2-20-24 – 2 Jobs – can we use both incomes?

2-20-24 – 2 Jobs – can we use both incomes?

President | Loan Officer
Mike Meena
Published on February 20, 2024

2-20-24 – 2 Jobs – can we use both incomes?

We are seeing more and more buyers with multiple jobs when they are trying to qualify for a mortgage. The old rule was that we had to wait until a borrower had two jobs for a full two years. There are some exceptions, like those who work in the movie industry and nurses, where we average their income, and they can work multiple jobs annually.


We can also make exceptions for the two years when we have a borrower who has been at a second job with consistent income for 12 months. Many people are now working remotely, allowing them to work multiple full-time jobs.


These deals get a little hairy when a buyer has a business and then gets a job, keeps that job for a year, and wants to add the business income to the job income. The question becomes, “Is the borrower still running their business at full capacity?” This is where we need proof or a longer time to see a full-time job and the Business income.


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

  1. American Beauty Condos – The brown ones – Insurance – 50 Mil in coverage for 748 units is not nearly enough!  
  2. American Beauty Village West: Reserves 
  3. Bouquet Canyon Village – Insurance – On Fannie’s list!  
  4. Bridgewater, Emeryville - On Fannie’s list!  
  5. Brookside Walk – Insurance –
  6. Cabrini Villas, Burbank - On Fannie’s list!  
  7. Canyon Oaks – Insurance On Fannie’s list!  
  8. Casa Marabella – 13951 Sherman Way, Van Nuys -On Fannie’s list!  
  9. Cornerstone – Insurance -On Fannie’s list!  
  10. Encino Oaks – 5460 White Oak Ave – On Fannie’s list!  
  11. Liberty Canyon HOA – 27409 Country Glen Road, Agoura Hills, CA- On Fannie’s list!  
  12. Mariposa: Insurance On Fannie’s list!  
  13. Penn Court HOA – 4201 Pennsylvania Ave La Crescenta On Fannie’s list! 
  14. Rainbow Sierra Terrace – Underinsured and voting on Insurance in March! 
  15. Scenic Hills – Insurance – On Fannie’s list!  
  16. Shadow Ridge – Oak Park – Insurance -On Fannie’s list!  
  17. Sherman Way Condos – 17900 Sherman Way Reseda – On Fannie’s list!  
  18. Sierra Glen Condos – Insurance – On Fannie’s list!  
  19. The District Community Association – 19533 Cardigan Dr, Northridge – On Fannie’s list!  
  20. The Met at Warner Center, Woodland Hills - On Fannie’s list!  
  21. Treana – Stevenson Ranch: *** NEW 2/13/2024*** On Fannie’s list!  
  22. Valle Di Oro – *** NEW 2/14/2024*** On Fannie’s list!  
  23. Walnut Gardens II – 7320 Lennox Ave Van Nuys CA – On Fannie’s list!  
  24. Warner Center Condos – 5515 Canoga Ave, Woodland Hills, CA On Fannie’s list!  
  25. West Creek Condos and Townhomes: Insurance On Fannie’s list!  


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


Interest rates got hit pretty hard last week, but this is a new week, and things are a little better today!

  • 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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