May 16th, 2023 – 0 down loan with deferred 2nd mortgage!

May 16th, 2023 – 0 down loan with deferred 2nd mortgage!

President | Loan Officer
Mike Meena
Published on May 16, 2023

May 16th, 2023 – 0 down loan with deferred 2nd mortgage!

After the California Dream for All (All =2600 families), the first-time buyer program ran out of cash in 10 days. We are still finding that some people that wanted that loan were looking at it because of the equity share, while others were interested in it because they could do 0 down!


So the good news is we still have 0 down loans, up to a $764,000.00 purchase price with a minimum credit score of 660 and a maximum family income of $180,000.00. The loan is a first and second, and the 2nd mortgage is deferred. The buyer usually pays on 95% to 96.5% of the loan and can pay the deferred amount when they refinance or sell!


This is not as good as paying on 80% like the “dream for 2600”, but it’s a start, plus you get to keep 100% of the equity!


Interest rates are on a three-day losing streak, and I hope they turn around later today. Rates are definitely in choppy waters but are not breaking out of the range we have been in for over 30 days. Let’s hope the next break is to the downside!

  • 12-day escrows if your buyer is pre-approved - Conventional / FHA / Jumbo / Bridge
  • Government Loans (FHA / VA) are in the low to mid 5’s.
  • Conventional Loans up to $726,200.00 are in the mid 5’s to low 6’s.
  • High Balance Loans $726,201.00-$ 1,089,300.00 are in the high 5’s and low 6’s
  • Jumbo loans above $1,089,300 are in the low to mid 6’s
  • 5/1, 7/1, 10/1 Arms are in the 5’s and 6’s.
  • Bank statement loans - They are available with 10% down again! 7’s + depending on down and credit score.
  • Stated income loans – 20% down with reserves! In the 8’s and 9’s!
  • 0 down loans are in the high 5’s to low 6’s- 620 credit score min right now! Low 6’s, for the most part, up to $740,000.00.
  • 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 6.99% with limited fees – But they get you where you need to go!
  • 0 down California Dream for all Equity Share – Postponed until 2024!
  • 3/2/1 Buydowns 2/1 Buydowns and 1/0 Buydowns are available at great start rates!

Interest rates are subject to change without notice! Above are LA County Loan Limits.


I am 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 ext. 2222. Please text me at 661-714-6258 or email me at 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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