Weekly Newsletter – 05-19-17

 

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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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“Every new day is another chance to change your life”

– Anonymous

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WEEKLY MORTGAGE RATES AND LOAN APPLICATIONS

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Weekly Mortgage Watch – May 18 2017

Weekly Mortgage Applications – 05-12-17

  • 30 Year Mortgage Rate decreased to 4.02% compared to 4.05% last week. The 30 year rock bottom rate touched in last 10 years is 3.51%
  • 15 Year Mortgage Rate decreased to 3.27% compared to 3.29% last week. The 15 year rock bottom rate touched in last 10 years is 2.69%
  • 5/1 Adjustable Rate Mortgage Rate decreased to 3.13% compared to 3.14% last week. The 5 year rock bottom rate touched in last 10 years is 2.62%
  • Rates are are still low. Purchase or Refinance before rates move up further
  • Mortgage applications decreased 4.1 percent for the week ended May 12, 2017
  • Mortgage apps move in the inverse direction of rates
  • Rates are still low so better apply for mortgage now
  • Share your comments on our Facebook page!
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“Even if you fall on your face you’re still moving forward.”

– Victor Kiam

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HOUSING AND ECONOMIC DATA

Economic Indicators – February 2017

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  • Homeownership Rate for US is 63.7% in January 2015, lowest in last 11 years. US Leading Index is at 1.43% in February 2017 reflecting a 19.2% decrease compared to last year and California Leading Index is at 2.46% in February 2017 reflecting a 2.1% increase from year ago
  • Major Currencies US dollar index has increased in strength to 107.613 in February 2017 reflecting a 2.1% increase from year ago. Gold Fixing Price London Bullion Market Based in US Dollars increased to 1234.358 in February 2017 reflecting a 2.9% increase from year ago
  • Crude Oil prices increase to 54.97 Dollars in February 2017 reflecting a 71.8% increase from year ago. Federal Deficit was at  -3.16338% in January 2016 reflecting a 30.1% increase from year ago. Total Vehicles sales decreased to 17.9 Million in February 2017 reflecting an 0.6% decrease from year ago
  • Mortgage backed securities for all maturities is $1,755,650 Mn in February 2017 reflecting a 0.2% increase from year ago. Real Gross Domestic Product has increased to 16842.4 Bn Dollars with 1.9% increase from year ago. Federal Debt has increased to 105.86890 percent of the GDP with 2.0% increase from year ago
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Fannie Mae Housing Survey – March 2017

Bay Area County Homes Sales Report – March 2017

  • Average Home Price Change Expectation in next 12 months is 3% and the Average 12 Month Rental Price Change Expectation is 4.1%
  • Home Prices will go up in the next 12 months based on 51% responses. Home Rental Prices will go up in the next 12 months based on 57% responses. Mortgage rates will go up in next 12 months based on 64% responses
  • 60% of respondents say it is a good time to buy and 60% says it’s a good time to sell. 54% says it’s easy to get a mortgage today, 65% would rather buy than rent and 47% says that economy is on the right track
  • There are 15% of respondents who are concerned about losing their job over next 12 months. 23% of respondents says that their income will be higher and 49% says their financial situation will get better over the next 12 months
  • Average Bay Area county selling price for counties analysed was $952,702 in March 2017. Santa Clara County led with the highest average selling price at $1,782,410, followed by San Mateo County at $1,454,615, Contra Costa County at $721,644, Santa Cruz County at $705,376, San Benito County at $671,120, Alameda Costa at $613,298 and Monterey County at $532,745
  • Total Average Days on Market in Bay Area counties analysed was 67 days. 104 for San Benito County, 102 for Monterey County, 64 for Contra Costa County, 61 for Santa Cruz County, 60 for San Mateo County, 57 for Alameda County and 56 for Santa Clara County
  • Bay Area counties analyzed had Listings Sold of 3931 in March 2017. Santa Clara County had the highest at 1199, followed by Alameda County at 941, Contra Costa County at 925, San Mateo County at 441, Monterey County at 220, Santa Cruz County at 143 and San Benito County at 57
  • Total average Sales Price / List Price in Bay Area counties stood at 102.1% in March 2017. Alameda County had the highest average Sales Price/ List Price at 104.24% followed by San Mateo County at 103.86%, Santa Clara County at 103.33%, Contra Costa County at 101.79%, Santa Cruz County at 101.04%, San Benito County at 98.42% and Monterey County at 97.93%
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“You’ve got to be willing to lose everything to gain yourself.”

– Iyanla vanzant

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FEATURED LOAN PROGRAM

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Zero Down Loan

  • 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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Remove Mortgage Insurance

Jumbo Loan

  • 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
  • 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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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

“Be faithful to that which exists within yourself.”

– Andre Gide

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WEEKLY NEWS UPDATE!

Why don’t potential homebuyers shop around for their mortgage?

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Unemployment rate heading below 4%, top forecaster says

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Homeowners keep getting better at paying their mortgage

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25 Million Americans Could Find Mortgage Tax Break Useless Under Trump’s Plan

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“Today’s multiple choice: busy is a choice, stress is a choice, joy is a choice – choose well”

– 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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