April 4, 2023 There is a lot of hesitation out there about where interest rates are and the affordability that we have at this time. The good news is interest rates are at their lowest levels since last September, and they could be heading lower, but nothing drastic will happen quickly. In a meeting last week, we decided that Augusta Financial will do one free refinance for any clients that close a loan after 4/1/2023 through the end of 2023. That can happen this year, 2024, 2025, or beyond. We do feel that rates will continue to go down, but we don’t want our buyers to wait for interest rates to go down since we think prices will continue to rise. Therefore, we want to offer all our clients free refinances going forward. Let’s recap, 12-day escrows with one weekend, 14-day escrows with two weekends, free refinance, Bridge Loans, and every other type of loan available, including non-warrantable condos, outstanding knowledge, and excellent service. Rates were better the past few days, and I like where we are going. Let’s hope we continue the momentum and rates get lower so sellers feel like they can sell! We have the buyers, and we need sellers!!!! •12-day escrows if your buyer is pre-approved - Conventional / FHA / Jumbo / Bridge •0 down California Dream for all Equity Share program 6.125% today (6.31APR) •3/2/1 Buydowns 2/1 Buydowns and 1/0 Buydowns are available at great start rates! •Government Loans (FHA / VA) are in the low to mid to high 5’s. •Conventional Loans up to $726,200.00 are in the high 5’s and low 6’s. •High Balance Loans $726,201.00-$ 1,089,300.00 are in the low to mid 6’s •Jumbo loans above $1,089,300 are in the low to mid 6’s •5/1, 7/1, 10/1 Arms are in the 5’s and 6’s. •Bank statement loans - They are available with 10% down again! 7’s + depending on down and credit score. •Stated income loans – 20% down with reserves! In the 8’s and 9’s! •0 down loans are in the high 5’s to low 6’s- 620 credit score min right now! Low 6’s, for the most part, up to $725,000.00. •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 7.49% with limited fees – But they get you where you need to go! 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! Mike Meena President | Loan Officer Click to Call or Text: (661) 714-6258 This entry has 0 replies Comments are closed.
