2/13/24 – Rates and another Condo situation

2/13/24 – Rates and another Condo situation

President | Loan Officer
Mike Meena
Published on February 13, 2024

2/13/24 – Rates and another Condo situation

The Consumer Price Index came in at .4%, which is .1% higher than expected. It’s not like it was a big miss, and inflation is still under 4% for the past year, but we needed a lower number to get these darn rates down. We are in a holding pattern for a few more weeks, although other economic news could push rates the other way.


Here is something fun. We added another condo (Treana in Stevenson Ranch) to the naughty list yesterday due to Collateral Risk Assessment. Yes, that’s the new rule where Fannie will make projects “unavailable” to finance if the condo project does not meet their criteria. Loans in unavailable status are not eligible for sale to Fannie Mae!


Condos needing critical repairs or having significant deferred maintenance are just some characteristics that would make a project ineligible under Fannie Mae guidelines. Most currently listed as unavailable projects have other eligibility issues, such as active or pending significant litigation, hotel- or resort-type characteristics with transient occupancy, too much commercial space, or inadequate insurance.


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

  1. Scenic Hills – Insurance
  2. Bouquet Canyon Village – Insurance
  3. Cornerstone – Insurance
  4. Canyon Oaks – Insurance
  5. Brookside Walk – Insurance –
  6. Shadow Ridge – Oak Park – Insurance
  7. Sierra Glen Condos – Insurance
  8. American Beauty Condos – The brown ones – Insurance – 50 Mil in coverage for 748 units is not nearly enough!
  9. Rainbow Sierra Terrace – Underinsured and voting on Insurance in March! NEW!!!
  10. Mariposa: Insurance
  11. West Creek Condos and Townhomes: Insurance
  12. Treana – Stevenson Ranch: *** NEW 2/13/2024*** Fannie Retrofit! 
  13. American Beauty Village West: Reserves
  14. Bridgewater, Emeryville  - Insurance issues
  15. Cabrini Villas, Burbank  - Insurance issues.
  16. The Met at Warner Center, Woodland Hills  - Litigation

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


Interest rates are getting a little worse every day, and there is nothing we can do about it! Oh yes we can! Stop spending money! LOL!

  • 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 5’s and low 6’s
  • Conventional Loans up to $765,550.00 are in the low to mid 6’s
  • High Balance Loans $765,550.00-$ 1,148,325.00 are in the mid to high 6’s
  • Jumbo loans above $1,148,325 are in 6’s
  • Bank statement loans - They are available with 10% down again! 6’s to 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 $793,000.00.
  • 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 - typically 7.49% with limited fees – and they get you where you need to go!
  • 0 down California Dream for all Equity Share – Postponed until February 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! The above are LA County Loan Limits.


I am available all week if you need anything. Let me know 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!

President | Loan Officer
Mike Meena President | Loan Officer
Click to Call or Text:
(661) 714-6258

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