The exciting news about the Mariposas in Santa Clarita finally settling the litigation is excellent news and will allow regular financing for that project very soon for who knows how long. I say, who knows how long because every day it seems that another condo issue comes across our desk without enough insurance coverage. Please help me keep people posted on the condos that have to be non-warrantable, and we can share information to keep transactions moving.

Here are our issues in the Santa Clarita Valley:

• West Hills / West Creek - 5 Mil in coverage need 239 Mil –  Remember this only affects attached condos and townhomes - THIS DOES NOT AFFECT DETACHED CONDOS, PUDS, OR SFRs!
• Bouquet Canyon Village - I heard and have not confirmed
• American Beauty Gardens – they are working hard to resolve, but it could take a while
• Scenic Hills - 10 Mil in coverage and need 130 Mil in coverage
• Lakeshore – I heard this but have not confirmed

If you hear of any issues on condos, PLEASE LET ME KNOW, and I will share it here and with my networking groups. Please let me know if you see anything anywhere, as we do loans in all 50 states, not just Santa Clarita!

Interest rates are lovely. We are now at the highest rate levels in over 22 years. The good news is that we are starting to see more inventory, and I know I have seen more escrows over the past couple of weeks, so interest rates are not the most significant factor! Stay positive and keep grinding.

• 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 6’s and low 7’s.
• High Balance Loans $726,201.00-$ 1,089,300.00 are in the 6’s and 7’s
• Jumbo loans above $1,089,300 are in the 6’s and 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 – 20% down with reserves! In the 9’s!
• 0 down loans are in the mid to high 6’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 7.99% with limited fees – But they get you where you need to go!
• 0 down California Dream for all Equity Share – Postponed until 2024!
• 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 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 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!