March 8, 2022

I hope you had a wonderful weekend, and I hope that the week is going well.

My team received seven accepted offers yesterday, and we are all pretty excited. See what happens when we get a few listings?

We released our Doctors program last week, and it looks pretty good. It allows new Doctors and not-so-new Doctors to buy a property with no money down up to $1,000,000.00, or they can buy to $1,500,000.00 with just 5% down.

So who is considered a Doctor? Here is the list below:
Medical Resident, Medical Doctor (MD), Doctor of Dental Medicine (DMD), Doctor of Ophthalmology (MD), Doctor of Osteopathy (DO), Chiropractor (DC), Doctor of Surgery (DCH), Doctor of Dental Surgery (DDS), Doctor of Optometry (OD), Doctor of Podiatric Medicine (DPM), Pharmacist (RPH), Doctor of Veterinary Medicine (DVM), Doctor of Psychiatric Medicine (DPM), Medical Fellow.

I do not see Nurse, Masseuse, Teacher, or Engineer in the above list, so they need not apply for this type of loan. LOL!
Yes, I was surprised that a Chiropractor was on the list too. I guess that Two and a Half Men had me believing otherwise, and now I have a new respect for Alan Harper!

Here are some of the key features that make this program great:
Student loans in Deferment or Forbearance for at least 12 months for the Doctor will not be included in the debt to income ratios!
There is No PMI on this loan!
All buyers need a 720+ credit score.
Two months PITI in reserves is all that is required.
These loans are amortized over 30 years, and the rates are fixed for 3, 5, or 7 years.
Interest rates are still struggling, and I wish I could explain what is going on, but I throw my hands in the air and deal with it. Between a war, inflation, lying politicians, falling stocks, and who knows what is happening. Usually, money goes from stocks to bonds, but not in 2022! Interest rates have been at this level or lower 17.5% of the time over the past 50+ years! If people think they will go down in the short term, they will miss the boat!
30-year Government Loans (FHA / VA) are in the mid to high 3’s
Conventional Loans up to $647,200.00 – high 3’s and low 4’s
High Balance Loans $647,201.00-$ 970,800.00 are in the low 4’s +
Jumbo loans above $970,801 are in the low 4’s +. We can do high 4’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 high 3’s and low 4’s! The weird market for them.
Bank statement loans – They are available with 10% down again! 4’s to low 5’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 4’s.
0 down loans are in the 4’s – 620 credit score min right now! Mid 3’s for the most part up to $670,000.00 Price.
0 down Jumbo to 1.2 Mil – 700 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 4.99 – 5.99% 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 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!