Weekly Newsletter – 06-09-17

 

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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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“What you get by achieving your goals is not as important as what you become by achieving your goals.”

– Henry David Thoreau

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WEEKLY MORTGAGE RATES AND LOAN APPLICATIONS

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Weekly Mortgage Watch – June 08 2017

Weekly Mortgage Applications – 06-02-17

  • 30 Year Mortgage Rate decreased to 3.89% compared to 3.94% last week. The 30 year rock bottom rate touched in last 10 years is 3.67%
  • 15 Year Mortgage Rate decreased to 3.16% compared to 3.19% last week. The 15 year rock bottom rate touched in last 10 years is 2.94%
  • 5/1 Adjustable Rate Mortgage Rate is at 3.11% since last week. The 5 year rock bottom rate touched in last 10 years is 2.74%
  • Rates are still low. Purchase or Refinance before rates move up further
  • Mortgage applications increased 7.1 percent for the week ended June 02, 2017
  • Mortgage apps move in the inverse direction of rates
  • Rates are at their lowest levels in the last seven months, so apply for mortgage now
  • Share your comments on our Facebook page!
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“Be stubborn about your goals, and flexible about your methods.”

– Anonymous

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HOUSING AND ECONOMIC DATA

US Homes Report – March 2017

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  • Northeast had the highest averages in Existing Home Sales at 47.4% increase and Midwest had a 6.6% percent increase in Existing Home Prices in March 2017
  • Existing home sales Months Supply was at 3.8 months supply reflecting 0% increase from  month ago. Existing home sales Housing inventory increased to 1,830,000 units reflecting a 5.8% 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 30th of March is 4.14% for 30 yr, 3.39% for 15  yr, 3.18% for 5 yr and Mortgage Applications decreased by 1.6% for the week ending March 31, 2017
  • New privately owned housing units increased to 1,203,000 in March 2017 reflecting a 6.6% increase from year ago. New one family houses sold in US increased to 621,000 units with 15.6% increase from year ago and Mean Sales Price of Existing Homes is at $278,500 with 3.3% change from month ago
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Freddie Mac Mortgage Rate Trend Actuals Vs Forecasts – March 2017

Freddie Mac 1-4 Family Mortgage Origination – Conventional – FHA and VA – Actual and Forecasts – March 2017

  • 30 year Fixed Mortgage Rate decreased to 3.7% in 2016 compared to 3.9% last 2015. Forecast for 1st quarter of 2017 is 4.2% and will increase to 4.5% in 4th quarter of 2017. Forecast for 1st quarter of 2018 is 4.7% and will increase to 4.8% in 4th quarter of 2018
  • 10 year Const. Mat. Treas Rate decreased to 1.9% in 2016 compared to 2.2% last 2015. Forecast for 1st quarter of 2017 will be 2.5% and will increase to 2.7% in last quarter of 2017. Forecast for 1st quarter of 2018 will be 2.9% and will increase to 3.0% in last quarter of 2018
  • 5/1 year Hybrid Treas Indexed ARM Rate is 2.9% 2016. Forecast for 1st quarter of 2017 will increase be 3.4% and will increase to 3.8% in last quarter of 2017. Forecast for 1st quarter of 2018 will increase be 3.9% and will increase to 4.2% in last quarter of 2018
  • Share your comments on our Facebook page
  • Mortgage origination Conventional loans is at $1,344 Bn in 2015. Forecast for 1st quarter of 2016 is $295 Bn and will increase to $458 Bn in last quarter of 2016. Forecast for 1st quarter of 2017 is $238 Bn and will increase to $251 Bn in last quarter of 2017. Forecast for 1st quarter of 2018 is $214 Bn and will increase to $274 Bn in last quarter of 2018
  • Mortgage origination for FHA and VA decreased to $132 Bn in 4th quarter of 2016 compared to $134 Bn in the 3rd quarter. Forecast for 1st quarter of 2017 will be $97 Bn and last quarter of 2017 will be $84 Bn. Forecast for 1st quarter of 2018 will be $71 Bn and last quarter of 2018 will be $91 Bn
  • Mortgage origination Total increased to $1,750 Bn in 2015.  Forecast for 1st quarter of 2016 is $390 Bn and  upto $590 Bn in the last quarter. Forecase for 2017 will range from $335 Bn to $443 Bn for each quarter.  Forecast for 1st quarter of 2018 will be $285 Bn and last quarter of 2018 will be $365 Bn
  • Share your comments on our Facebook page!
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“Arriving at one goal is the starting point to another”

– 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 $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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5% – 10% Down Loan

Jumbo Loan

  • 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
  • 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

“Don’t wait until you’ve reached your goal to be proud of yourself. Be proud of every step you take toward reaching that goal.”

– Anonymous

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WEEKLY NEWS UPDATE!

Mortgage applications jump 7.1% as lowest rates since election send homebuyers rushing to lock in

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As capital dwindles, trouble looms for Fannie Mae and Freddie Mac

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Freddie Mac: Increasing uncertainty pushes mortgage rates lower

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Low Unemployment Is Not Economically Dangerous

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“The goal is to die with memories, not dreams.”

– 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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