4/23/24 – A typical day?

Yesterday was an exciting and quite busy day for me. At the end of every day, I send a link to my website to the clients I speak with with a detailed explanation of their options that we discussed earlier. The options include a payment breakdown, and we discuss tax savings, principal payoff, etc.

Yesterday, I was presented with diverse applications showcasing the breadth of our services. Among the seven applications, we had a mix of new purchases and debt consolidations, with no refinances. Let’s delve into the details.

• Three debt consolidation second mortgages or Home Equity Lines of credit. One client explained that he is paying close to 30% interest on his credit cards and wanted to lower that!
• One is moving from a $900K home to a $600K home, and the buyer wants a smaller mortgage in a less expensive area.
• First-time buyers want to keep their payment under $4500 with 10% down.
• One person buying an investment property
• The last is a reverse mortgage purchase for a client who has to put about 65% down due to her age but doesn’t want payments for the rest of her life. She sold a few months back, and this is a move down.

These applications, taken together, paint a clear picture. The common thread among them is the impact of high living costs, which significantly influence our clients’ decisions. One rich guy buying an investment property is the lone outsider in this deal.

I had a client I spoke with last week who wanted to do a debt consolidation and pay a lot of bills. I told them they couldn’t qualify for a mortgage because they had too much debt and wouldn’t qualify for a consolidation loan. The best advice I could give them is to sell their house, pay off all their bills, move to a house 100K-150K less, and do FHA financing with 3.5% down. That would allow them to pay 90% of their bills and lower their monthly output by $2500.

Financial issues are a theme, and it should tell you that you need to stay in touch with every client you have worked with in the past. Do you think that gas and grocery prices are affecting you? They are affecting our clients, too, and many need our help to solve their problems! Imagine if my client from last week wasn’t referred to me by an agent and went elsewhere. That house may have been listed by Open Door instead!

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:

1. American Beauty Condos – The brown ones – Insurance – 50 Mil in coverage for 748 units is not nearly enough!
2. American Beauty Gardens: 19% delinquency on special assessments due. 19% are 60 days or more late! We can do with 5% down, but others can’t!
3. American Beauty Village West: Reserves
4. Bouquet Canyon Village – Insurance – On Fannie’s list!
5. Bridgewater, Emeryville - On Fannie’s list!
6. Brookside Walk – Insurance –
7. Cabrini Villas, Burbank - On Fannie’s list!
8. Canyon Oaks – Insurance On Fannie’s list!
9. Casa Marabella – 13951 Sherman Way, Van Nuys -On Fannie’s list!  
10. Cornerstone – Insurance -On Fannie’s list!
11. Creekside – ??? We don’t know
12. Encino Oaks – 5460 White Oak Ave – On Fannie’s list!
13. Liberty Canyon HOA – 27409 Country Glen Road, Agoura Hills, CA- On Fannie’s list!
14. Madison at Towne Center  – Litigation – We can do with 5% down, but others can’t!
15. Mariposa: Insurance On Fannie’s list!
16. Penn Court HOA – 4201 Pennsylvania Ave La Crescenta On Fannie’s list!
17. Princessa Estates – has $8200 in Reserves, and they are voting on an assessment in May!
18. Rainbow Sierra Terrace – Underinsured and voting on Insurance in March!
19. Scenic Hills – Insurance – On Fannie’s list!
20. Shadow Ridge – Oak Park – Insurance -On Fannie’s list!
21. Sherman Way Condos – 17900 Sherman Way Reseda – On Fannie’s list!
22. Sierra Glen Condos – Insurance – On Fannie’s list!
23. The District Community Association – 19533 Cardigan Dr, Northridge – On Fannie’s list!
24. Treana – Stevenson Ranch:  On Fannie’s list!
25. Valle Di Oro –  On Fannie’s list!
26. Vista Del Canon – Insurance is too low, UGH!
27. Walnut Gardens II – 7320 Lennox Ave Van Nuys CA – On Fannie’s list!
28. Warner Center Condos – 5515 Canoga Ave, Woodland Hills, CA –  On Fannie’s list!
29. 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 had three good days in a row, and we are at the lowest levels in 8 days! You wonder why news stations write about bad stuff, because even when I spin it, it doesn’t sound good! LOL! Let’s hope the rally continues!

• 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 $766,550.00 are in the high 6’s and low 7’s
• High Balance Loans $766,550.01 – $ 1,149,825.00 are in 7’s
• Jumbo loans above $1,148,325 are in 7’s
• Bank statement loans - They are available with 10% down again! 7’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 7.99% with limited fees – and they get you where you need to go!
• 0 down California Dream for all Equity Share – Registration April 3 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!