3/5/24 – Options and experience matter! We have opened several new escrows in the past nine days, and things are improving. Creativity matters in this market, and not having an inexpensive Bridge Loan in your back pocket can be detrimental to your deals and to your clients’ wallets! Below are a couple of examples of Bridge Loans working for our clients! A client came to me for a Bank statement Mortgage! He is purchasing Non-contingent on selling his other properties and did not need a Bridge Loan to qualify, but getting him a Bridge loan to go from 15% down to 25% saves him 1.25% on his interest rate! He was shopping with various lenders, and I was the only one who came up with this idea. He is saving $1400.00 per month now and an additional $998 monthly when the Bridge Loan is paid off! Another client selling his home had no offers when we entered escrow, so he had to apply for a Profit and Loss loan, which has a rate of .50% higher than a bank statement loan. If he sells his house, we can move him back to the Bank statement loan and lower his rate by .50%! Good news! He sold his house yesterday to an all-cash buyer who will close three days before our sale, and he will save him $354.00 per month. Options are important, and working through those options is equally important in this market! We have a variety of loans, and I am currently working on one or two of everything, including Reverse Mortgages, Bank Statement Loans, Profit and Loss Loans, Foreign National Loans, Hard Money Loans, Bridge Loans, Non-Warrantable Condo Loans, 0 down Loans, and more. You need the expertise in this market, or your buyers may get frustrated and continue to rent, or they may get upset and decide not to sell their house, and buy a new one! It would help if you had a good team backing you with all the answers and options! Below is another double sign-off before we get to rates and Condos with issues! 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 working again at 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 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! 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: *** NEW 2/13/2024*** On Fannie’s list! Valle Di Oro – *** NEW 2/14/2024*** On Fannie’s list! 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! Please let me know if you hear anything new on condos or townhouses. Interest rates are at their lowest levels since February 12th! Let’s hope the momentum continues for the whole month of March! 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 April 2024??? Ya better hurry and get started! 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. My direct line is working again at 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.
