Weekly Newsletter – 10-06-17

 

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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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“Maturity is not measured by age. It’s an attitude built by experience.”

– Anonymous

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WEEKLY MORTGAGE RATES AND LOAN APPLICATIONS

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Weekly Mortgage Watch – October 05, 2017

Weekly Mortgage Applications – 10-04-17

  • 30 Year Mortgage Rate increased to 3.85% compared to 3.83% last week. The 30 year rock bottom rate touched in last 10 years is 3.36%

  • 15 Year Mortgage Rate increased at 3.15% compared to 3.13% last week. The 15 year rock bottom rate touched in last 10 years is 2.69%

  • 5/1 Adjustable Rate Mortgage Rate decreased to 3.18% compared to 3.20% last week. The 5 year rock bottom rate touched in last 10 years is 2.72%

  • Rates are still low. Purchase or Refinance before rates move up further

  • Mortgage applications decreased 0.4 percent for the week ended October 04, 2017

  • Mortgage apps move in the inverse direction of rates

  • Rates are still extremely low, so get your fixed rate loans now.If already on a fixed  30 year rate, change to a 15 year fixed loan and cut your term!

  • Share your comments on our Facebook page!

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“An attitude of gratitude brings great things.”

– Yogi Bhajan

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HOUSING AND ECONOMIC DATA

Economic Indicators – July 2017

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  • Homeownership Rate for US is 63.4% in January 2016, lowest in last 11 years. US Leading Index is at 1.22% in July 2017 reflecting a 10.3% decrease compared to last year and California Leading Index is at 1.31% in July 2017 reflecting a 37.6% decrease from year ago

  • Major Currencies US dollar index has decreased in strength to 102.274 in July 2017 reflecting a 1.0% decrease from year ago. Gold Fixing Price London Bullion Market Based in US Dollars decreased to 1236.221 in July 2017 reflecting a 7.6% decrease from year ago

  • Crude Oil prices increased to 48.30 Dollars in July 2017 reflecting a 6.7% increase from year ago. Federal Deficit was at  -3.13915% in January 2016 reflecting a 29.7% increase from year ago. Total Vehicles sales decreased to 17.1 Million in July 2017 reflecting an 5.5% decrease from year ago

  • Mortgage backed securities for all maturities is $1,772,239 Mn in July 2017 reflecting a 1.5% increase from year ago. Real Gross Domestic Product has increased to 17030.0 Bn Dollars with 2.2% increase from year ago. Federal Debt has decreased to 104.13859 percent of the GDP with 0.9% decrease from year ago

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Fannie Mae Housing Survey – August 2017

Bay Area County Homes Sales Report – August 2017

  • Average Home Price Change Expectation in next 12 months is 3.3% and the Average 12 Month Rental Price Change Expectation is 4.6%

  • Home Prices will go up in the next 12 months based on 54% responses. Home Rental Prices will go up in the next 12 months based on 60% responses. Mortgage rates will go up in next 12 months based on 51% responses

  • 55% of respondents say it is a good time to buy and 62% says it’s a good time to sell. 55% says it’s easy to get a mortgage today, 66% would rather buy than rent and 49% says that economy is on the right track

  • There are 13% of respondents who are concerned about losing their job over next 12 months. 26% of respondents says that their income will be higher and 47% says their financial situation will get better over the next 12 months

  • Average Bay Area county selling price for counties analysed was $1044991 in August 2017. Santa Clara County led with the highest average selling price at $1870949, followed by San Mateo County at $1569410, Alameda county at $919758, Santa Cruz county at $756837, Contra Costa county at $688762, Monterey county at $635822 and San Benito county at $611870

  • Total Average Days on Market in Bay Area counties analysed was 62 days. 97 for Monterey County, 71 for Santa Cruz County, 59 for Contra Costa county, 54 for Santa Clara county, 53 for San Mateo county, 51 for San Benito county and 48 for Alameda County

  • Bay Area counties analyzed had Listings Sold of 5326 in August 2017. Alameda County had the highest at 1461, followed by Santa Clara County at 1458, Contra Costa County at 1317, San Mateo County at 521, Monterey County at 269, Santa Cruz County at 228 and San Benito County at 66

  • Total average Sales Price / List Price in Bay Area counties stood at 103.16% in August 2017. Alameda County had the highest average Sales Price/ List Price at 105.94% followed by Santa clara County at 105.05%, Contra Costa County at 102.48%, San Benito County at 99.75%, Santa Cruz County at 98.79% and Monterey County at 97.92%

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“If you spent less time complaining about your life, you’d possibly enjoy it more.”

– 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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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

“Be thankful for all the rude, obnoxious, and difficult people you meet in life too. They serve as important reminders of how NOT to be.”

– Marcandangel

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WEEKLY NEWS UPDATE!

MBA: Mortgage applications post little movement

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Governor Signs ’15 Good Bills’ Aimed at California’s Housing Crisis

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Mortgage rates, applications stall as housing market stumbles

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How Trump’s Tax Plan Could Upend the Housing Market

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“Character is how you treat those who can do nothing for you.”

– Ramandeep Singh

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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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