May 10, 2022

I hope you are doing well, and I hope all of you moms had a great Mother's Day weekend. I know you guys are the backbone of every family, and you get no credit for your kids being good, and it hurts you the most when things don't go that well.

Clients or potential clients keep asking about this great program with no money down, and they give you a 10% down payment! The article is below, but please understand that you need to make $68,800.00 or less to qualify for this program! If you make $68,800.00 and have NO BILLS, no Car, no Credit cards, etc., you would be eligible for about $315,000.00. All of the above assumes No HOA, no Mello-Roos, 1.25% taxes, and $100.00 Insurance. So basically, this is a waste of time in most areas of Los Angeles County, but we keep taking the calls. Most 0-down programs have a maximum purchase price of around $670,000.00, so it is a tough market to buy with no money down in most areas!

https://ktla.com/news/california/new-california-program-lets-1st-time-homebuyers-borrow-down-payment-at-0-interest/

Please let me know if you have any questions about this!

The market has been choppy since the Federal Reserve raised rates last week. We have a nice two-day rally going in the Bond Market, and tomorrow we will get the big number, the Consumer Price Index, which measures inflation.
30-year Government Loans (FHA / VA) are in the high 4's
Conventional Loans up to $647,200.00 - High 4's low 5's
High Balance Loans $647,201.00-$ 970,800.00 are in the high 4's to low 5's +
Jumbo loans above $970,801 are in the high 4's +. We can mid 5's with as little as 10% down. We can do 1-year findings on these too!
5/1, 7/1, 10/1 Arms are in the low 4's for over $647,201. Under that, don't bother right now!
Bank statement loans - They are available with 10% down again! 6'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 low 5's.
0 down loans are in the 5's - 620 credit score min right now! Mid 5's, for the most part, up to $670,000.00 Price.
0 down Jumbo to $975,000.00 - 680 credit score - call for a quote
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 5.49 - 6.49% 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 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 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!