Weekly Newsletter – 02-24-17

 

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FEATURED LOAN PROGRAMS

203K Renovation Loans

True Grant

  • The FHA 203K Renovation loan allows a buyer to purchase (or refinance) and renovate a property with one loan and one closing.
  • With one loan, there is only one application, one set of fees, one closing and one monthly payment.
  • Improvements can include anything that adds value to the home, such as room addition, new carpeting, landscaping, plumbing, roofing or a new kitchen.
  • The loan can also be used for energy-efficiency improvements.
  • Zero interest never to be returned
  • Available for Conventional and FHA loans
  • Minimum Credit Score FHA 620 ; Conventional 640
  • Maximum Debt to Income 45%. Subject to Underwriter approval.
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“Leadership is about making others better as a result of your presence and making sure that impact lasts in your absence.”

– Anonymous

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WEEKLY MORTGAGE RATES AND LOAN APPLICATIONS

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Weekly Mortgage Watch – February 23 2017

Weekly Mortgage Applications – 02-17-17

  • 30 Year Mortgage Rate increased to 4.16% compare to 4.15% last week. The 30 year rock bottom rate touched in last 10 years is 3.56%
  • 15 Year Mortgage Rate increased to 3.37% compared to 3.35% last week. The 15 year rock bottom rate touched in last 10 years is 2.77%
  • 5/1 Adjustable Rate Mortgage Rate decreased to 3.16% compared to 3.18% last week. The 5 year rock bottom rate touched in last 10 years is 2.64%
  • Rates are are still low. Purchase or Refinance before rates move up further.
  • Mortgage applications decreased 2 percent for the week ended February 17, 2017
  • Mortgage apps move in the inverse direction of rates
  • Rates have generally moved upwards due to money being sucked in to the stock market
  • Share your comments on our Facebook page!
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“Treat employees like they make a difference and they will.”

– Jim Goodnight

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HOUSING AND ECONOMIC DATA

Consumer Price Index – December 2016

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  • San Francisco MSA leads the Primary House Rent index at 408.71 reflecting a 6.5% increase from year ago followed by Los Angeles at 339.426 reflecting a 5% increase from year ago. National index is at 302.735 reflecting a 4% increase from year ago
  • CPI for all items in San Francisco is highest at 269.483 with 3.5% increase from year ago compared to Los Angeles at 250.189 with 2% increase from year ago and National at 243.032 with a 2.1% increase from year ago
  • San Francisco MSA housing index leads at 317.13 with a 6.2% increase compared to Los Angeles at 282.416 with 4.4% increase and National at 246.795 with 3% increase from year ago
  • Share your comments on our Facebook page
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Economic Indicators – December 2016

Fannie Mae Housing Survey – December 2016

  • Homeownership Rate for US is 63.7% in January 2015, lowest in last 11 years. US Leading Index is at 1.17% in December 2016 reflecting a 23% decrease compared to last year and California Leading Index is at 1.96% in December 2016 reflecting a 20.3% decrease from year ago
  • Major Currencies US dollar index has increased in strength to 109.116 in December 2016 reflecting a 2.6% increase from year ago. Gold Fixing Price London Bullion Market Based in US Dollars increased to 1151.403 in December 2016 reflecting a 7.8% increase from year ago
  • Crude Oil prices increase to 52.51 Dollars in December 2016 reflecting a 36.5% increase from year ago. Federal Deficit was at  -3.16376% in January 2016 reflecting a 30.2% increase from year ago. Total Vehicles sales decreased to 18.7 Million in December 2016 reflecting an 5.1% increase from year ago
  • Mortgage backed securities for all maturities is $1,750,240 Mn in December 2016 reflecting a 0% change from year ago. Real Gross Domestic Product has increased to 16804.8 Bn Dollars with 1.9% increase from year ago. Federal Debt has increased to 104.80927 percent of the GDP with 4.8% increase from year ago
  • Average Home Price Change Expectation in next 12 months is 2.1% and the Average 12 Month Rental Price Change Expectation is 3.8%
  • Home Prices will go up in the next 12 months based on 46% responses. Home Rental Prices will go up in the next 12 months based on 54% responses. Mortgage rates will go up in next 12 months based on 60% responses
  • 62% of respondents say it is a good time to buy and 51% says it’s a good time to sell. 56% says it’s easy to get a mortgage today, 68% would rather buy than rent and 43% says that economy is on the right track
  • There are 16% of respondents who are concerned about losing their job over next 12 months. 22% of respondents says that their income will be higher and 48% says their financial situation will get better over the next 12 months
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“Earn your leadership every day.”

– Michael Jordan

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FEATURED LOAN PROGRAM

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Remove Mortgage Insurance

  • Single loan to 95% with no mortgage insurance (with lender paid mortgage insurance)
  • Break up your loan for 80% first and 10% second and save MI.Refinances and Purchases OK
  • Refinance to 80% and get rid of MI
  • Automated underwriting only
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Jumbo Loan

Zero Down Loan – FHA

  • With a jumbo mortgage, you’ll get low rates for your jumbo loan
  • Loan amounts as low as $300000 and upto $2.5Mn. Back end ratios to 49.99%
  • Asset Depletion program.We can use estimated income  based on assets in hand
  • Projected income from future job.We can use income from future accepted offer
  • DPA is a true gift with no repayment.Upto 5% of Purchase Price.DPA not directly offered by Shining Star Funding
  • DPA is only for down payment and closing costs.No cash back allowed
  • Conventional,FHA Loans and VA Loans.Maximum Loan amount $417000
  • Not limited to first time home buyers
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Quick Turnaround and Closing

With inhouse underwriting and funding. Call me and let’s make it happen!
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SCHEDULE A LOAN OFFICER PHONE CALL
FILL OUT THIS SHORT APPLICATION FORM NOW

“A manager says “GO,” A leader says “let’s go”.”

– John Maxwell

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WEEKLY NEWS UPDATE!

Mortgage applications fall 2% as buyers are slow to start spring shopping season

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Fed may raise interest rates ‘fairly soon’ thanks to economy’s continued growth

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Fannie Mae’s Focus Will Not Change with New Administration, CEO Says

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Goldman Sachs: Investors are at ‘maximum optimism’ and have a letdown coming

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“Success is never owned, It’s rented, and ret is due every day.”

– Anonymous

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OTHER NICHE LOAN PROGRAMS

Product Loan And Niches

Niche Loan Programs

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  • Conventional Loan
  • FHA Loans
  • 100% VA Loans
  • Jumbo Loans
  • Zero Down Loan
  • 2 VA Loans
  • 1 Year Tax Verification
  • Remove Mortgage Insurance
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Second Opinion Doesn’t Hurt!

Talk to me today about your scenario and let me help you find the perfect solution for you!
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SCHEDULE A LOAN OFFICER PHONE CALL
FILL OUT THIS SHORT APPLICATION FORM NOW
 

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ABOUT US AND CONTACT US

About Shining Star Funding

Telephone: 925 820 2981

Toll Free:     866 280 0020

Email:          [email protected]

 

 

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