Washington VA Loans and FHA Home Mortgage Loans - VanDyk Mortgage - Washington VA Lender & FHA Lender.
VanDyk Mortgage is your source for VA Loans and FHA Loans in Washington. We have been making FHA, VA, Conforming, and Jumbo loans since 1987. VanDyk Mortgage is a Direct Lender. We offer many loan programs for Washington Homebuyers and Washington Homeowners to Purchase and refinance homes.
- FHA & FHA Jumbo (aka High Balance) - up to $977,500 loan amounts
- VA & VA Jumbo up to $2m (aka High Balance) - up to $2,000,000 loan amounts
- Conforming & Conforming Jumbo (aka High Balance or Super Conforming) - up to $977,500 loan amounts
- Jumbo Loans to $3m
Washington FHA Loans are available up to $977,500 with just 3.5% down payment in high cost counties King, Snohomish, and Pierce. The FHA 2023 Loan Limit for Washington's highest cost counties is up to $977,500. Washington FHA Loans that are over $726K up to $977,500 are called FHA Jumbo or FHA High Balance loans.
Washington VA Loans are available up to $2m with zero down payment required for qualified Veterans with full VA Entitlement available (i.e. 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 Benton 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.
Washington VA Loans are available up to $2m with zero down payment across the state for qualified Veterans with full entitlement available. The Washington VA Loan Limit in 2023 is up to $977,500 for the high cost areas, and $726,200 in all others. However, Veterans are not limited to their specific county VA loan limit for VA 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.
This gets confusing - so give us a call to help.
Washington Conforming Loans are available up to $977,500. The Washington Conforming Jumbo Loans (aka Conforming High Balance, those over $726,200 and up to $977,500 require a minimum of 5% down payment or equity. Washington Conventional Loans up to $726K require just 3% down payment with VanDyk mortgage.
>>> Call us today to get started - 866-900-2342 Toll Free, or online here: Get Pre-Approved Now.
Washington Home Loan information
FHA Home loans in Washington:
- FHA Home Loans require just 3.5% down payment
- FHA Jumbo Loans up to $726,200 (aka FHA High Balance)
- 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 Washington:
- Active Duty Military and Veterans can both qualify
- 100% financing up to $2m across the state for qualified Veterans with full VA Entitlement available
- VA Loans up to $2m with corresponding down payment for qualified Veterans with partial VA Entitlement available
- VA Loans are available on 1 unit, 2 unit (duplex), 3 unit (triplex), and 4 unit homes (quadplex)
- 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 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 Washington:
- Available up to $977,500 with the Conforming High Balance (aka conforming Jumbo)
- Conforming Jumbo loans require a minimum of 5% down payment or up to 95% LTV
- Washington 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
- 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.
Go with the Government Loan Pros, go with VanDyk. Visit us at www.vandykfunding.com or call Brian Skaar at 866-900-2342 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: Washington, California,Southern California, California, San Diego, San Jose, San Francisco, Santa Monica, Pasadena, Long beach, Los Angeles, We proudly serve the following Cities in Washington: Aberdeen, Anacortes, Auburn, Bellevue, Bellingham, Bothell, Bremerton, Des Moines, Edmonds, Ellensburg, Everett, Federal Way, Gig Harbor, Issaquah, Kennewick, Kent, Kirkland, Lacey, Lynnwood, Marysville, Mount Vernon, Mukilteo, Oak Harbor, Olympia, Pasco, Puyallup, Redmond, Richland, Seattle, Snohomish, Shoreline, Silverdale, Spokane, Spokane Valley, Tacoma, Tri-cities, Tumwater, Vancouver, Woodinville, Yakima, Yelm and all areas in between. 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 Direct Lender (since 1987) specializing in VA Loans such as VA purchase loans, VA Streamline Refinance, VA IRRRL, VA Refinance Loans, VA Mortgages of all types. As a Direct Lender specializing in Government loans, VanDyk Mortgage is also a HUD Full Eagle FHA Direct Endorsement Underwriter, ie Direct Lender specializing in 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.
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