10/3/2023 – Septic and Termite?

10/3/2023 – Septic and Termite?

President | Loan Officer
Mike Meena
Published on October 3, 2023

10/3/2023 – Septic and Termite?

I had an appraisal come in yesterday where the Septic and the Termite were both called out, but neither was on the contract. When the appraiser went out, she asked about the Septic and Termite, and the listing agent said they would get clearance on both. UGH! As the world turns, the transaction changed, and the seller reduced the price instead of the repairs, and I was left with an appraisal that asked for a septic cert and termite repairs. Oh goodie! We will work out everything on this, but many lenders can’t! The best answer is always, “The buyer waived the Termite and the Septic!” in this case, there was no hiding the termite, but we were able to get that handled as the buyer was going to get that cleared before they move.


Condo / Townhome issues we know of now:

  1. American Beauty Village – Insurance
  2. Scenic Hills – Insurance
  3. Mariposa – Litigation – Agreed upon, but not yet recorded
  4. Bouquet Canyon Village – Insurance
  5. Scenic Hills – Insurance
  6. Madison – Litigation
  7. West Creek / West Hills – Insurance
  8. Cornerstone – Insurance
  9. Canyon Oaks – new this week! LOL!


Please let me know if you hear something new on Condos or Townhouses. We will see premiums increasing, likely increasing the HOA Fees soon!


Today is another fantastic day on the interest rate side. Yes, we are now at the highest levels in over 20 years! Today’s news was about Job openings and labor turnover and those numbers killed the streets estimate with way more job openings than anyone thought! Oh, and this pushed rates even higher! YAY!

  • 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 6’s.
  • Conventional Loans up to $726,200.00 are in the high low to mid 7’s.
  • High Balance Loans $726,201.00-$ 1,089,300.00 are in 7’s
  • Jumbo loans above $1,089,300 are in the 7’s
  • Bank statement loans - They are available with 10% down again! 7’s and 8’s + depending on down and credit score.
  • No income qualifier – 40% down with reserves! In the 6’s!
  • 0 down loans are in the mid to 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 - are typically 8.25% with limited fees – But they get you where you need to go!
  • 0 down California Dream for all Equity Share – Postponed until October???
  • 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 all week on my cell 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 me at 661-714-6258 or email me at Mike@AugustaFinancial.com. Have a great day and a better tomorrow! Please call me when you have a client that needs to borrow!

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

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