5/28/24 – Ice Cream Season

I hope you had a wonderful weekend and a great Memorial Day. We honor those who have done so much and lost their lives trying to make our lives better!

I like to remind people after the first warm weekend that this is Ice Cream season, and those of you who work with a Loan Officer here at Augusta Financial can use our Ice Cream Truck / Sweet Treat as a marketing tool to bring you clients and help farm your neighborhood.

How does that work? Well, this past weekend, some agents had their annual Memorial Day client party in the park with over 300 people in attendance. We have done this for other agents for many years. Earlier this month, we took the Augusta Treat Sweet to Henry Mayo, where real estate agents passed out ice cream and met Doctors and nurses. We have had agents take it to church, go to large offices, run a route, and go from business to business to meet people and build their database. We have given ice cream to youth teams sponsored by the agents who have their kids in sports. We have done dance and cheer events, blood drives, shred events, and e-waste events to name a few! The options are endless, and we would love to work with you and help you grow your business organically!

Getting in front of more people is always the way to get more business! We would love to sit down and see what options you are comfortable with and then move on it! Find the way to do it that will be best for you and then get you some business. If you don’t work with a loan officer at Augusta and are interested in doing business together, call me or one of my other great Loan Officers! The cost is half the cost of an ice cream bar!

I hope you have a wonderful week. I am available 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!

Interest rates are off a bit today, but change is in the air!

• 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 $1,149,625 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.

Condo Update?  

Nothing new yet this week!

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: On Fannie’s List. Per Fannie, this project needs critical repairs and may have conditions such as material deficiencies and significant deferred maintenance. This project’s master insurance policy deductible exceeds the allowable limit
4. Bouquet Canyon Village is on Fannie’s list! Per Fannie – This project’s master insurance policy coverage does not meet the requirements
5. Bridgewater, Emeryville - On Fannie’s list!
6. Brookside Walk – Insurance –
7. Cabrini Villas, Burbank - On Fannie’s list!
8. Calla and Rowan  – 27513 Illumination – Fannie Mae Approval expired – New Construction.  See Blog on 5/7/2024
9. Canyon Village – Reserves and 10% of the dues not going to reserves!
10. Canyon Oaks – Insurance On Fannie’s list!
11. Casa Marabella – 13951 Sherman Way, Van Nuys -On Fannie’s list!  
12. Cassia and Jasmine  – 26949 Winding Trail Court  – Fannie Mae Approval Expired. See Blog on 5/7/2024
13. Cornerstone – Insurance -On Fannie’s list!
14. Creekside – ??? We don’t know
15. Encino Oaks – 5460 White Oak Ave – On Fannie’s list!
16. Lantana at Valencia – 27034 Hummingbird Lane – Fannie Mae Approval – expired. See Blog on 5/7/2024
17. Liberty Canyon HOA – 27409 Country Glen Road, Agoura Hills, CA- On Fannie’s list!
18. Madison at Towne Center  – Litigation – We can do with 5% down, but others can’t!
19. Mariposa: On Fannies List. Per Fannie Mae – This project’s master insurance policy coverage does not meet the requirements.
20. Orchid at Valencia  – 27033 Open Sky Place – Fannie Mae Approval Expired. See Blog on 5/7/2024
21. Penn Court HOA – 4201 Pennsylvania Ave La Crescenta On Fannie’s list!
22. Princessa Estates – has $8200 in Reserves, and they are voting on an assessment in May!
23. Rainbow Sierra Terrace – On Fannie’s Naughty List – This project’s master insurance policy is not written to Replacement Cost Value. See Selling Guide Sec. B7-3-03, Master Property Insurance Requirements for Project Developments.
24. Scenic Hills – Insurance – On Fannie’s list!  This project’s master insurance policy coverage does not meet the requirements in Selling Guide Sec. B7-3-03, Master Property Insurance Requirements for Project Developments.
25. Shadow Ridge – Oak Park – Insurance -On Fannie’s list!
26. Sherman Way Condos – 17900 Sherman Way Reseda – On Fannie’s list!
27. The District Community Association – 19533 Cardigan Dr, Northridge – On Fannie’s list!
28. Treana - Stevenson Ranch: On Fannie’s list! Per Fannie, this project needs critical repairs and may have conditions such as material deficiencies and significant deferred maintenance.
29. Valle Di Oro- On Fannie’s list! Per Fannie Mae, this project contains timeshare, fractional, segmented, or split ownership units or other arrangements (such as mandatory rental pooling, shared interest apartments, or community apartments) restricting the unit owner’s ability to occupy the unit.
30. Vista Del Canon – Insurance is too low, UGH!
31. Walnut Gardens II – 7320 Lennox Ave Van Nuys CA – On Fannie’s list!
32. Warner Center Condos – 5515 Canoga Ave, Woodland Hills, CA –  On Fannie’s list!
33. West Creek Condos and Townhomes: On Fannie’s List. Per Fannie, this project’s master insurance policy coverage does not meet the requirements in the Selling Guide!

Please let me know if you hear anything new on condos or townhouses.

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!