Weekly Newsletter – 08-04-17

 

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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 640 ; Conventional 640
  • Maximum Debt to Income 45%. Subject to Underwriter approval.
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“Happiness us not pleasure, it is victory”

– Zig Ziglar

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WEEKLY MORTGAGE RATES AND LOAN APPLICATIONS

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Weekly Mortgage Watch – August 03 2017

Weekly Mortgage Applications – 07-28-17

  • 30 Year Mortgage Rate increased to 3.93% compared to 3.92% last week. The 30 year rock bottom rate touched in last 10 years is 3.55%
  • 15 Year Mortgage Rate  decreased to 3.18% compared to 3.20% last week. The 15 year rock bottom rate touched in last 10 years is 2.83%
  • 5/1 Adjustable Rate Mortgage Rate decreased to 3.15% compared to 3.18% last week. The 5 year rock bottom rate touched in last 10 years is 2.75%
  • Rates are still low. Purchase or Refinance before rates move up further
  • Mortgage applications decreased 2.8 percent for the week ended July 28, 2017
  • Mortgage apps move in the inverse direction of rates
  • Rates are still extremely low, so get your fixed rate loans now
  • Share your comments on our Facebook page!
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“Don’t tell people your plans. Show them your results”

– Anonymous

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HOUSING AND ECONOMIC DATA

US Homes Report – May 2017

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  • Northeast had the highest averages in Existing Home Sales at 30.4% increase and Midwest had a 5.5% percent increase in Existing Home Prices in May 2017
  • Existing home sales Months Supply was at 4.2 months supply reflecting 2.4% increase from  month ago. Existing home sales Housing inventory increased to 1,960,000 units reflecting a 2.1% increase from month ago
  • SFR Delinquency Rate this 1st Quarter of 2017 is at 3.93% reflecting a 18.3% decrease from year ago, Mortgage Rate Reading for 25th of May is 3.95% for 30 yr, 3.19% for 15  yr, 3.07% for 5 yr and Mortgage Applications decreased by 3.4% for the week ending May 26, 2017
  • New privately owned housing units decreased to 1,092,000 in May 2017 reflecting a 2.4% decrease from year ago. New one family houses sold in US increased to 610,000 units with 8.9% increase from year ago and Mean Sales Price of Existing Homes is at $294,600 with 2.4% change from month ago
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US Homes Prices Report – May 2017

Housing Starts – May 2017

  • Median Sales Price of Existing Homes in US increased to $252,800 with a 3.2% increase from month ago
  • Median Sales Price in West increased to $368,600 with a 2.5% increase in May 2017 compared to last month
  • Midwest median sales price increased to $203,900 with a 5.5% increase compared to last month and South is at $221,900 reflecting a 1.4% increase from month ago
  • Northeast median sales price has increased to $281,300 reflecting a 5.1% increase from month ago
  • New privately owned housing unit starts increased to 182,000 units with 7.1% percent change from year ago  in Q1 of 2017
  • Housing Starts:2-4 Units is at 14,000 units in May 2017 with a 180% decrease from year ago. Housing Starts Total: New Privately Owned housing units starts decreased to 1,092,000 units with a 2.7% decrease in May 2017 from year ago
  • Privately Owned Housing Starts 1 Unit Structures increased to 794,000 units with a 8.5% increase from year ago
  • Privately Owned Housing Starts 5 Unit Structures or More decreased to 284,000 units with a 25.7% decrease from year ago
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“The secret of change is to focus all of your energy, not on the fighting the old , but on building the new.”

– Socrates

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FEATURED LOAN PROGRAM

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5% – 10% Down Loan

  • 5% Down Loan up to $636,150.
  • 10% Down Loans up to $986,650. First loan of $636,150 and Second up to $350,000
  • 1 year  tax return program. Get a mortgage by providing not two, but one year’s federal income tax returns!
  • 80/10/10 LOANS WITH NO MI. Conventional Loans. First of 80% up to Conventional Loan Limits. Second (HELOC) of 10%. Not directly offered by Shining Star Funding. Both loans close simultaneously
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2 VA Loans

1 Year Tax Verification

  • No requirement to close your currently outstanding VA loan
  • VA county limits, guidelines and eligibility apply
  • Minimum Fico 620
  • Manual and Automated underwriting OK
  • Easy 1 year income verification for Self Employed borrowers
  • First loan up to $636,150.Second Loan upto $350,000.Combined 90% financing without MI
  • Subject to automated underwriting only. Borrower needs to be self-employed for 5 years+
  • *Second loan not directly offered by Shining Star Funding
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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

“Make good use of today”

– Anonymous

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WEEKLY NEWS UPDATE!

An upcoming economic report could shed light on the economy — and drive stocks

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Mortgage risk increases for 7th consecutive month

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The Mortgage Interest Deduction Is Pure Rent Seeking So End It

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U.S. economy speeds up in second quarter, wages continue to lag

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“Be the energy you want to attract”

– 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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