Important Information on VA Loans

VA loans are a powerful tool for veterans and their families seeking homeownership. We offer better rates, faster service, and expert guidance than credit unions and large, heavily advertised lenders. Here’s why you should send your VA buyers our way:

VA Loans: A Legacy of Gratitude

Established in 1944 as part of the GI Bill, VA loans honor veterans’ service by helping them achieve homeownership.

Key Benefits of VA Loans:

• No Down Payment Required: Eliminates the biggest hurdle to homeownership.
• No Loan Limit: Don’t get crazy, but a Veteran can purchase a property for $6,000,000 with no down. Feasibly, they could buy a $60,000,000 property, too!
• No Private Mortgage Insurance (PMI): Saves buyers hundreds monthly compared to conventional loans with less than 20% down.
• Competitive Interest Rates: VA rates are typically lower than conventional mortgages and equal to FHA rates.
• Reusable Benefit: Veterans can reuse their VA loan benefits. We have seen where some veterans with small loan amounts can purchase new houses while still owning a property with a VA loan.
• Flexible Credit Guidelines: The minimum credit score for a Veteran is 550.

Unique VA Loan Scenarios We Handle:

• Buying with someone other than your Spouse: VA guidelines require a 12.5% down payment when a veteran purchases with someone other than their spouse.
• Widows of Veterans Killed in the Line of Duty: Surviving spouses may qualify for a VA loan and are often exempt from the VA funding fee. We specialize in helping them access these benefits.
• Higher Debt-to-Income Ratios for Disabled Veterans: While many lenders cap DTI at 50-55%, we’ve helped disabled veterans secure VA loans with DTIs of 80% or higher. The VA considers residual income and benefits, enabling us to secure approvals others can’t.

VA Loan Clarifications

• Myth: VA loans are only for first-time homebuyers. Fact: VA loans can be used multiple times.
• Myth: VA loans take longer to close. Fact: With an experienced lender like us, VA loans close just as quickly as conventional loans.
• Myth: VA loans are only for single-family homes. Fact: VA loans can be used for condos (VA-approved), manufactured homes, and multi-unit properties (up to four units) as long as the veteran occupies one unit.
• Important Note: We need VA condo approval on attached and detached condos!
• Appraisal: Appraisals are ordered through the VA Portal and are transferable from lender to lender!

Why Real Estate Agents Should Partner with Us:

We’re different from credit unions and large banks because we offer:

• Faster Closings: Our VA loan expertise prevents underwriting delays.
• Competitive Rates: Our pricing is often better than big-name lenders.
• Expert Guidance: We structure loans to maximize veterans’ benefits and buying power.

Partner with us for your VA buyers! We’ll secure the best financing while making your job easier.

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

Springtime sales are happening! Are you ready? Let’s work hard and make 2025 a wonderful year!

But wait, there’s more…

Interest Rates

Rates have dropped slightly this week and are back to where we were in mid-December. I know what you are asking. Were rates good in mid-December? No, but it is a great headline. Let’s keep pushing to get rates down to where they were on December 16th, and then the next step is mid-September rates.

• 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 6s.
• Conventional loans up to $806,500 are in the 6s.
• High Balance Loans from $806,501 to $1,209,750 are also in the 6’s and low 7’s.
• Jumbo loans above $1,209,750 are in the 6’s and low 7’s.
• Bank statement loans are available with 10% down again, with larger down payments in the 7’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.

**Good News for Condos:** Diamond Head – YAY! Insurance is now correct!

**Bad News for Condos:** Nothing new!

The full state of California naughty list will be added to my website this week! Over 700 condos that are naughty per Fannie and Freddie.  

For all other issues involving condos, please check MikeMeena.com. I will post updates here, but all the information on the naughty list is available on my website. Just go there and click about to find our most updated list.

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!