2/9/24 – Condo Update Important!!!

The condo news got a lot better as we had a lender that just closed a loan in Mariposa, and we will be able to get pretty much every non-warrantable condo done with this investor for the time being! If the insurance is a mess! We can do it! If there is litigation, we can do it! It took a month, but we have closed a couple now, and we can do all of the complexes once again with 10% down. Rates are slightly higher than conventional loans, but we just closed one with 0 points which is a far cry from the other loans we were doing.

This is great news, so get those Mariposa’s and West Creeks back on the market as we are back in business!

Keep in mind that this could change at any time, and your sellers should understand this!

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. American Beauty Village West: Insurance issues
13. Bridgewater, Emeryville  - Insurance issues
14. Cabrini Villas, Burbank  - Insurance issues.
15. The Met at Warner Center, Woodland Hills  - Litigation

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

Interest rates have had a very tough week! Let’s hope we get some bad news that will help rates next 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) 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! 8’s and 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 $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 - typically 7.500% 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 weekend 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!