Weekly Newsletter – 03-31-17

 

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FEATURED LOAN PROGRAMS

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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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“If you’re not prepared to be wrong, you’ll never come up with anything original”

– Ken Robinson

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WEEKLY MORTGAGE RATES AND LOAN APPLICATIONS

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Weekly Mortgage Watch – March 30 2017

Weekly Mortgage Applications – 03-24-17

  • 30 Year Mortgage Rate decreased to 4.14% compared to 4.23% last week. The 30 year rock bottom rate touched in last 10 years is 3.57%
  • 15 Year Mortgage Rate decreased to 3.39% compared to 3.44% last week. The 15 year rock bottom rate touched in last 10 years is 2.76%
  • 5/1 Adjustable Rate Mortgage Rate decreased to 3.18% compared to 3.24% last week. The 5 year rock bottom rate touched in last 10 years is 2.68%
  • Rates are are still low. Purchase or Refinance before rates move up further
  • Mortgage applications decreased 0.8 percent for the week ended March 24, 2017
  • Mortgage apps move in the inverse direction of rates
  • The certainty of federal bank rate increase is pushing borrowers to avail the lower rates
  • Share your comments on our Facebook page!
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“Keep your head up in failure, and your head down in success.”

– Jerry Seinfeld

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HOUSING AND ECONOMIC DATA

US Homes Report – January 2017

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  • West had the highest averages in Existing Home Sales at 6.6% increase and Northeast had a 0.0% percent increase in Existing Home Prices in January 2017
  • Existing home sales Months Supply was at 3.6 months supply reflecting 0.0% change from  month ago. Existing home sales Housing inventory increased to 1,690,000 units reflecting 2.4% increase from month ago
  • SFR Delinquency Rate this 4th Quarter of 2016 is at 4.15% reflecting a 18.5% decrease from year ago, Mortgage Rate Reading for 2nd of March is 4.1% for 30 yr, 3.32% for 15  yr, 3.14% for 5 yr and Mortgage Applications increased by 5.8% for the week ending February 24, 2017
  • New privately owned housing units increased to 1,246,000 in January 2017 reflecting 10.5% increase from year ago. New one family houses sold in US increased to 555,000 units with 5.5% increase from year ago and Mean Sales Price of Existing Homes has decreased to $271,000 with 1.4% decrease from month ago
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Bay Area County Homes Sales Report – February 2017

Payroll and Unemployment – January 2017

  • Average Bay Area county selling price for counties analysed was $938,865 in February 2017. Santa Clara County led with the highest average selling price at $1,734,279, followed by San Mateo County at $1,416,932, Alameda County at $808,225, Santa Cruz County at $692,438, San Benito County at $648,128, Contra County Costa at $600,668 and Monterey County at $540,422
  • Total Average Days on Market in Bay Area counties analysed was 76 days. 122 for San Benito County, 120 for Monterey County, 107 for Santa Cruz County, 80 for San Mateo County, 59 for Contra Costa County, 57 for Santa Clara County and 56 for Alameda County
  • Bay Area counties analysed had Listings Sold of 2647 in February 2017. Santa Clara County had the highest at 729, followed by Alameda County at 702, Contra Costa County at 654, Monterey County at 157, San Mateo County at 237, Santa Cruz County at 123 and San Benito County at 42
  • Total average Sales Price / List Price in Bay Area counties stood at 101.67% in February 2017. Alameda County had the highest average Sales Price/ List Price at 105.5% followed by San Mateo County at 102.57%, Contra Costa County at 102.37%, Santa Clara County at 102.2%, Santa Cruz County at 98.31%, Monterey County at 96.96% and San Benito County at 96%
  • Industrial Production Index has increased to 104.7287 in January 2017 reflecting a 0.2% increase from year ago. All Employees Total Non-farm  has increased to 145,563 in January 2017 reflecting a 1.6% increase from year ago
  • Average Initial Claims in United States decreased to 256,000 in January 2017 reflecting a 10% decrease from year ago. The Average Initial Claims in California decreased to 55,168 in January 2017 reflecting a 0.7% decrease from year ago
  • Santa Rosa in California  had the highest drop in Unemployment Rate in January 2017 with 16.4% decrease from year ago. 10 Year Break even Inflation rate increased to 2.01% with 41.5% increase from year ago. The average hourly earning of all employees has increased to 26.03 dollars per hour with 2.6% increase in January 2017
  • Personal consumption expenditures has increased to $13,065.8 Bn in January 2017 with a 4.7% increase from year ago and Personal savings rate decreased to 5.5% in January 2017 reflecting a 11.3% decrease  from year ago
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“Success in life comes when you simply refuse to give up, with goals so strong that obstacles, failure, and loss only act as motivation.”

– 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

“Nothing worth having comes easy.”

– Anonymous

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WEEKLY NEWS UPDATE!

Here are the nation’s healthiest—and unhealthiest—housing markets

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After rising, U.S. mortgage rates reverse course

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Freddie Mac: Mortgage rates see second consecutive week of major declines

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How will Brexit affect UK house prices and mortgages?

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“Do it today or regret it tomorrow.”

– 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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