Weekly Newsletter – 04-28-17

 

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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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“Get employees excited about working for you. An enthusiastic and positive work environment is felt by the customer.”

– Shep Hyken

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WEEKLY MORTGAGE RATES AND LOAN APPLICATIONS

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Weekly Mortgage Watch – April 27 2017

Weekly Mortgage Applications – 04-21-17

  • 30 Year Mortgage Rate increased to 4.03% compared to 3.97% last week. The 30 year rock bottom rate touched in last 10 years is 3.40%
  • 15 Year Mortgage Rate increased to 3.27% compared to 3.23% last week. The 15 year rock bottom rate touched in last 10 years is 2.61%
  • 5/1 Adjustable Rate Mortgage Rate increased to 3.12% compared to 3.10% last week. The 5 year rock bottom rate touched in last 10 years is 2.58%
  • Rates are are still low. Purchase or Refinance before rates move up further
  • Mortgage applications increased 2.7 percent for the week ended April 21, 2017
  • Mortgage apps move in the inverse direction of rates
  • The changes in mortgage rates has positively impacted the mortgage apps
  • Share your comments on our Facebook page!
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“Be like a postage stamp. Stick to a thing till you get there.”

– Josh Billings

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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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US Homes Prices Report – February 2017

US Homes Report – February 2017

  • Median Sales Price of Existing Homes in US increased to $228,200 with a 0.4% increase from month ago
  • Median Sales Price in West increased to $338,200 with a 1.4% increase in February 2017 compared to last month
  • Midwest median sales price decreased to $171,600 with a 0.8% decrease compared to last month and South is at $204,800 reflecting a 2.5% increase from month ago
  • Northeast median sales price has decreased to $250,000 reflecting a 0.8% decrease from month ago
  • West had the highest averages in Existing Home Sales at 1.4% increase and South had a 2.5% percent increase in Existing Home Prices in February 2017
  • Existing home sales Months Supply was at 3.8 months supply reflecting 8.6% increase from  month ago. Existing home sales Housing inventory increased to 1,730,000 units reflecting 3.0% 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 23rd of February is 4.16% for 30 yr, 3.37% for 15  yr, 3.16% for 5 yr and Mortgage Applications increased by 5.8% for the week ending February 24, 2017
  • New privately owned housing units increased to 1,303,000 in February 2017 reflecting 7.4% increase from year ago. New one family houses sold in US increased to 587,000 units with 11.8% increase from year ago and Mean Sales Price of Existing Homes is at $269,600 with 0.0% change from month ago
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“Act as if what you do makes a difference. It does.”

– William James

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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 $636,150.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 $986,650. 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 $350,000
  • 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

“Work isn’t to make money; you work to justify life.”

– Marc Chagall

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WEEKLY NEWS UPDATE!

Government shutdown would create mortgage roadblocks

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Defying Predictions, Mortgage Rates Are Dropping—Here’s Why

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How will a government shutdown impact the mortgage process?

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U.S. Mortgage Rates Drop to Five-Month Low With 30-Year at 3.97%

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“The primary cause of unhappiness is never the situation but your thoughts about it.”

– Eckhart Tolle

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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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