I hope you had a great weekend, and I hope you are enjoying our beautiful weather lately.
I currently have three people buying a house coming in from other countries. They have no income, no credit, and no history of owning property in the United States. Do you know what I tell them? No Problem!! These are Non-Owner Occupied transactions, and they are equity-based loans, and they are pretty simple. We need a valid VISA (we don’t accept MasterCard or American Express) or passport, proof of assets, and valid down payment. Down payments start at 25% down, and loan amounts can go to a $3,000,000.00 loan amount. Interest rates start in the mid 6’s and go up from there.
Short and sweet today, but hopefully, this helps you when you have someone come in from another country and don’t have all cash!
Interest rates had a rough Friday and a bad Monday, but they are slightly better today, so let’s see where we go.
30-year Government Loans (FHA / VA) are in the mid to high 4’s
Conventional Loans up to $647,200.00 – High 4’s low 5’s
High Balance Loans $647,201.00-$ 970,800.00 are in the high 4’s and low 5’s
Jumbo loans above $970,801 are in the high 4’s and low 5’s. We can do mid 5’s with as little as 10% down. We can do 1-year findings on these too!
5/1, 7/1, 10/1 Arms are in the 4’s for over $647,201. Under that, don’t bother right now!
Bank statement loans – They are available with 10% down again! 6’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 high 5’s.
0 down loans are in the 5’s – 620 credit score min right now! Mid 5’s, for the most part, up to $670,000.00 Price.
0 down Jumbo to $975,000.00 – 680 credit score – call for a quote
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 5.49 – 6.49% 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 week if you have any questions or if someone is 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!