Augusta Advantage: A Game-Changing Loan for Your Buyers in Palmdale, Lancaster & Beyond

We are always looking for programs that give your buyers an edge - especially in today’s market. I want to share a powerful tool we’re using with great success: the Augusta Advantage loan program. It’s a low-down-payment, buyer-friendly mortgage designed to make homeownership more accessible, particularly in lower-income areas like Palmdale, Lancaster, Sylmar, and Sunland, where we’ve been closing quite a few of these lately. Here’s why it’s a win for your clients - and how we would love to partner with you to make any deal work!

What is the Augusta Advantage?

This is our in-house solution for primary residences in specific regions - especially underserved or lower-income zones - where income can be up to 20% above the area median (e.g., ~$124,000 for a family of 4 in LA County, 2025). It’s built to remove two massive hurdles: high upfront costs and private mortgage insurance (PMI). We’re seeing huge demand in Palmdale and Lancaster, plus a few in Sylmar and Sunland, because it gets buyers into homes with less cash and lower monthly payments.

Key Features That Help Your Buyers:

• Down Payment: As low as 3% (e.g., $15,000 on a $500K home), with gift funds or assistance allowed - buyers can contribute as little as 1%.
• No PMI: Saves $100 - $200 ++/month compared to traditional low-down-payment loans.
• Flexible Credit: We look at the whole financial picture - perfect for buyers with scores as low as 620 - 640 who’ve been consistent with rent or other payments.
• Lower Interest rates: rates on this product are typically .50-1% lower than standard rates.
• Loan Limits: Up to $806,500 in most areas, or $1,209,750 in high-balance zones - plenty of room for our region’s price points.

Why Agents Love It

This program is a lifeline for first-time buyers or those stretched thin by rising prices. In Palmdale and Lancaster, where median homes hover around $400K - $450K, we’re closing deals for buyers who thought they’d be renting forever. In Sylmar and Sunland, it’s helping families snag homes under $700K without breaking the bank. With no PMI and a 3% down option, it delivers lower monthly payments - making your offers stronger and more competitive in these markets.

How We Help Your Buyers - In Any Scenario

The Augusta Advantage is just one tool in my kit. Whether your client needs this program or something else, I’m here to tailor solutions:

• Tight Budgets: Pair Augusta Advantage with down payment assistance for near-zero out-of-pocket costs.
• Competitive Markets: Fast pre-approvals let buyers bid with confidence - often in 24 - 48 hours.
• Unique Properties: Non-warrantable condos? Construction loans? I’ve got options big banks won’t touch.
• Bridge Financing: Need to buy before selling? I’ll structure it seamlessly.

Take a recent Lancaster deal: a buyer with a 630 credit score and $10K saved got into a $425K home with a $12,750 down payment, no PMI, and a payment under $3,200/month at 6.125%. That’s the kind of win I love delivering - and I’d love to do it for your clients too.

Let’s Team Up

As prices climb (Santa Clarita’s median is ~$750K, Palmdale’s ~$450K), buyers need us more than ever. The Augusta Advantage shines in lower-income pockets, but whatever your client’s scenario - first-timer, move-up buyer, or investor - I’m ready to craft the right loan. Let’s keep these deals local and give your buyers the edge they deserve. I’d love the opportunity to help you close their next deal!

Please let me know if you have any questions or if a client needs my guidance. I’m just a call, text, or email away.

📞 Cell: 661-714-6258

TEXT: 661-714-6258

📞 Office: 661-260-2970 ext. 2222

📞 Direct Line: 661-291-2222

📧 Email: Mike@AugustaFinancial.com

But wait, there’s more…

Interest Rates

Rates came down a bit yesterday and today. We are close to our December lows but nowhere near where we were last September. The Fed’s wording was kind yesterday, but we are still day to day!

• We offer 12-day escrows for pre-approved buyers - Conventional/FHA/Jumbo/Bridge loans.
• We provide loans in all states, so call me with anything you need.
• Government Loans (FHA/VA/USDA) are in the 5’s and very low 6s.
• Conventional loans up to $806,500 are in the low to mid 6s.
• High Balance Loans from $806,501 to $1,209,750 are also in the low to mid 6’s.
• Jumbo loans above $1,209,750 are in the 6’s.
• Bank statement loans are available with 10% down again, with larger down payments in the 6’s.
• Profit and Loss Statement loans require 20% down - no bank statements needed, only a profit and loss statement!
• 0 down loans are available in the high 6s, with a minimum credit score of 620, up to $1,300,000.
• Private Money lenders offer Hard Money Loans with 35% down.
• No Ratio Loans require 30% down.
• DSCR (Debt Service Coverage Ratio) loans are available with as little as 15% down.
• Bridge Loans typically have an interest rate of 7.99% with limited fees, helping you get where you need to go!
• 3/2/1 Buydowns, 2/1 Buydowns, and 1/0 Buydowns are available at great starting rates!

Please note that interest rates are subject to change without notice, and the information above reflects LA County Loan Limits.

Condos

**Good News for Condos:**   – Canyon Park Carriage – Approved by Fannie Mae until 7/9/2025

**Bad News for Condos:** Nothing today!  

The full state of California naughty list has been added to MikeMeena.com! See the link below:

https://mikemeena.com/non-warrantable-condos/

Let me know if you hear anything new about condos or townhouses.

I am available every day if you need anything.

📞 Cell: 661-714-6258

TEXT: 661-714-6258

📞 Office: 661-260-2970 ext. 2222

📞 Direct Line: 661-291-2222

📧 Email: Mike@AugustaFinancial.com

Have a great day, and an even better tomorrow! Please call me when you have a client who needs to borrow!