Weekly Newsletter – 12-01-17

 

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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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“Efficiency is intelligent laziness”

– Anonymous

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WEEKLY MORTGAGE RATES AND LOAN APPLICATIONS

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Weekly Mortgage Watch – November 30, 2017

Weekly Mortgage Applications – 11-29-17

  • 30 Year Mortgage Rate decreased to 3.90% compared to 3.92% last week. The 30 year rock bottom rate touched in last 10 years is 3.32%

  • 15 Year Mortgage Rate increased to 3.30% compared to 3.32% last week. The 15 year rock bottom rate touched in last 10 years is 2.64%

  • 5/1 Adjustable Rate Mortgage Rate increased to 3.32% compared to 3.22% 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 by 3.1% for the week ended November 29, 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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“Start where you are. Use what you have. Do what you can.”

– Arthur Ashe

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HOUSING AND ECONOMIC DATA

Housing Starts – September 2017

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  • New privately owned housing unit starts increased to 230,000 units with 11.7% percent change from year ago  in Q3 of 2017

  • Housing Starts:2-4 Units is at 16,000 units in September 2017 with a 14.3% increase from year ago. Housing Starts Total: New Privately Owned housing units starts increased to 1,135,000 units with a 6.9% increase in September 2017 from year ago

  • Privately Owned Housing Starts 1 Unit Structures increased to 833,000 units with a 6.4% increase from year ago

  • Privately Owned Housing Starts 5 Unit Structures or More increased to 286,000 units with a 7.9% increase from year ago

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US Homes Report – September 2017

Unemployment Rate and Initial Claims – September 2017

  • West had the highest averages in Existing Home Sales at 3.3% increase and South had a 2.6% percent decrease in Existing Home Prices in September 2017

  • Existing home sales Months Supply was at 4.2 months supply reflecting 0% change from  month ago. Existing home sales Housing inventory increased to 1,900,000 units reflecting a 1.6% increase from month ago

  • SFR Delinquency Rate this 2nd Quarter of 2017 is at 3.68% reflecting a 19.8% decrease from year ago, Mortgage Rate Reading for 28th of September is 3.83% for 30 yr, 3.13% for 15  yr, 3.20% for 5 yr and Mortgage Applications decreased by 0.5% for the week ending September 27, 2017

  • New privately owned housing units increased to 1,135,000 in September 2017 reflecting a 6.9% increase from year ago. New one family houses sold in US increased to 667,000 units with 17.0% increase from year ago and Mean Sales Price of Existing Homes decreased to $286,700 with 12.6% decrease from month ago

  • Initial Claim in US is at 273,200 with a 7.1% increase in September 2017 and Initial Claim in California is at 36,967 with a 3.1% decrease in September 2017

  • Unemployment rate in US is at 4.2% with a 14.3% decrease in September 2017 and Unemployment in California is at 5.1% with a 3.8% decrease in September 2017

  • Santa Rosa MSA has the highest decrease of unemployment rate from year ago at 16.4% in September 2017

  • Visalia MSA has the least decrease of unemployment rate from year ago with 3.6% change in September 2017

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“The golden rule for every business man is this: Put yourself in your customer’s place.”

– Orizon Swett Marden

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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

“Innovation is change that unlocks new value.”

– Jamie Notter

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WEEKLY NEWS UPDATE!

Freddie Mac: Mortgage rates increase to 4-month high

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Application volume falls as rates rise to three-month high

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Start to holiday season slows mortgage application activity

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Southern California home prices rose 6.5% in October

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“Many of life’s failure are people who did not realize how close they were to success when they gave up.”

– Thomas Edison

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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]