Weekly Newsletter – 08-11-17

 

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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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“Courage doesn’t mean you don’t get afraid. Courage means you don’t let fear stop you.”

– Anonymous

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WEEKLY MORTGAGE RATES AND LOAN APPLICATIONS

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Weekly Mortgage Watch – August 10 2017

Weekly Mortgage Applications – 08-04-17

  • 30 Year Mortgage Rate decreased to 3.90% compared to 3.93% last week. The 30 year rock bottom rate touched in last 10 years is 3.59%
  • 15 Year Mortgage Rate is at 3.18% since last week. The 15 year rock bottom rate touched in last 10 years is 2.84%
  • 5/1 Adjustable Rate Mortgage Rate decreased to 3.14% compared to 3.15% last week. The 5 year rock bottom rate touched in last 10 years is 2.77%
  • Rates are still low. Purchase or Refinance before rates move up further
  • Mortgage applications increased 3.0 percent for the week ended August 04, 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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“May your choices reflect your hopes, not your fears”

– Nelson Mandela

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HOUSING AND ECONOMIC DATA

Unemployment Rate and Initial Claims – May 2017

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  • Initial Claim in US is at 239,750 with a 12.7% decrease in May 2017 and Initial Claim in California is at 40,373 with a 5.2% decrease in May 2017
  • Unemployment rate in US is at 4.3% with a 8.5% decrease in May 2017 and Unemployment in California is at 4.7% with a 14.5% decrease in May 2017
  • San Luis Obispo MSA has the highest decrease of unemployment rate from year ago at 18.6% in May 2017
  • Visalia MSA has the least decrease of unemployment rate from year ago with 8.3% change in May 2017
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Payroll and Unemployment – May 2017

Economic Indicators – May 2017

  • Industrial Production Index has increased to 105.0284 in May 2017 reflecting a 2.2% increase from year ago. All Employees Total Non-farm  has increased to 146,182 in May 2017 reflecting a 1.6% increase from year ago
  • Average Initial Claims in United States decreased to 239,750 in May 2017 reflecting a 12.7% decrease from year ago. The Average Initial Claims in California decreased to 40,373 in May 2017 reflecting a 5.2% decrease from year ago
  • San Luis Obispo in California  had the highest drop in Unemployment Rate in May 2017 with 18.6% decrease from year ago. 10 Year Break even Inflation rate increased to 1.84% with 15.7% increase from year ago. The average hourly earning of all employees has increased to 26.21 dollars per hour with 2.4% increase in May 2017
  • Personal consumption expenditures has increased to $13,214 Bn in May 2017 with a 4.2% increase from year ago and Personal savings rate decreased to 5.5% in May 2017 reflecting a 8.3% decrease  from year ago
  • Homeownership Rate for US is 63.4% in January 2016, lowest in last 11 years. US Leading Index is at 1.40% in May 2017 reflecting no increase compared to last year and California Leading Index is at 1.98% in May 2017 reflecting a 3.1% increase from year ago
  • Major Currencies US dollar index has increased in strength to 106.465 in May 2017 reflecting a 4.5% increase from year ago. Gold Fixing Price London Bullion Market Based in US Dollars increased to 1245.005 in May 2017 reflecting a 1.1% decrease from year ago
  • Crude Oil prices increased to 50.26 Dollars in May 2017 reflecting a 7.8% 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 17.0 Million in May 2017 reflecting an 2.9% decrease from year ago
  • Mortgage backed securities for all maturities is $1,773,496 Mn in May 2017 reflecting a 1.5% increase from year ago. Real Gross Domestic Product has increased to 16872.8 Bn Dollars with 2.1% increase from year ago. Federal Debt has increased to 104.30607 percent of the GDP with 1.0% decrease from year ago
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“One of the happiest moments in life is when you find the courage to let go of what you can’t change.”

– Anonymous

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FEATURED LOAN PROGRAM

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Zero Down Loan

  • Down Payment Assistance (DPA) for up to 5%. DPA is a true grant bearing no interest with no repayment required. FICO 640+
  • Owner Occupied homes only. Owner Occupied homes only Not limited to first time homebuyers.
  • Subject to underwriter approval.
  • DPA is only for down payment and closing costs. No cash back allowed.
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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 into 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 $300,000 and up to $2.5Mn
  • Back end ratios to 49.99%. Interest only options
  • 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

“Attract what you expect, reflect what you desire, become what you respect, mirror what you admire.”

– Anonymous

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WEEKLY NEWS UPDATE!

Trump might break mortgage deductions promise: report

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The Markets Are Up, Unemployment Is Down. How Much Credit Should Trump Get?

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Mortgage applications jump 6.3% as borrowers rush to refinance

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Fannie Mae: Home prices surpass housing boom peak

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“It doesn’t matter what others are doing. It matters what you are doing.”

– 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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