VA Eligibility – Synergy Update

Before I jump into today’s blog, a quick plug for Synergy Investor Group. 

We have several upcoming Synergy meetings scheduled, including both Zoom and in-person options:
In-Person Meetings:
Tuesday, May 26th at 6:00 PM
Thursday, June 4th at 12:00 Noon

Zoom Meetings:
Wednesday, June 3rd at 6:00 PM
Wednesday, June 10th at 6:00 PM 

The in-person meetings will include meals for everyone in attendance. 

Below is a link if you are interested in learning more about Synergy Investor Group.

https://mikemeena.com/something-different-might-interest/ 

Now, on to something that came up yesterday that I think a lot of agents and buyers should understand. 

I received a call about a potential client who owns a condo in the Antelope Valley that has not been selling. He is interested in buying another property with his VA benefit, but the agent believes he must sell the condo first to regain his VA eligibility. 

That is not always the case. 

Plain and simple, I received the buyer’s information this morning and determined that he is eligible to purchase a property up to about $907,000 with no money down, which is well more than he needs, even though he still owes roughly $290,000 on his current condo.

And let’s say this same buyer wanted to buy a home for $100,000 more than that, around $1,007,000. He would only need to put down about $25,000. 

Had the agent not called me at the listing agent’s request, this buyer may have missed out on the home we are opening escrow on later today. 

This is exactly why it matters to work with someone who understands VA financing beyond the basics. Many buyers, and even many agents, assume that if a veteran already has a VA loan, they cannot use their VA benefit again until they sell. In many cases, that assumption is wrong, and it can cost buyers opportunities. 

Interest Rates

The Roller Coaster ride continues! Awful Friday, flatish Monday, horrific Tuesday, yesterday was a great recovery, and today starts awful, and now we are in the green! Hold on, because these rates are gonna take me to crazy town!   

Loan Programs Snapshot

• Government loans (FHA/VA/USDA): in the 5s and now low 6’s
• Conventional (≤ $832,750): low to mid 6s
• High-balance: mid to high 6s
• Jumbo: Mid to high 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)
• Bridge loans (~7.99%)
• Buydowns (3/2/1, 2/1, 1/0)
• Private Money loans – Hard Money  
• Construction Loans
• 203K loans
• Fix and Flip Loans  

Rates subject to change without notice. 

Condo Update

• Good news: None today
• Bad news: The Madisons / Madisons at Town Center look really bad at this point!   

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,