11/16/2023 – 100% Financing – 0 down payment

Although we have not seen many buyers looking for 0 down loans lately, we still offer that product in many different forms. The main reason is affordability, but we may see more of these as interest rates continue to fall.

CALHFA and Chenoa are the two main programs we use for buyers without money.

CALHFA has an income limit of $194,000.00 in Los Angeles County, and its rates are comparable to conventional rates, assuming you don’t need a credit from CalHFA for closing costs. Yup, that’s correct. For a higher rate, they will give you a credit of up to 3% of your closing costs. You can currently get financed up to $1,125,000.00 on that program.

Chenoa has no income limits and offers a first and second mortgage. The second mortgage is forgiven after three years of on-time payments. Rates are slightly higher than standard FHA rates, but this also serves a purpose.

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

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
12. Sierra Glen Condos – Insurance
13. Las Ventanas – Litigation

Please let me know if you hear anything new on condos or townhouses. We will see premiums increasing, likely increasing the HOA Fees soon!

Interest rates had a great Tuesday and a stormy Wednesday, but today is great again. The tide has turned, and the economy is as strong as it was thought to be a month ago. The inflation numbers are lower. Rates can change quickly, so buyers beware.

• 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 low to mid 6’s
• Conventional Loans up to $726,200.00 are in the low to mid 7’s
• High Balance Loans $726,201.00-$ 1,089,300.00 are in the high 7’s and low 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 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 - 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 February???
• 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 weekend 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!