No Ratio Loans

Introducing the No Ratio Loan: A Game Changer for Unique Buyers!

If you’ve been in the mortgage industry for a while, you know that certain loan products come and go like a fleeting trend. Well, guess what? One of the most useful products for unconventional borrowers is BACK!

The No Ratio Loan is now available, offering a fantastic option for buyers who don’t have traditional income documentation. Whether they’re newly self-employed, in between jobs, or working in a way they can’t disclose (and trust me, I don’t need to know! LOL), this loan is designed to work for them.

Key Features of the No Ratio Loan:

• No employment or income verification required
• Loan amounts up to $2,000,000
• Minimum credit score of 660
• 20% minimum down payment (Condos require 25% down)
• 30-year fixed rate - no prepayment penalty!
• Loan amounts over $1.5M require two appraisals
• Gift funds allowed for any portion of the down payment
• Gift funds are not acceptable for reserves
• 9-12 months of reserves required, depending on loan amount and credit score

Who Is This Perfect For?

• Buyers who are newly self-employed and don’t yet have tax returns to support income
• Individuals who are currently unemployed but have significant assets
• Buyers with unconventional or off-the-books income
• Investors or high-net-worth individuals who prefer not to disclose income sources

A few years ago, we had this product, and then - poof! - it vanished overnight. Now, it’s back and better than ever, providing a much-needed solution for buyers who don’t fit the traditional lending box.

Business is Picking Up, But We Need More!

I want to take a moment to thank all of you who have trusted me with your referrals. Business has picked up lately, but we are always looking to help more buyers achieve their homeownership goals.

Let’s talk if you have clients who want white glove service and lots of great loan options.

Mike Meena – your trusted Mortgage Banker (and a damn good one!)

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

But wait, there’s more…

Interest Rates

Rates are flat today, but rates are moving in the right direction. We have seen this before, and it could be a blip on the screen, so tell your clients to act swiftly. Yes, I hope they will get better every day, but every time I say that, I get hit in the head with a frying pan called reality!

• 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 very low 6s.
• Conventional loans up to $806,500 are in the low to mid 6s.
• High Balance Loans from $806,501 to $1,209,750 are also in the low to mid 6’s.
• Jumbo loans above $1,209,750 are in the 6’s.
• Bank statement loans are available with 10% down again, with larger down payments in the 6’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:**   – NONE!

**Bad News for Condos:** Friendly Valley –  Fannie Mae now denies the entire Friendly complex for critical repairs and deferred maintenance.  Regardless of which of the 13 Friendly Valley Condos it is.

The full state of California naughty list has been added to MikeMeena.com! See the link below:

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

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!