12/24/24 – Christmas Eve

Merry Christmas Eve to everyone! I hope many of you are enjoying some well-deserved time off. This is a special time of year, and while I know many of you take the time to read my posts today, let’s focus on the holiday spirit. I wish you a joyful holiday season filled with love, laughter, and perhaps a little relaxation. Let’s also look forward to a strong start to the new year - 2025 is just around the corner, and I’m excited about what’s to come!

For those of you still hard at work - like me - we’re busy opening and closing escrows throughout the holiday season. Here are a few useful tips that might come in handy during this time of year:

**Year-End Paychecks:** The last paycheck of the year is a crucial factor when calculating every dollar a buyer has earned in 2024. It often plays a key role in maximizing their income and creating more opportunities for financing.

**Holiday Bonuses:** Any bonuses paid this year can be averaged with bonuses from previous years, which can significantly boost buyers’ qualifying income, so don’t overlook those holiday rewards!

**Starting a New Business:** Timing is essential if you or a potential client plans to open a business! Starting your business on or before January 1, 2025, means you’ll have a full year of business income to report when filing taxes in 2026. This is critical for buyers who plan to use that income to qualify for a loan. However, if you wait until January 2, 2025, you won’t have a full year of income to report on your 2026 tax return. In that case, Fannie Mae and Freddie Mac won’t approve a loan for that income stream until 2027. It’s a small detail that can make a big difference!

These little insights can truly impact your financial future.

Finally, I want to extend warm holiday wishes to everyone celebrating Hanukkah. May this pre-Hanukkah season be filled with light, joy, and meaningful moments with your loved ones.

Thank you all for your continued support and trust. Here’s to wrapping up 2024 on a high note and stepping boldly into an amazing new year. Cheers to you and your families, and have a wonderful holiday season!

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 just 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 got hit yesterday after a solid end to the week last week! Today is flat, and some economic data comes out Thursday and Friday that could help move the needle. It’s generally really light trading at this time of year, so we will see how it goes.

• We’re offering 12-day escrows for pre-approved buyers - Conventional/FHA/Jumbo/Bridge loans.
• We provide loans in all states, so call me with anything you need.
• Government Loans (FHA/VA/USDA) are in the 5s and 6s.
• Conventional Loans up to $806,500 are in the 6s.
• High Balance Loans from $806,501 to $1,209,750 are also in the 6s.
• Jumbo loans above $1,209,750 are in the mid to high 6s.
• Bank statement loans are available with 10% down again, with larger down payments in the 6s.
• Profit and Loss Statement loans require 20% down - no bank statements needed, only a profit and loss statement!
• 0 down loans are available in the high 6s, with a minimum credit score of 620, up to $1,250,000.
• Private Money lenders offer Hard Money Loans with 35% down.
• No Ratio Loans require 30% down.
• DSCR (Debt Service Coverage Ratio) loans are available with as little as 15% down.
• Bridge Loans typically have an interest rate of 7.99% with limited fees, helping you get where you need to go!
• 3/2/1 Buydowns, 2/1 Buydowns, and 1/0 Buydowns are available at great starting rates!

Please note that interest rates are subject to change without notice, and the information above reflects LA County Loan Limits.

**Good News for Condos:** Nothing new to report.

**Bad News for Condos:** Four new issues have emerged in the SFV and one in the OC.

1. **Portofino Villas:** 12411 Osborne – Master insurance is unacceptable.
2. **Granada Plaza:** 16940 Chatsworth Street – Project needs critical repairs; 10% of HOA dues are not going toward reserves.
3. **15245 Sherman Way:** More than 25% of the units are owned by one entity.
4. **Galaxy Whitsett Condos:** 6133 Whitsett – The master insurance policy does not meet Fannie Mae’s requirements.
5. **St. Tropez Condominium Association:** 175 Montara Drive Aliso Viejo CA 92656 – Critical Repairs or Deferred Maintenance

For all other issues involving condos, please check MikeMeena.com. I will post updates here, but all the information on the naughty list is available on my website. Just go there and click about to find our most updated list.

Let me know if you hear anything new about condos or townhouses.

I am available this week if you need anything. I work Christmas, but only if you call me!

📞 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!