Weekly Newsletter – 03-03-17

 

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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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“It’s always seems impossible until it’s done.”

– Anonymous

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WEEKLY MORTGAGE RATES AND LOAN APPLICATIONS

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Weekly Mortgage Watch – March 02 2017

Weekly Mortgage Applications – 02-24-17

  • 30 Year Mortgage Rate decreased to 4.1% compared to 4.16% last week. The 30 year rock bottom rate touched in last 10 years is 3.51%
  • 15 Year Mortgage Rate decreased to 3.32% compared to 3.37% last week. The 15 year rock bottom rate touched in last 10 years is 2.76%
  • 5/1 Adjustable Rate Mortgage Rate decreased to 3.14% compared to 3.16% last week. The 5 year rock bottom rate touched in last 10 years is 2.61%
  • Rates are are still low. Purchase or Refinance before rates move up further
  • Mortgage applications increased 5.8 percent for the week ended February 24, 2017
  • Mortgage apps move in the inverse direction of rates
  • Rates dropped last week causing an uptick in mortgage applications
  • Share your comments on our Facebook page!
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“Change your thoughts and you change your world”

– Anonymous

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HOUSING AND ECONOMIC DATA

Fannie Mae Housing Survey – January 2017

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  • Average Home Price Change Expectation in next 12 months is 3.2% and the Average 12 Month Rental Price Change Expectation is 4.3%
  • Home Prices will go up in the next 12 months based on 50% 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 61% responses
  • 60% of respondents say it is a good time to buy and 52% says it’s a good time to sell. 50% says it’s easy to get a mortgage today, 64% would rather buy than rent and 46% says that economy is on the right track
  • There are 15% of respondents who are concerned about losing their job over next 12 months. 26% of respondents says that their income will be higher and 51% says their financial situation will get better over the next 12 months
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Bay Area County Homes Sales Report – January 2017

Consumer Price Index – January 2017

  • Average Bay Area county selling price for counties analysed was $1,003,660 in January 2017. Santa Clara County led with the highest average selling price at $1,816,551, followed by San Mateo County at $1,494,571, Alameda County at $833,222, San Benito County at $743,919, Monterey County at $729,870, Santa Cruz County at $ 729,710 and Contra Costa County at $602,192
  • Total Average Days on Market in Bay Area counties analysed was 86 days.151 days San Benito County, 96 days in Santa Cruz County, 93 days in San Mateo County, 90 days in Monterey County, 82 days in Contra Costa County, 75 days in Santa Clara County and 73 days in Alameda County.
  • Bay Area counties analysed had Listings Sold of 4,174 in January 2017. Alameda County had the highest at 1,173, followed by Santa Clara County at 1,064, Contra Costa County at 1,038 , San Mateo County at 431, Monterey County at 246, Santa Cruz County at 161 and San Benito County at 45
  • Total average Sales Price / List Price in Bay Area counties stood at 99.78% in January 2017. Alameda County had the highest average Sales Price/ List Price at 103.39% followed by San Mateo County at 99.83%, Santa Clara County at 99.71%, Contra Costa County at 99.15%, Monterey County at 98.44%, Santa Cruz County at 98.21% and San Benito County at 96.95%
  • San Francisco MSA leads the Primary House Rent index at 411.357 reflecting a 6.7% increase from year ago followed by Los Angeles at 341.115 reflecting a 5.1% increase from year ago. National index is at 303.467 reflecting a 3.9% 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 252.373 with 2.1% increase from year ago and National at 244.158 with a 2.5% increase from year ago
  • San Francisco MSA housing index leads at 317.13 with a 6.2% increase compared to Los Angeles at 284.696 with 4.6% increase and National at 247.942 with 3.1% increase from year ago
  • Share your comments on our Facebook page
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“Show up in every single moment like you’re meant to be there.”

– Anonymous

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FEATURED LOAN PROGRAM

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1 Year Tax Verification

  • Easy 1 year income verification for Self Employed borrowers
  • First loan up to $625,500.Second Loan upto $350000.Combined 90% financing without MI
  • Family Members can cosign for borrower.Co signor need not occupy home
  • Subject to automated underwriting only.Second loan not directly offered by Shining Star Funding
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2 VA Loans

5% – 10% Down Loan

  • No requirement to close your currently outstanding VA loan
  • VA county limits, guidelines and eligibility apply
  • Minimum Fico 620
  • Manual and Automated underwriting OK
  • 5% down to county conforming limits.10% down to $975500.80/10/10 loans with no mi
  • First Loan limited to County Conforming limits
  • Second Loan not directly offered by Shining Star Funding.Maximum second loan $350000
  • 1 year return program available for self employment,wage earners,retired and rental income earners
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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

“If you are persistent, you will get it. If you are consistent, you will keep it.”

– Anonymous

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WEEKLY NEWS UPDATE!

Mortgage applications surge 5.8 percent, as rates briefly dip

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Growth Predicted for Commercial Mortgage Lending in 2017

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Spring housing already overheating—think 60 offers on one house

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Trump tax plan, not even on drawing board, is already roiling rental housing

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“If you don’t take care of your customer, your competitor will”

– Bob Hooey

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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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