November 22, 2022

At this time of year, we sit back and tell people what we are thankful for. I was thinking of a twist, and I wanted to let you all know what I am not thankful for, but that would be politically incorrect, especially today. This year has been challenging in the mortgage industry, and I am grateful to all of you who supported Augusta Financial this year. We will make it through with our first loss in 27 years of business, but I plan on being around for a long time, and this year did not deter our passion for helping families. I am also thankful to my family, especially my four daughters, who were my driving force and why for so many years. I am thankful that two daughters are almost off the payroll, and the other two are almost done with school too! I am thankful that my brain works towards investments rather than cars and toys. Otherwise, this would have been a stressful year! I am thankful for all my friends who have helped me through this year, kept my spirits up, and kept me in the right mind. I am also thankful to my Augusta Family, who has struggled through the year as we lost so many family members as we slowed down. I appreciate that so many of you stayed on and fought the fight with me.

I look forward to a nice turnaround in 2023, and we can bring back some of the old family members! Lastly, I am thankful to those who read my updates, and I am even more thankful to the ones that make nice comments, as it motivates me! Keep your heads up for those who struggled this year, as I know your hard work will pay off soon.

Have a Happy Thanksgiving, and please reach out and let me know if you need anything! I will be available all weekend, and I look forward to closing out 2022 strong. I am getting excited about 2023, and I hope you are ready because I know I will be!

Interest rates are down slightly today, staying in this range for now. Most people in the industry think that the next move will be down, but we look at things with rose-colored glasses!

• 30-year Government Loans (FHA / VA) is in the high 5’s and low 6’s.
• Conventional Loans up to $700,000.00 - in the high 5’s and low 6’s.
• High Balance Loans $700,001.00-$ 1,050,000.00 are in the low to mid 6’s
• Jumbo loans above $1,050,000 are in the mid 6’s
• 5/1, 7/1, 10/1 Arms are in the 5’s
• Bank statement loans - They are available with 10% down again! 7’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 8’s.
• 0 down loans are in the high 7’s to low 8’s- 620 credit score min right now! Mid 6’s, for the most part, up to $725,000.00.
• 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 7.49% 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 weekend if you have any questions or if someone 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!