No Income Qualifier

Have a buyer with money… but no qualifying income right now?
I hear these situations ALL the time:

• They're between jobs.
• They just opened a business or became a consultant after years of being W-2 employed.
• They're recently separated or divorced, and their support payments haven't started yet.
• They have income, but it can't be documented in the traditional way.
• They receive child support, but it expires too soon to qualify.
• They stepped away from work to care for an ill parent and are now ready to get back to work.
• Or maybe they simply have plenty of money for a down payment and reserves, but no income we can use on a traditional mortgage today.

Normally, every one of those situations creates a problem.

But we have another option. 

NO INCOME / NO EMPLOYMENT – MORTGAGE
For the right borrower, we can potentially qualify without using employment or income.
Here's the basic breakdown:
720+ credit score - 20% down
680+ credit score - 25% down
660+ credit score - 30% down
640+ credit score - 35% down
Reserves and other program requirements apply.
Yes, rates are a little higher than your traditional conventional financing, but for most of these buyers, this isn't necessarily the forever loan. It's the loan that gets them into the house NOW, while they're in that weird financial limbo.
Once they're back to work, their new business has enough history, their support income becomes established, or their financial picture changes, we can look at refinancing them into something better.

The point is simple:
DON'T GIVE UP ON A BUYER JUST BECAUSE THEY DON'T HAVE TRADITIONAL INCOME!
If they have good credit, 20% - 35% down, and money in reserves, call me before telling them they can't buy.
We may have a way to get it done.

AND NOW… FANTASY FOOTBALL!
I have to admit…
I'm a little disappointed in the response!
We didn't get nearly as many Fantasy Football signups as I expected.
I get it. Everyone is WAY too busy making soooo much money right now to have any fun!
I haven't even looked at my team yet, but I guarantee this is going to be a blast. If you know me, you know I'm all about work, but I also know that if I don't have something on the side to take my mind off mortgages, I'll work day and night.
So Fantasy Football is going to be my release for the next few months!
I moved the drafts back a little to give everyone another chance to jump in.

ROOKIE DIVISION
Perfect if you're new to Fantasy Football or just want to have some fun.

Tuesday, September 1 - Draft at 5:00 PM
Join Rookie League #1

Wednesday, September 2 - Draft at 5:00 PM
Join Rookie League #2

VETERAN DIVISION
For those of you who already know your way around Fantasy Football and have played for a few seasons.
Think you know what you're doing?
Come prove it.

Tuesday, September 1 - Draft at 6:00 PM
Join Veteran League #1

Wednesday, September 2 - Draft at 6:00 PM
Join Veteran League #2

Let's fill these things up!
If we don't get enough players, we'll consolidate a couple of the leagues, but I'd much rather see a bunch of you jump in and have some fun with us.
Sorry for moving things around, and thanks for putting up with me!
Now go find me one of those buyers with no income and 20% down… and then sign up for Fantasy Football! 😂 

Interest Rates
Bonds are improving today mainly because oil prices are falling, which is easing inflation concerns, while weaker consumer confidence is also helping Treasuries and MBS. It's a positive day for mortgage bonds, but geopolitical headlines and upcoming Fed comments could still cause volatility.

Loan Programs Snapshot

• Government loans (FHA/VA/USDA): in the 5s –
• Conventional (≤ $832,750): low 6s
• High-balance: mid to high 6s
• Jumbo: Mid 6s
• Bridge Loans  7.75-7.99

Additional options:

• Bank statement loans (10% down+)
• P&L loans (20% down, no bank statements)
• 0% down options (620+ score)
• DSCR loans (15% down)
• Buydowns Available (3/2/1, 2/1, 1/0)
• Private Money loans – Hard Money  
• Construction Loans
• 203K loans
• Commercial Loans
• Fix and Flip Loans  

Rates subject to change without notice.

 Condo Update

Good news:

• Arroyo West is off the naughty list! YAY!    

Bad news:

• Del Prado – deferred maintenance! Boo!  

We love your Non-Warrantable Condo loans!!
Need help checking a condo? Call me, and we can look it up in real time.
Also:
Full California "naughty list" available here:

https://mikemeena.com/non-warrantable-condos/

 Let's Connect
If you or your clients, friends, or family need guidance, I'm here.

📞 661-291-2222 (Direct)

📞 661-714-6258 (Cell)

📞 661-260-2970 ext. 2222 (Office)

📧 Mike@AugustaFinancial.com

Sincerely,