7/26/24 – Be Consistent – Get Tougher – Stay Local! The love I have for working and the love I have for this business is what keeps me going even in more challenging times. My love for people keeps me going, whether it is my staff, clients, real estate agents, escrow officers, or others I work with daily! I know how tough it is to make a dollar, and I started from the bottom and worked my way up. Hard work and consistency got me to where I am, taking a few risks and getting better at what I do every day, trying to be perfect and help others before myself. These times can be frustrating, and we are seeing some slowing in many parts of the market. Listings are sitting, and buyers are not willing to move as quickly right now. Like any business, this business will have its ups and downs, but we have to stay the course and be consistent with everything we do! Lay the groundwork and have a plan. From a client’s perspective, many are squeezing into homes with low down payments, high debt-to-income ratios, and marginal credit scores. We spend much time with each buyer, trying to qualify their loans and keep them in escrow. Our guidance helps the agents get more business, eventually getting us more business. Loan Officers who work anywhere except Santa Clarita don’t expect insurance to be $300-$800 monthly on a property. I saw two deals fall apart this week due to insurance! I saw another deal almost fall apart because a lender didn’t know a buyer could pay off a car and put less down on the purchase. Yes, I did his or her job for free, but my friend/agent was able to keep their property in escrow! Out-of-area lenders need to learn about non-warrantable condos and need the bag of tricks you need to close deals. Allowing lenders outside the area to do loans for your buyers is like having a chiropractor do back surgery! I couldn’t tell you how many clients have come to me as their second choice on a non-warrantable condo to find out we can do it, but not at Fannie Mae’s rates! Save everyone the time and hassle, and let your clients know that Augusta Financial or another experienced local lender is their only option on all condos! Otherwise, the likelihood of losing that client and getting them back on the fence is very high! Navigating this market is tough, and finding good buyers is getting harder. Selling listings is becoming more complex, and keeping escrows together is sometimes challenging. However, having a trusted team behind you is crucial. It not only makes your job easier but also provides the support and reassurance you need in this dynamic industry. I am not just pushing Augusta; I am pushing you to use a local lender with local knowledge and to stay away from the internet and lenders who don’t know our area! If you are tougher upfront, then your clients will have a better experience, and you will too! Speaking of tougher upfront, I want to remind you that we have a Real Estate Roadmap for the new Buyer/Broker agreement and upcoming changes on Wednesday, August 7th. Five top agents are ready to share their insights in our conference room. Through role-playing, Q&A sessions, and input from the audience, we aim to enhance our collective knowledge and skills. Please click below to RSVP! I am available all weekend 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 me, please text (661-714-6258) or email me at Mike@AugustaFinancial.com. But wait, there’s more! Interest rates are better again today, and we are approaching our 30-day lows! YAY! 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 mid 6’s High Balance Loans $766,550.01 – $ 1,149,825.00 are high 6’s and low 7’s Jumbo loans above $1,149,625 are in high 6’s and low 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! 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? Cimmaron Oaks is now naughty! Insurance! We are sending this to our lenient investor to see if we can get it through! 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! We can do with 5% down, but others can’t! 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 Bouquet Canyon Village is on Fannie’s list! Per Fannie – This project’s master insurance policy coverage does not meet the requirements Bridgewater, Emeryville - On Fannie’s list! Brookside Walk – Insurance – Cabrini Villas, Burbank - On Fannie’s list! Calla and Rowan – 27513 Illumination – Fannie Mae Approval expired – New Construction. See Blog on 5/7/2024 Cameo Woods HOA - Per the litigation disclosure, the association is being sued by a homeowner for water heater damage and discrimination, and the damage is still ongoing. We received confirmation that the HOA’s insurance agency is not covering the lawsuit, and the claim was denied due to the nature of the complaint. Canyon Village – Reserves and 10% of the dues not going to reserves! Canyon Oaks – Insurance On Fannie’s list! Casa Marabella – 13951 Sherman Way, Van Nuys -On Fannie’s list! Cassia and Jasmine – 26949 Winding Trail Court – Fannie Mae Approval Expired. See Blog on 5/7/2024 Cimmaron Oaks – Castaic – Insurance is too low! Cornerstone – Insurance -On Fannie’s list! Creekside – ??? We don’t know Encino Oaks – 5460 White Oak Ave – On Fannie’s list! Heather Ridge – Deductible too high! not enough insurance – Fannie Naughty List! Lantana at Valencia – 27034 Hummingbird Lane – Fannie Mae Approval – expired. See Blog on 5/7/2024 Liberty Canyon HOA – 27409 Country Glen Road, Agoura Hills, CA- On Fannie’s list! Madison at Towne Center – Litigation – We can do with 5% down, but others can’t! Mariposa: On Fannies List. Per Fannie Mae – This project’s master insurance policy coverage does not meet the requirements. Orchid at Valencia – 27033 Open Sky Place – Fannie Mae Approval Expired. See Blog on 5/7/2024 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 – 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. 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. Shadow Ridge – Oak Park – Insurance -On Fannie’s list! Sherman Way Condos – 17900 Sherman Way Reseda – On Fannie’s list! The District Community Association – 19533 Cardigan Dr, Northridge – On Fannie’s list! 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. Valle Di Oro is 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. Vista Del Canon – Insurance is too low, UGH! Village Park Condo – It’s over the max deductible with that 50k per unit. 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: 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 weekend 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 me, please 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.
