3/26/2024 – Call me before you list a property for a client moving out of the area! We get quite a few buyers who are buying out of state or out of the area every month, and often, these buyers have challenges they don’t think of until it is too late. So, how can you prepare a client who still lives and works locally to buy out of state? There is a straightforward answer! Call Your Lender First!! Every situation is different, and if a buyer is moving more than 60 miles from their job, we want to ensure they have ALL of their ducks in a row! So here is some stuff for you to chew on. I have clients who are quitting their jobs in May and moving to the great state of Texas! They have a house that they are about to list and walk away with $800,000. They want to own a property on day 1 when they get to Texas and start looking for jobs in a few months. They want to put $200K down on a $700K property and are even toying with opening a business. If they are not working in Texas, they will not get a loan on the new house! If they have a telecommuting job, we will be OK! If they sell and then buy as a rental after, we can’t give them “rental income on the new house, and they could have an issue qualifying for that loan as we will have to hit them for the rent and the full mortgage in Texas! If they own here, we can use the “rental income” in Texas to offset the mortgage payment! These scenarios come across my desk every week; it is often too late! I got a call about a month ago from buyers who were going to South Carolina. Both were working out their two-week notice and were supposed to close 15 days from that day! We ended up putting them in a DSCR loan with 20% down. They were originally doing a 10% down 2nd Home Loan, which would have worked if they had jobs at the close that didn’t state they were quitting! In other words, don’t give notice at your job if you apply for a loan! New Additions to Naughty Condo List! Princessa Estates – has $8200 in Reserves, and they are voting on an assessment in May! Vista Del Canon – Insurance is too low, UGH! – I added it last week! American Beauty Gardens: 19% delinquency on special assessments due. 19% are 60 days or more late! The first of two signoffs is below: 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. My direct line is 661-291-2222. When you text, text (661-714-6258) or email me at Mike@AugustaFinancial.com. But wait, there’s more! Condo / Townhome – issues we know of now. Properties can be financed with 10% down and are considered NON-WARRANTABLE: American Beauty Condos – The brown ones – Insurance – 50 Mil in coverage for 748 units is not nearly enough! American Beauty Gardens: 19% delinquency on special assessments due. 19% are 60 days or more late! American Beauty Village West: Reserves Bouquet Canyon Village – Insurance – On Fannie’s list! Bridgewater, Emeryville - On Fannie’s list! Brookside Walk – Insurance – Cabrini Villas, Burbank - On Fannie’s list! Canyon Oaks – Insurance On Fannie’s list! Casa Marabella – 13951 Sherman Way, Van Nuys -On Fannie’s list! Cornerstone – Insurance -On Fannie’s list! Encino Oaks – 5460 White Oak Ave – On Fannie’s list! Liberty Canyon HOA – 27409 Country Glen Road, Agoura Hills, CA- On Fannie’s list! Mariposa: Insurance On Fannie’s list! Penn Court HOA – 4201 Pennsylvania Ave La Crescenta On Fannie’s list! Princessa Estates – has $8200 in Reserves, and they are voting on an assessment in May! Rainbow Sierra Terrace – Underinsured and voting on Insurance in March! Scenic Hills – Insurance – On Fannie’s list! Shadow Ridge – Oak Park – Insurance -On Fannie’s list! Sherman Way Condos – 17900 Sherman Way Reseda – On Fannie’s list! Sierra Glen Condos – Insurance – On Fannie’s list! The District Community Association – 19533 Cardigan Dr, Northridge – On Fannie’s list! The Met at Warner Center, Woodland Hills - On Fannie’s list! Treana – Stevenson Ranch: On Fannie’s list! Valle Di Oro – On Fannie’s list! Vista Del Canon – Insurance is too low, UGH! Walnut Gardens II – 7320 Lennox Ave Van Nuys CA – On Fannie’s list! Warner Center Condos – 5515 Canoga Ave, Woodland Hills, CA – On Fannie’s list! West Creek Condos and Townhomes: Insurance On Fannie’s List! Condo Watch List: This means I am not sure, but I will let you know. I can do it, but I doubt everyone can! Madison at Town Center: I know we can do them, but this one will be bad if it gets in the wrong hands! Please let me know if you hear anything new on condos or townhouses. Interest rates were better yesterday and flat today so far. They started better but faded as the economic data came in. Next week will be good, and yes, I always think positively! 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 – Registration April 3rd to April 29, 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 still 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. My direct line is 661-291-2222. When you text, 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! Mike Meena President | Loan Officer Click to Call or Text: (661) 714-6258 This entry has 0 replies Comments are closed.
