Weekly Newsletter – 09-01-17

 

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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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“Never give up. Today is hard, tomorrow will be worse, but the day after tomorrow will be sunshine.”

– Jack Ma

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WEEKLY MORTGAGE RATES AND LOAN APPLICATIONS

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Weekly Mortgage Watch – August 31 2017

Weekly Mortgage Applications – 08-30-17

  • 30 Year Mortgage Rate decreased to 3.82% compared to 3.86% last week. The 30 year rock bottom rate touched in last 10 years is 3.59%
  • 15 Year Mortgage Rate decreased to 3.12% compared to 3.16% last week. The 15 year rock bottom rate touched in last 10 years is 2.86%
  • 5/1 Adjustable Rate Mortgage Rate decreased to 3.14% compared to 3.17% last week. The 5 year rock bottom rate touched in last 10 years is 2.78%
  • Rates are still low. Purchase or Refinance before rates move up further
  • Mortgage applications decreased 2.3 percent for the week ended August 30, 2017
  • Mortgage apps move in the inverse direction of rates
  • Rates are still extremely low, so get your fixed rate loans now.If on a fixed rate ,change to a 15 year loan!
  • Share your comments on our Facebook page!
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“Invest your energy into something that is going to contribute to your growth.”

– Anonymous

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HOUSING AND ECONOMIC DATA

Bay Area County Homes Sales Report – June 2017

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  • Average Bay Area county selling price for counties analysed was $1,135,521 in June 2017. Santa Clara County led with the highest average selling price at $1,857,042, followed by San Mateo County at $1,728,050, Monterey county at $904,321, Alameda county at $901,488, Contra Costa county at $793,396, Santa Cruz county at $732,844 and San Benito county at $614,565
  • Total Average Days on Market in Bay Area counties analysed was 63 days. 108 for Monterey County, 95 for San Benito County, 59 for Santa Cruz county, 57 for San Mateo county, 57 for Contra Costa county, 49 for Alameda county and 47 for Santa Clara County
  • Bay Area counties analyzed had Listings Sold of 5,648 in June 2017. Santa Clara County had the highest at 1,573, followed by Alameda County at 1,512, Contra Costa County at 1,427, San Mateo County at 585, Monterey County at 278, Santa Cruz County at 214 and San Benito County at 51
  • Total average Sales Price / List Price in Bay Area counties stood at 102.84% in June 2017. Alameda County had the highest average Sales Price/ List Price at 106.82% followed by San Mateo County at 105.08%, Santa Clara County at 104.98%, Contra Costa County at 102.34%, Santa Cruz County at 99.73%, Monterey County at 97.46% and San Benito County at 97.16%
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Fannie Mae Housing Survey – July 2017

Consumer Price Index – July 2017

  • Average Home Price Change Expectation in next 12 months is 3.7% and the Average 12 Month Rental Price Change Expectation is 4.9%
  • Home Prices will go up in the next 12 months based on 53% 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 55% responses
  • 57% of respondents say it is a good time to buy and 58% says it’s a good time to sell. 53% says it’s easy to get a mortgage today, 65% would rather buy than rent and 46% says that economy is on the right track
  • There are 12% of respondents who are concerned about losing their job over next 12 months. 27% of respondents says that their income will be higher and 46% says their financial situation will get better over the next 12 months
  • San Francisco MSA leads the Primary House Rent index at 417.307 reflecting a 5.3% increase from year ago followed by Los Angeles at 348.898 reflecting a 5.2% increase from year ago. National index is at 308.173 reflecting a 3.8% increase from year ago
  • CPI for all items in San Francisco is highest at 275.304 with 3.5% increase from year ago compared to Los Angeles at 256.023 with 2.5% increase from year ago and National at 244.048 with a 1.7% increase from year ago
  • San Francisco MSA housing index leads at 324.142 with a 5.5% increase compared to Los Angeles at 288.012 with 3.7% increase and National at 251.870 with 2.8% increase from year ago
  • Share your comments on our Facebook page
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“Great things never came from comfort zones.”

– 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 $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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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 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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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

“When you arise in the morning think of what a privilege it is to be alive, to think, to enjoy, to love.”

– Marcus Aurelius

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WEEKLY NEWS UPDATE!

Existing-home sales tumble to 2017 low as supply crunch bites

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This Is What Your Housing Dollar Will Buy Around The Country

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House flippers triggered the US housing market crash, not poor subprime borrowers

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Bay Area real estate: Home sales drop markedly, and prices keep climbing

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“A year from now you will wish you had started today.”

– 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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