8/22/23 – California Dream for all – here we go again!

8/22/23 – California Dream for all – here we go again!

President | Loan Officer
Mike Meena
Published on August 22, 2023

8/22/23 – California Dream for all – here we go again!

Happy Tuesday, and I hope you are doing well! I try to stay in front of things, and as many of you know, we had a program called the California Dream for All, where the state put up a 20% down payment for a 20% share in the property’s equity. This program was in such high demand that it lasted 11 days before the money was gone.


Rumor has it this program will again be available this October, so we are telling people to get pre-approved NOW if they want to buy a home using this program. I like the program as it helps first-time buyers get a house with 0 down and saves them 20% on the mortgage payment. It’s like taking a 7% rate and pushing it down to 5.6%. You can refinance the property and buy out the state when rates decrease. The loan has no PMI, and the income limits are generous at $180,000.00 household income. A first-time buyer has not owned a property in three years.


The California Dream For All may be the best opportunity for some people to buy soon, so let’s get their applications in ASAP. Once released, this program will last 5-15 days, so they need to get approved NOW!


It’s a tremendous excuse to call every lead you ever had!


Please let me know if you or anyone you know have any questions, and I hope to hear from you soon.


Interest rates are interesting! We had a Hurricane that almost blew us away over the weekend at 3 MPH, so predicting anything can be difficult. Yes, I am still hunkering down in my office, waiting for the storm to pass!

  • 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) are in the low to mid 6’s.
  • Conventional Loans up to $726,200.00 are in the low to mid 6’s and low 7’s.
  • High Balance Loans $726,201.00-$ 1,089,300.00 are in the 6’s and 7’s
  • Jumbo loans above $1,089,300 are in the 6’s and 7’s
  • Bank statement loans - They are available with 10% down again! 7’s and 8’s + depending on down and credit score.
  • No income qualifier – 20% down with reserves! In the 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 week 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!

President | Loan Officer
Mike Meena President | Loan Officer
Click to Call or Text:
(661) 714-6258

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