Bridge Loan Update at Augusta

New Investor Program - No Departing Residence Requirement

We are excited to announce a new investor program that changes the way we qualify borrowers for Bridge Loans. Traditionally, borrowers had to qualify for both:

• Their departing residence and
• The new residence they are purchasing.

Qualifying for both loans often made it difficult for clients who were equity-rich but income-tight to move forward.

With this new program, the departing residence does not count against the borrower's debt-to-income ratio. This is a game-changer that opens the door for more clients to qualify smoothly.

Lower Bridge Loan Rates - Now in the 7.5% to 7.75% Range

In addition to this exciting guideline shift, Augusta Financial has also lowered our Bridge Loan rates. Depending on credit score and loan-to-value (LTV), our pricing is now:

• 7.50% - 7.75%

Compare these rates to our competitors’ rates, which are 9.99% or higher. We are now in an even stronger position to serve borrowers looking for flexibility during their transition from one home to the next.

Why This Matters for Clients & Partners

• Expanded Qualification: More clients who previously couldn’t qualify due to departing residence obligations can now access Bridge financing.
• Competitive Rates: Our lowered rates make Augusta’s Bridge Loan solutions more attractive than ever.
• Smooth Transitions: Clients can focus on buying their new home first without the stress of selling their current one immediately.

At Augusta, we continue to adapt and lead with solutions that make the home-buying process easier, faster, and smarter for our clients.

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.

📞 Direct Line: 661-291-2222 – Text OK

📞 Cell: 661-714-6258 – Text OK

📞 Office: 661-260-2970 ext. 2222 – Text OK

📧 Email: Mike@AugustaFinancial.com

But wait, there’s more…

Interest Rates

Interest rates experienced a notable bounce on Friday, reaching their lowest levels since October 2024.

Loan Programs

• We do loans on Non-warrantable condos!
• We offer 12-day escrows for pre-approved buyers, including conventional FHA/Jumbo/Bridge loans.
• We provide loans in all 50 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 $806,500 are in the low to mid 6s.
• High-balance loans from $806,501 to $1,209,750 are also in the 6’s and 7’s.
• Jumbo loans above $1,209,750 are in the 6’s and 7’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 a 30% down payment.
• 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.

**Good News for Condos:**   

Canyon Village – No Longer Naughty! CV did their time, and I explained that I don’t want to see them here again! They get it, but who knows with these HOAs nowadays?

**Bad News for Condos***     

Arroyo Park – Critical repairs. We have seen others fix critical repairs in approximately 60 days, but we will see what Arroyo Park does.

Brookside Walk – They removed the 5% cap on the deductible for the Insurance, and now they are non-warrantable! Deductible is now too high!

CONDO HELP!!!

If you have a listing or a buyer interested in a specific condo, and you’re unsure whether the condo is warrantable or Non-warrantable, please call me, and we can look up Fannie’s list in real time. I have already done that on three condos today, and my list was accurate on all 3. We don’t know when something has changed, and it would be impossible to track everything day by day, but we don’t mind looking up a few each day!

The full state of California’s 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.

📞 Direct Line: 661-291-2222 – Text OK

📞 Cell: 661-714-6258 – Text OK

📞 Office: 661-260-2970 ext. 2222 – Text OK

📧 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!