5/25/2023 – Bridge on a Free and clear property

In the past four days, I have received four phone calls for Bridge Loans on free and clear properties. All these people have found their “dream homes” and are looking to move NOW! They will list and sell when / if their offer gets accepted, and we can waive all contingencies when we do these types of loans and close in 12-15 days. These buyers do not have a 2.75% mortgage. They are ready and willing to move, and there are a lot of them out there! You could market all homeowners with free and clear properties and see if that helps with inventory. Did you know that 33% of California Homeowners own their properties free and clear? That’s around 2.4 million homeowners across the state.

Remember our 12-day closings! We are getting a lot of offers accepted because of short escrows!

We are now on a 14-day losing streak in the bond market, and some of these losses are significant. Interest rates have climbed over .5% on most products then, but remember that you can still buy down interest rates to where we were a couple of weeks ago!

• 12-day escrows if your buyer is pre-approved - Conventional / FHA / Jumbo / Bridge
• Government Loans (FHA / VA) are in the low to mid 5’s.
• Conventional Loans up to $726,200.00 are in the low to mid 6’s.
• High Balance Loans $726,201.00-$ 1,089,300.00 are in the mid 6’s
• Jumbo loans above $1,089,300 are in the mid to high 6’s
• 5/1, 7/1, 10/1 Arms are in the high 5’s and low 6’s.
• Bank statement loans - They are available with 10% down again! 7’s + depending on down and credit score.
• No income qualifier – 20% down with reserves! In the 8’s and 9’s!
• 0 down loans are in the mid to high 6’s – 660 credit score min right now, up to $740,000.00.
• 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 - are typically 7.99% with limited fees – But they get you where you need to go!
• 0 down California Dream for all Equity Share – Postponed until 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! Above are LA County Loan Limits.

I am around all weekend 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. Please text me at 661-714-6258 or email me at Mike@AugustaFinancial.com. Have a great day and a better tomorrow! Please call me when you have a client that needs to borrow!