January 12, 2023

January 12, 2023

President | Loan Officer
Mike Meena
Published on January 12, 2023

January 12, 2023

Happy Thursday, and I hope things are going well. As we run through some loan programs, I decided to go with a hard money loan or a Private loan, as these have been popular of late.

We have a lot of different versions of Private money loans, and probably too many to write down, so I will give you the basics. These loans are outstanding for people without verifiable income or who can’t verify assets. They are suitable for people with bad credit, houses that have health and safety issues, loans for people without citizenship, or someone who has a specific situation where they want to borrow money, but their partner doesn’t want money so we can put it specifically on their half of the house. We also do Trust Loans that avoid an increase in property taxes, and we can help people in various ways. Most of these are two years in term, and rates start in the mid-9% range, but they are great for a client with any of the above issues. Private money is not a big part of our business, but we like to be well-rounded and can help in this area. We would do more of these loans, but our Bridge product steals quite a few as pricing is much better. LOL!

Today was another excellent day in the market for interest rates. The CPI came out at -.1% for December and is now down to 6.5% over the past 12 months. Here’s the exciting part, if you take just the last 6 months, then you have 1.5% inflation annualized, and the Fed is still talking about rate hikes. I am not an economist, but it seems we have stopped inflation, and rates should be going down, but I am just a mortgage idiot!
Rates are slightly better today, YAY!

  • 3/2/1 Buydowns 2/1 Buydowns and 1/0 Buydowns are available at great start rates!
  • Government Loans (FHA / VA) are in the 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 high 5’s and low to mid 6’s
  • Jumbo loans above $1,089,300 are in the low 6’s
  • 5/1, 7/1, 10/1 Arms are in the 5’s
  • Bank statement loans - They are available with 10% down again! 7’s + depending on down and credit score.
  • Stated income loans – I have one bank with 30% down, but everything else has to be perfect! Interest rates are in the 8’s.
  • 0 down loans are in the high 7’s to low 8’s- 620 credit score min right now! Mid 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 will be around all weekend 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 xt. 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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