Weekly Newsletter – 09-08-17

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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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“Education is the passport to the future, for tomorrow belongs to those who prepare for it today.”

– Malcolm X

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WEEKLY MORTGAGE RATES AND LOAN APPLICATIONS

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Weekly Mortgage Watch – September 07, 2017

Weekly Mortgage Applications – 09-06-17

  • 30 Year Mortgage Rate decreased to 3.78% compared to 3.82% last week. The 30 year rock bottom rate touched in last 10 years is 3.55%
  • 15 Year Mortgage Rate decreased to 3.08% compared to 3.12% last week. The 15 year rock bottom rate touched in last 10 years is 2.86%
  • 5/1 Adjustable Rate Mortgage Rate increased to 3.15% compared to 3.14% 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 increased 3.3 percent for the week ended September 06, 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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“Life’s best lessons seem to be learned at the worst times.”

– Anonymous

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HOUSING AND ECONOMIC DATA

Housing Starts – July 2017

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  • New privately owned housing unit starts increased to 238,000 units with 9.2% percent change from year ago  in Q2 of 2017
  • Housing Starts:2-4 Units is at 12,000 units in July 2017 with a 50% increase from year ago. Housing Starts Total: New Privately Owned housing units starts decreased to 1,155,000 units with a 5.6% decrease in July 2017 from year ago
  • Privately Owned Housing Starts 1 Unit Structures increased to 856,000 units with a 10.9% increase from year ago
  • Privately Owned Housing Starts 5 Unit Structures or More decreased to 287,000 units with a 35.2% decrease from year ago
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US Homes Sales Report – July 2017

US Homes Prices Report – July 2017

  • Number of units of existing home sales for month of July 2017 is at 5,440,000 and is at a 1.3% decrease compared to last month
  • West census region is at 1,260,000 number of units and is at a 5.0% increase for July 2017 compared to last month. Midwest census region for July 2017 is at 1,250,000 number of units , a 5.3% decrease compared to last month
  • South census region of July 2017 is at 2,280,000 number of units and is at a 2.2% increase from month ago
  • Northeast census region of July 2017 is at 70,000 number of units and is 12.5% lower than last month
  • Median Sales Price of Existing Homes in US decreased to $258,300 with a 1.9% decrease from month ago
  • Median Sales Price in West decreased to $373,000 with a 1.6% decrease in June 2017 compared to last month
  • Midwest median sales price decreased to $205,400 with a 2.9% decrease compared to last month and South is at $227,700 reflecting a 1.5% decrease from month ago
  • Northeast median sales price has decreased to $290,000 reflecting a 2.1% decrease from month ago
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“No regrets in life. Just lessons learned.”

– 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

“We met for a reason, either you’re a blessing or a lesson.”

– Anonymous

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WEEKLY NEWS UPDATE!

The US housing market still has a serious hangover

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Fannie Mae, Freddie Mac Announce Mortgage Relief for Homeowners Affected By Harvey

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Mortgage rates fall to fresh 2017 low as Trump trade continues to reverse

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MBA: Refinance applications now make up half of all mortgage applications

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“Let the past go and only hold the lessons learned.”

– 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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