Weekly Newsletter – 04-21-17

 

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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 ‘Plan A’ didn’t work. The alphabet has 25 more letters! Stay Cool.”

– Anonymous

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WEEKLY MORTGAGE RATES AND LOAN APPLICATIONS

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Weekly Mortgage Watch – April 20 2017

Weekly Mortgage Applications – 04-14-17

  • 30 Year Mortgage Rate decreased to 3.97% compared to 4.08% last week. The 30 year rock bottom rate touched in last 10 years is 3.41%
  • 15 Year Mortgage Rate decreased to 3.23% compared to 3.34% last week. The 15 year rock bottom rate touched in last 10 years is 2.64%
  • 5/1 Adjustable Rate Mortgage Rate decreased to 3.10% compared to 3.18% last week. The 5 year rock bottom rate touched in last 10 years is 2.60%
  • Rates are are still low. Purchase or Refinance before rates move up further
  • Mortgage applications decreased 1.8 percent for the week ended April 14, 2017
  • Mortgage apps move in the inverse direction of rates
  • Drop in refinancing has negatively impacted the mortgage apps
  • Share your comments on our Facebook page!
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“A little progress each day adds up to big results”

– Anonymous

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HOUSING AND ECONOMIC DATA

Home Price Index – 4th Quarter 2016

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  • Home Price Index in California increased to 6.6% in 4th Quarter of 2016. Los Angeles MSA led the Price Index at 6.7% followed by San Diego MSA at 6.5%, Oxnard MSA at 5.7% and San Francisco MSA at 5.6%
  • In Central Valley,Modesto MSA and Stockton MSA increased to 7.7% and Merced MSA at 5.7% in 4th Quarter of 2016 compared to last year
  • In North Bay Area,Vallejo MSA leads the HPI at 8.6% followed by Santa Rosa MSA at 7.5% and Napa MSA at 6.8%. San Luis Obispo MSA also leads the HPI at 6.9% followed by Visalia MSA at 5.6% and Santa Barbara MSA at 4.7%
  • San Jose MSA increased to 5.9%, Sacramento MSA increased at 8.0% and Riverside MSA at 6.0%. Salinas MSA leads the HPI at 7.9% followed by Santa Cruz MSA at 6.6% .Fresno MSA leads the HPI at 5.1% followed by Bakersfield MSA at 4.0%
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Home Price Index Southern California – 4th Quarter 2016

Home Price Index Northern California – 4th Quarter 2016

  • Home Price index in US is 385.79 with 5.6% change from year ago in 4th Quarter of 2016
  • California is at 581.03 with 6.6% from year ago in 4th Quarter of 2016
  • In Southern California, Los Angeles MSA leads the home price index at 321.92, followed by San Diego MSA at 307.16, San Luis Obispo MSA at 306.04, Santa Barbara MSA at 286.25, Oxnard MSA at 285.28, Riverside MSA at 261.84 and Visalia MSA at 184.02
  • San Luis Obispo MSA leads the home price index annual rate at 6.9%. Santa Barbara MSA grew at the slowest rate of 4.7%
  • Home Price index in US is 385.79 with 5.6% change from year ago in 4th Quarter of 2016
  • California is at 581.03 with 6.6% from year ago in 4th Quarter of 2016
  • In North California, San Francisco MSA leads at 405.09, followed by San Jose MSA at 385.48, Santa Cruz MSA at 311.42, Napa MSA at 304.42, Santa Rosa  MSA at 290.17, Salinas MSA at 254.77, vallejo MSA at 243.65, Sacramento MSA at 242.27, Modesto MSA at 218.13, Stockton MSA at 215.6, Fresno MSA at 205.85, Bakersfield MSA at 198.58 and Merced MSA at  198.4
  • Vallejo MSA had the highest increase from year ago at 8.6% and Bakersfield MSA had the lowest increase at 4%
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“The day is what you make it! So why not make it a great one?”

– Steve Schulte

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FEATURED LOAN PROGRAM

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Jumbo Loan

  • 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
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Remove Mortgage Insurance

Zero Down Loan – FHA

  • 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
  • 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

“If you focus on results, you will never change. If you focus on change, you will get results.”

– Jack Dixon

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WEEKLY NEWS UPDATE!

The Fed raised interest rates. Why are mortgages getting cheaper?

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Jamie Dimon says fixing mortgage industry would boost lending by $300 billion a year

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Housing market takes spotlight

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Homebuilder sentiment cools in April following record reading in March

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“When people ask you ‘What do you do?’ Answer: ‘Whatever it takes'”

– 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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