3/28/24 – A solution to some of our condo issues I have a problem, and if I share it with you, we could solve this little conundrum together! It’s not about me but about condos in general! See, I like to be perfect and never overpromise, but I have this investor who doesn’t seem to care about the naughty list and “sometimes” will fund loans on the naughty list! We have a lender that will fund these loans with Fannie Mae rates, and we have been successful about 75% of the time in getting these loans closed. We always tell all parties to the transaction that if we can’t fund with this lender, there is the 10% down Non-warrantable route that we can always slide into! We are usually perfect with closing every loan we open, and I hate to advertise something that we know could be an issue. Still, I see these properties sitting or falling out with other agents, and I know we can help in many of these situations! The loan we recently closed in the Madisons is one example of what we can do that others may not be able to do! Here is how these will work. We need to make sure that the condo is not on Fannie’s list! Fannie’s list is a “bad list,” and the condo will have to become non-warrantable unless the HOA clears up the issues. Step two is determining what we can do on a case-by-case basis. For instance, we can’t do American Beauty Gardens because of the HOA delinquencies, but we might be able to do Vista Del Canon or Princessa Estates! We tried Madisons, and it worked! Condo approval is not a perfect science, and people avoid these complexes. There may be a Fannie solution, but we must work together to see! Unfortunately, I have to submit the complete file to know for sure if we can approve a specific property! That’s it for today! Have a Happy Easter to those of you who celebrate Easter! 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 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. 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! Madisons: 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 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. 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.
