1-30-24 – California Dream for less than 1% of the buyers!

1-30-24 – California Dream for less than 1% of the buyers!

President | Loan Officer
Mike Meena
Published on January 30, 2024

1-30-24 – California Dream for less than 1% of the buyers!

Many of you have been asking about the California Dream for All (All = about 2000 families). This is the shared appreciation program where the state will put up to 20% (Maximum $150,000) down for the lucky buyer, who is who wins the lottery and gets to do the shared appreciation loan and will get to buy a house with 0 down and only pay the mortgage on 80% of the price.



660 Minimum Credit score

At least one buyer must be a first-generation homebuyer or defined as someone who has never owned a home, whose parents have never owned a home, or who grew up in Foster Care.

$155,000.00 Maximum Income in Los Angeles County

From my calculations, the maximum purchase price in Los Angeles County will be around $877,000.00 with no money from the buyer.

Apply and get pre-approved before April 1

Hope you get selected in a lottery, and then you have 90 days to find a house and close escrow.

Each county will get money based on population.


To put this in perspective, 300,000 – 400,000 homes sell in California annually! So, this program will help around 1/2 of 1% of all buyers in 2024. This program is more bait-and-switch since most applicants will not win the voucher! I don’t want to go out there and call it a big waste of time, but we got over 100 applicants last time, and I closed one Dream for “All.” Here we go again a year later, and the people are not as excited; the market is tighter, and they have even dumber rules with lower income limits for 2024. YAY!


Condo / Townhome issues we know of now. Properties can be financed with 10% down and are considered NON-WARRANTABLE:

  1. Scenic Hills – Insurance
  2. Bouquet Canyon Village – Insurance
  3. Madison at Town Center: FHA financing is available with 3.5% down. Non-warrantable loans can be done with a minimum of 10% down until the litigation is turned over to the insurance company.
  4. Cornerstone – Insurance
  5. Canyon Oaks – Insurance
  6. Brookside Walk – Insurance –
  7. Shadow Ridge – Oak Park – Insurance
  8. Sierra Glen Condos – Insurance
  9. American Beauty Condos – The brown ones – Insurance – 50 Mil in coverage for 748 units is not nearly enough!
  10. Rainbow Sierra Terrace – Underinsured and voting on Insurance in March! NEW!!!


As of today, the list of condos that are having more severe issues:

  1. Mariposa: No Loans until further notice. Yes, people are saying they can do them, and the HOA is pushing people to lenders, and we have all been using the same bank that says no more!
  2. West Creek Condos and Townhomes: No Loans until further notice. Yes, people are saying they can do them, and the HOA is pushing people to lenders, and we have all been using the same bank that says no more!
  3. American Beauty Village West: It looks like the issue is not Insurance, but they have a reserve issue now! We can do non-warrantable loans there with 20% down! YAY! It’s a start, and we hope things clear up and regular financing will be available in the future.
  4. Bridgewater, Emeryville  - Insurance issues
  5. Cabrini Villas, Burbank  - Maybe able to do 10% down, case by case! Please provide a specific address & LTV & occupancy.
  6. Morada, San Diego  - Insurance issues.
  7. Parkwoods, Oakland  - Insurance issues.
  8. The Summit, San Diego  - Insurance issues
  9. The Met at Warner Center, Woodland Hills  - Due to the project size, we can lend with 10% down on the project side that is on Burbank and Owensmouth. They are no longer lending for the project section on Canoga.

Please let me know if you hear anything new on condos or townhouses.


Rates were better yesterday and higher by a bit today. We have stalled in this area but hope to break out to the lower side soon!

  • 12-day escrows if your buyer is pre-approved - Conventional / FHA / Jumbo / Bridge
  • We do loans in all states, so call me with anything you need.  
  • Government Loans (FHA / VA) are in the high 5’s and low 6’s
  • Conventional Loans up to $765,550.00 are in the low to mid 6’s
  • High Balance Loans $765,550.00-$ 1,148,325.00 are in the mid to high 6’s
  • Jumbo loans above $1,148,325 are in 6’s
  • Bank statement loans - They are available with 10% down again! 8’s and 9’s depending on down and credit score.
  • No income qualifier – 40% down with reserves! In the 8’s!
  • 0 down loans are in the high 7’s – 660 credit score min right now, up to $740,000.00.
  • Private Money lenders - hard Money Loans – 35% down!
  • No Ratio Loans 30% down
  • Debt Service Coverage loans with as little as 25% down
  • Bridge Loans - typically 7.500% with limited fees – and they get you where you need to go!
  • 0 down California Dream for all Equity Share – Postponed until February 2024???
  • 3/2/1 Buydowns 2/1 Buydowns and 1/0 Buydowns are available at great start rates!

Interest rates are subject to change without notice! Above are LA County Loan Limits.


I am available and in the office all week. Let me know if you have any questions or if someone is interested in buying a property! My cell is 661-714-6258, and my office line is 661-260-2970 ext. 2222. Please text (661-714-6258) or email me at Mike@AugustaFinancial.com.


Have a great day and an even better tomorrow! Please call me when you have a client who needs to borrow!

President | Loan Officer
Mike Meena President | Loan Officer
Click to Call or Text:
(661) 714-6258

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