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A Better Mortgage Process:

We have streamlined the lending process by keeping each loan in-house. You save time — and money.

In addition, because we're backed by VanDyk Mortgage Corporation, one of the largest privately held direct lenders in the country, we are able to offer very competitive rates and low closing costs.

A Better Mortgage Process:

We have streamlined the lending process by keeping each loan in-house. You save time -- and money.
In addition, because we're backed by VanDyk Mortgage Corporation, one of the largest privately held direct lenders in the country, we are able to offer very competitive rates and low closing costs.

Mortgage Loan Process

We offer a variety of residential home loans for both Purchase and Refinance transactions:

  • FHA Purchase & Streamline Refinances
  • VA Purchase and IRRL Refinances
  • USDA 100% Rural Development Loans
  • Jumbo loans up to $3,000,000

We offer a variety of residential home loans for both Purchase and Refinance transactions:

  • FHA Purchase & Streamline Refinances
  • VA Purchase and IRRL Refinances
  • USDA 100% Rural Development Loans
  • Jumbo loans up to $3,000,000
Mortgage Loan Programs

Tools and Resources:    

We offer all the goodies you need to help you choose the
right loan. Payment Calculators, Mortgage Glossary, Real
Estate Newsletters, and free downloads to help you make
educated, well informed, decisions.

Tools and Resources:     

We offer all the goodies you need to help you choose the
right loan. Payment Calculators, Mortgage Glossary, Real
Estate Newsletters, and free downloads to help you make
educated, well informed, decisions.

Mortgage Loan Tools

What people are saying…

Reviews on Zillow
LR-QTZSZVB
"Excellent service, very responsible. Great team, always. Very attentive and very diligent. Smooth process. You don't waste time, all documents are electronic and easy process."
5.0/5.0
by Jose Cornier
"We needed a fast loan commitment and could not afford any delays because our seller was very difficult, and if we couldn’t provide a commitment letter on time..."more
5.0/5.0
by kathi75
"Working with VanDyke is always pleasant and informative. They keep you on the same page and answer any questions you may have. They are very concerned about your..."more
5.0/5.0
by KevinJ Brooks
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Mortgage Advice Column

What is an FHA Loan?




Buying a home is exciting, however, figuring out the right home loan can be stressful. Home loans, called mortgages, come in numerous types. Choosing the right mortgage loan is very important, after all it is a major purchase in your life. To have a better idea of what loan works best for your needs, let’s dive into the FHA loan program.

What is an FHA loan?

The Federal Housing Administration (FHA) mortgage offers down payments as low as 3.5 percent.
The credit score and down payment amounts are just two requirements of FHA loans. You can qualify with a credit score as low as 500 with a 10% down payment unlike many conventional loans. Just keep in mind that the lower the credit score the higher the interest rate the borrowers will receive.
Majority of first-time home buyers don’t realize that the down payment can be obtained from a financial gift.

FHA lets borrower’s spend up to 57 percent of their income on monthly debt obligation, this includes credit cards, student loans, car loans, and mortgages. On the other hand, conventional mortgage guidelines tend to cap debt-to-income ratios at around 43 percent.

FHA offers several other loans programs, including:
  • Home Equity Conversion Mortgage
  • FHA 203k improvement loan
  • FHA’s Energy Efficient Mortgage Program
  • Section 245 (a) Loan

What was the purpose of the FHA?

Congress decided to create the Federal Housing Administration in 1934 which was amid the Great Depression. During that time, the housing industry was in crisis. There was an increase of foreclosure, loans were limited to 50% of a property’s market value. The government created these loans to stimulate the housing market and reduce lender risk which made it easier for borrowers to apply for home loans. This has helped the homeownership rate to increase overtime.

While an FHA loan may sound great, you’ll want to make sure this type of mortgage is right for you.
 
If you want a full team of mortgage professionals to help with your decision on what is the best loan options for you, we’re happy to help. To learn more about an FHA loan, please don’t hesitate to reach out to us, we look forward to hearing from you!

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VanDyk Mortgage Atlanta Branch: 800 Johnson Ferry Road, NE, Atlanta, GA 30342 | Phone (770) 552-1000 | Privacy Policy | All Rights Reserved
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VanDyk Mortgage Corporate Address: 2449 Camelot Ct. SE, Grand Rapids, MI 49546 | (888) 482-6395
We Lend in: FL, GA, NC, SC, TN, & VA – Corporate NMLS #3035 – Georgia Residential Mortgage Licensee #22013 | Virginia State Corporation Commission MC-5511.
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in the state of New York will be accepted through this site.