12/10/24 – Technology and Condos!

As we approach 2025, it’s time for exciting changes in how I support my clients and agent partners! For years, I’ve been using Homebot to provide valuable insights to both groups and starting in January; I’ll be shifting my clients to a new platform called Milo. Don’t worry - I’ll continue using Homebot for my agent partners. However, Milo offers a more personalized experience that highlights me and my services rather than the platform, making it a better fit for my clients’ needs.

Additionally, I’m thrilled to announce that we’ll launch a new CRM system at the start of the year. While it was ready in mid-2024, I took extra time to learn its features thoroughly. This system will streamline our processes and help us provide even better service.

Let me know if you’re interested in signing up for Homebot or Milo! Whether you’re working with me or another loan officer at our company, I’d happily sponsor you.

I’m always thinking about ways to improve my business - but more importantly, how to help your business grow. When you succeed, it naturally benefits me and our company.

On a different note, I’d like to share an important update regarding insurance in Village Walk. After some clarification, I confirmed that the $25,000 per unit has nothing to do with being acceptable or unacceptable for Fannie Mae! The key is the total deductible to rebuild the complex is 5%, and that’s what Village Walk had, which makes it warrantable! The maximum allowable deductible for all required property insurance perils is 5% of the master property insurance coverage amount.

I’m here to support you every step of the way. Whether you have questions about a loan scenario, need help with a client, or want to brainstorm ideas, I’m only a call, text, or email away.

📞 Cell: 661-714-6258

TEXT – 661-714-6258

📞 Office: 661-260-2970 ext. 2222

📞 Direct Line: 661-291-2222

📧 Email: Mike@AugustaFinancial.com

Let’s make 2025 your best year yet! Together, we can achieve great things.

But wait, there’s more…

Interest rates have pulled back the past couple of days, but we had a great run, and rates are looking a tad better this week! Better, but not great YET! I will take a little better every week.         

• 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/ USDA) are in the 5’s and 6’s.
• Conventional Loans up to $806,500.00 are in the 6’s
• High Balance Loans $806,501 – $ 1,209,750.00 are in the 6’s
• Jumbo loans above $1,209,750 are in the mid to high 6’s
• Bank statement loans - They are available with 10% down again, and larger down payments are in the 6’s.
• Profit and Loss Statement loans – 20% down – You don’t need bank statements, just a profit and loss statement!
• 0 down loans are in the high 6’s – 620 credit score min right now, up to $1,250,000.00.
• Private Money lenders - Hard Money Loans – 35% down!
• No Ratio Loans 30% down
• DSCR – Debt Service Coverage loans with as little as 15% down
• Bridge Loans - typically 7.99% with limited fees – and they get you where you need to go!
• 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. The above are LA County Loan Limits.

Good News / Condos – Village Walk – They just renewed their insurance policy, with a $25,000 deductible per unit. Still, the maximum deductible shall not exceed 5% of the total limit of insurance! Doing this to every policy would be a Christmas miracle!

Bad News on Condos – 4 new ones in the SFV

Portofino Villas – 12411 Osborne – Master Insurance is Unacceptable

Granada Plaza – 16940 Chatsworth Street – Project in need of critical repairs. 10% of HOA Dues are not going to Reserves.

15245 Sherman Way – more than 25% of the units are owned by one entity.

Galaxy Whitsett Condos – 6133 Whitsett – Master Insurance Policy does not meet Fannie Mae requirements.

All other naughty condos have been moved to MikeMeena.com. I will post updates here, but all the information on the naughty list is on my website. Just go there and click about, and you will find our most updated list.

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

I am still available all week if you need anything.

📞 Cell: 661-714-6258

TEXT – 661-714-6258

📞 Office: 661-260-2970 ext. 2222

📞 Direct Line: 661-291-2222

📧 Email: Mike@AugustaFinancial.com

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