10/31/23 – Mini Bridge Loans and California Dream For All

We have an update on the California Dream for all, and the next round of funding will come in the spring of 2024. This should help the affordability for some, so talk with your buyers who are on the fence and let them know this is coming!

We just closed a loan for a couple that we helped out with two Mini Bridge Loans, and they were very excited when they finally closed escrow with a better rate than quoted elsewhere by over .75%. Here is how that worked. The buyers were in their house for 17 years, and they had about $45,000.00 in credit card debt and a bathroom that was halfway finished. They needed money to finish the bathroom, pay off credit cards to get their scores up, and once that was done and they found the home they wanted to buy, we had to get them a loan for their deposit on the house they purchased. We lent them $30,000 they needed to pay down most of their credit cards, $12,000.00 to finish the bathroom and paint a couple of rooms, and then $27,000.00 for their deposit on the new house. Their credit scores went from 656 and 673 to 744 and 759, and that was enough to move their rate down .750%. Please find me another lender who does this for their clients. YES, we are here to help!!!

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. Madison – Litigation
6. West Creek / West Hills – Insurance
7. Cornerstone – Insurance
8. Canyon Oaks – Insurance
9. Brookside Walk – Insurance – NEW as of last week
10. Shadow Ridge – Oak Park – Insurance
11. Cabrini Villas – Burbank – Insurance

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

We are on a four-day not, losing street regarding interest rates! Rates have either been better or flat for four straight days. It’s nothing crazy great, but it’s a good start!

• 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 and low 7’s
• Conventional Loans up to $726,200.00 are in the high 7’s and low 8’s.
• High Balance Loans $726,201.00-$ 1,089,300.00 are in the 8’s
• Jumbo loans above $1,089,300 are in the 7’s and 8’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 7’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 - are typically 8.49% 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 around all week 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!