4/2/24 – USDA Loans in Valencia!!! USDA Loans are becoming useful again now that we are building West of the 5 Freeway again in Valencia. For now, the whole Five Point Area is in the USDA loan area, so get it while it’s available. If you remember, much of Castaic and even Stevenson Ranch were in USDA lendable areas not so many years ago, so if you have a 0-down buyer, then let’s get them into Five Point! Some of you are thinking, what the heck is a USDA Loan, and how does my buyer benefit from one of those loans? The rates are pretty comparable to FHA rates, but they have a lower upfront Mortgage Insurance Premium (1% vs. FHA 1.75%) and a lower monthly Mortgage Insurance of .35% vs. FHA .55% -.70%. The best part about USDA is that they will go to a $919,800.00 Loan Amount in Los Angeles County with 0 DOWN! This loan is second to only VA for the best loan available with no money down! Many other areas are USDA loan-eligible, including parts of Val Verde, Agua Dulce, Acton, Piru, Fillmore, and Santa Paula. Ventura County limits are $763,600, but it is still an excellent route to go! If you are looking in an area or have a buyer interested in 0 down in a “Rural Area,” then you can look to see if a property is eligible by typing in the address on the site below: https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=rbs Update on Condos 1st week of April - IMPORTANT!!!!! American Beauty Gardens: 19% delinquency on special assessments due. 19% are 60 days or more late! This is interesting because I put it on the list last week, but I had one bank say, “we will keep it and portfolio it for a while!” This means they will do 5% down, but I have 7 other big lenders that will say 100% NO WAY! I know we can do these, and I think all other lenders will have about a .125 batting average to get these closed. Please don’t take a chance, and get the buyers to us ASAP! It’s the same story with the Madisons! The Met at Warner Center, Woodland Hills - On Fannie’s list for lack of Insurance! They have new Insurance, and a good source tells me everything is good there again! I will check before Thursday to see if they are on or off Fannie’s list! 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! 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! American Beauty Gardens: I know we can do them, but this one will be bad if it gets in the wrong hands! Madisons at Towne 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. Last Wednesday, interest rates were at their best in two weeks, and today, they are at their worst in two weeks! Isn’t this a great world? LOL! Let’s hope for a quick turnaround. 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/ USDA) are in the high 5’s and low 6’s Conventional Loans up to $765,550.00 are in the 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. Profit and Loss Statement loans- You don’t need bank statements, just a profit and loss statement! 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 DSCR – Debt Service Coverage loans with as little as 15% 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.
