
>> Call today to get started - 866-900-2342 Toll Free, or online here: Get Pre-Approved Now.
California Home Loan information
FHA Home loans in California:
- FHA Home Loans require just 3.5% down payment
- FHA Jumbo Loans up to $1,089,300 (aka FHA High Balance) varies by county
- The Seller can pay up to 6% of your closing and settlement costs.
- Minimum score for most FHA Home Loans is just 500, and 580 for FHA High balance or FHA Jumbo.
- You can receive a gift of funds for your down payment 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.
- FHA Loans can be used to purchase duplex, triplex and quadplex homes
- We offer FHA 203K Rehab and FHA 203K Streamline Rehab loans
VA Home Loans in California:
- Active Duty Military and Veterans can both qualify
- 100% financing up to $2m for qualified Veterans with full entitlement
- If you have a current VA loan (aka a charge against entitlement, you may still qualify for another VA Loan up to $2m, call us.
- 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 can be used to purchase duplex, triplex and quadplex homes
- VA loans are available as soon as 24 months after Bankruptcy, Foreclosure and Short Sale (call to confirm your effective date for the event)
- Sellers can pay up to 4% of the VA Buyers closing costs
Conforming Home Loans in California:
- Available up to $1,089,300 with the Conforming High Balance (aka conforming Jumbo)
- Conforming Jumbo loans require a minimum of 5% down payment or up to 95% LTV up to $1,089,300
- California Conforming loans available up to $726,200
- Conforming loans up to $726K require just 3% down payment - up to 97% LTV
- Allow for condominiums, Second Homes, and investment properties
- Allow for purchase of duplex, triplex and quadplex homes
- Call for details on Fico score requirements, down payment requirements, etc
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.
Ready to get started on your new loan? Have a Question for the Loan Pros?
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