We recently posted an article on our other VA Blog that covers our Owner Seasoning Rules AKA VA Flip Rule. VanDyk Mortgage only requires sellers to be on Title (owner of record) for one day prior to selling the home again. This is important, as many homes are bought direct from the big banks in bulk by Investors who fix up the homes and put them on the market for resale.
Many VA Lenders require a waiting period before the Home Can Qualify for a new VA Loan in this scenario. VanDyk Mortgage has no waiting period for a VA Loan after the prior sale. We do require that the seller is the owner of record on Title as of the day the new purchase contract is signed.
We offer these on VA Condo's as well as using VA Loans and VA Jumbo Loans to purchase a single family home. We serve California, Washington, San Diego, Riverside, Temecula, Murrieta, Irvine, Los Angeles, Ventura, San Jose, San Francisco, Seattle, bellevue, redmond, and all parts in between for VA Loans.
Thursday, April 29, 2010
VA Condo Loans -VA Loans to buy or refinance Condominiums
VanDyk Mortgage VA Condo Loans -VA Loans to buy or refinance Condominiums / Condo's.
VanDyk Mortgage is a VA Lender offering VA Loans to purchase or refinance Condominiums. The tightening credit market of the past couple years has wrought havoc on Condominiums as Conventional Agencies Fannie Mae & Freddie Mac have added many restrictions on Condos, both in the way of reduced eligibility and also increased rates for Condo's. FHA also recently changed it's rules for Condominium eligibility as well, making it even harder for Sellers and Listing Agents to sell Condo's.
In comes the VA to the rescue. To qualify for a VanDyk VA Condo Loan, the condo must be on the VA Approved Condo list, which includes many existing complexes. You can search for VA Approved Condos yourself or rely on us. The hard part is the Condo Association name may not appear in the VA Site, forcing us to use the homes Legal description to determine the VA Condo Eligibility. Simply call us so we can help research the Condo's Eligibility for a VA Loan.
VanDyk Mortgage offers VA financing on Condos with VA Loans up to $417,000 and we also offer VA Jumbo Loans for Condo's (up to the County VA Loan Limits). This includes Purchase, Refinance, and the popular VA IRRRL, or VA Streamline Refinance.
VanDyk does not require the seller to hold the property for 90 days like many other lenders. If the seller of record on the day of the purchase agreement matches, that fits within our rules. Another name for this is the Flip Rule, where many banks require a seller to be on Title for 90 days minimum, we only require 1 day.
We offer VA Loans for Condo's in California & Washington state. Condo's in cities like San Francisco, Oakland, Los Angeles, San Diego, San Jose, Seattle, Bellevue, Ventura, and Irvine can qualify for VA Condo Loans.
VanDyk Mortgage is a VA Lender offering VA Loans to purchase or refinance Condominiums. The tightening credit market of the past couple years has wrought havoc on Condominiums as Conventional Agencies Fannie Mae & Freddie Mac have added many restrictions on Condos, both in the way of reduced eligibility and also increased rates for Condo's. FHA also recently changed it's rules for Condominium eligibility as well, making it even harder for Sellers and Listing Agents to sell Condo's.
In comes the VA to the rescue. To qualify for a VanDyk VA Condo Loan, the condo must be on the VA Approved Condo list, which includes many existing complexes. You can search for VA Approved Condos yourself or rely on us. The hard part is the Condo Association name may not appear in the VA Site, forcing us to use the homes Legal description to determine the VA Condo Eligibility. Simply call us so we can help research the Condo's Eligibility for a VA Loan.
VanDyk Mortgage offers VA financing on Condos with VA Loans up to $417,000 and we also offer VA Jumbo Loans for Condo's (up to the County VA Loan Limits). This includes Purchase, Refinance, and the popular VA IRRRL, or VA Streamline Refinance.
VanDyk does not require the seller to hold the property for 90 days like many other lenders. If the seller of record on the day of the purchase agreement matches, that fits within our rules. Another name for this is the Flip Rule, where many banks require a seller to be on Title for 90 days minimum, we only require 1 day.
We offer VA Loans for Condo's in California & Washington state. Condo's in cities like San Francisco, Oakland, Los Angeles, San Diego, San Jose, Seattle, Bellevue, Ventura, and Irvine can qualify for VA Condo Loans.
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