No Taxes – No Income – No Job – No Business – YES LOAN!

Hi everyone! With the market slowing for mortgages over the past two years, we are seeing lenders come up with more creative solutions. Today, let’s talk about a unique loan program perfect for clients with cash but no traditional income - whether between jobs, working for money, or simply choosing not to work!

Loan Highlights

This program is designed for those with substantial liquid assets:

• Max Loan-to-Value (LTV): 80% for purchases, 75% for refinances.
• Minimum Credit Score: 600 FICO.
• Loan Amounts: Up to $4 million.
• Employment: Not required.
• Documentation: Only two months of statements from a qualifying account.
• Property Types: Owner-occupied and second homes.
• Asset Use: Liquid assets can qualify you.
• Reserves: Not required for ≤75% LTV.
• Income: No income documentation needed.

Who This Fits

Imagine a client with no job or business but a hefty bank balance - say, the mortgage amount plus 20% down. If they have that cash sitting there, we’ve got a loan for them with competitive rates! I was chatting with someone yesterday about how the slower market is pushing lenders to innovate, and this is a prime example. Whether they’re transitioning careers, earning cash under the table, or just enjoying retirement, this loan opens doors.

Even better, consider an investor with no bank statement income but a portfolio of stocks they’d rather not sell. This program lets them leverage those liquid assets to secure financing, making it a fantastic option for building their real estate holdings without touching their investments.

Why It Matters

This flexibility is a game-changer in a tough market. With the right cash reserves, clients can still achieve homeownership or investment goals without the usual income hurdles. Let’s connect if you’ve got clients in this boat - I’m here to help navigate these creative solutions!

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 moved higher yesterday and today! This is so much fun! We get a little momentum, and it goes away in a flash.

Loan Programs

• We do loans on Non-warrantable condos!
• We offer 12-day escrows for pre-approved buyers - Conventional/FHA/Jumbo/Bridge loans.
• We provide loans in all 50 states, so call me with anything you need.
• Government loans (FHA/VA/USDA) are in the high 5’s and low 6’s.
• Conventional loans up to $806,500 are in the mid 6s.
• High Balance Loans from $806,501 to $1,209,750 are also in the 6’s.
• Jumbo loans above $1,209,750 are in the 6’s and 7’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:** – Nothing new!

**Bad News for Condos***

Nothing this week!  

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!