The mortgage staff of VanDyk Mortgage has years of FHA loan experience.

We recommend FHA loans to our clients for many reasons:

• FHA allows the highest loan to value on purchase loans in the market today. Conventional financing requires 10%-20% down payment but FHA only requires 3% which can be gifted by a family member, close friend, job, or even a gift program.

• FHA loans have much lower mortgage insurance coverage then conventional loans in almost every case, but especially on the higher loan to value loan programs. Ask one of our mortgage consultants to compare the difference between the conventional and FHA mortgage insurance coverage to make sure you are receiving the best loan possible.
• FHA Loans have no requirements with regard to declining markets. While conventional lenders generally want to reduce your maximum loan to value if your home is designated as being in a declining market, FHA has no problems insuring loans at the maximum loan to value on a purchase or even a cash out refinance.
• FHA loans can be manually underwritten. Nearly every conventional lender today is using automated underwriting which is heavily based upon your credit history. FHA still allows for manual underwriting which allows us to work with our clients in drafting letters of explanation with regard to derogatory credit or work histories. The power of being able to explain your situation to a live person that will determine if an FHA loan makes sense for your situation cannot be overstated. This is one of the most powerful reasons that people are turning to FHA loans today.

FHA Loan Limits vary from county to county. To view the FHA loan limits for your particular area please CLICK HERE.

Below we will show you some of the benefits of FHA purchase and FHA refinance loans for you: