Weekly Newsletter – 12-29-17

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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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“Success usually comes to those who are too busy to be looking for it”

– Henry David Thoreau

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WEEKLY MORTGAGE RATES AND LOAN APPLICATIONS

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Weekly Mortgage Watch – December 28, 2017

Weekly Mortgage Applications – 12-27-18

  • 30 Year Mortgage Rate increased to 3.99% compared to 3.94% last week. The 30 year rock bottom rate touched in last 10 years is 3.35%

  • 15 Year Mortgage Rate increased to 3.44% compared to 3.38% last week. The 15 year rock bottom rate touched in last 10 years is 2.65%

  • 5/1 Adjustable Rate Mortgage Rate increased to 3.47% compared to 3.39% last week. The 5 year rock bottom rate touched in last 10 years is 2.70%

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

  • Mortgage applications data was not captured for the holiday week ending Dec 27th 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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“The value of an idea lies in the using of it”

– Thomas Edison

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HOUSING AND ECONOMIC DATA

Home Price Index – 2nd Quarter 2017

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  • Home Price Index in California increased to 7.9% in 2nd Quarter of 2017. San Diego MSA led the Price Index at 8.6% followed by Los Angeles MSA at 8.3%, San Francisco MSA and Oxnard MSA at 7.1%

  • In Central Valley, Stockton MSA increased to 10.6%, Merced increased to 9.1% and Modesto MSA at 8.6% in 2nd Quarter of 2017 compared to last year

  • In North Bay Area,Vallejo MSA leads the HPI at 9.1% followed by Napa MSA at 8.8% and Santa Rosa MSA at 8.7%. Visalia MSA also leads the HPI at 7.4% followed by San Luis Obispo MSA at 6.9% and Santa Barbara MSA at 5.6%

  • San Jose MSA increased to 5.2%, Sacramento MSA increased at 10.4% and Riverside MSA at 8.2%. Salinas MSA leads the HPI at 9.7% followed by Santa Cruz MSA at 8.7% .Fresno MSA leads the HPI at 8.7% followed by Bakersfield MSA at 5.4%

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Home Price Index Southern California – 2nd Quarter 2017

Home Price Index Northern California – 2nd Quarter 2017

  • Home Price index in US is 399.18 with 6.4% change from year ago in 2nd Quarter of 2017

  • California is at 604.86 with 7.9% from year ago in 2nd Quarter of 2017

  • In Southern California, Los Angeles MSA leads the home price index at 335.36, followed by San Diego MSA at 322.46, San Luis Obispo MSA at 315.46, Oxnard MSA at 296.23, Santa Barbara MSA at 292.00 , Riverside MSA at 273.36 and Visalia MSA at 191.19

  • Los Angeles MSA leads the home price index annual rate at 8.3%. Santa Barbara MSA grew at the slowest rate of 5.6%

  • Home Price index in US is 399.18 with 6.4% change from year ago in 2nd Quarter of 2017

  • California is at 604.86 with 7.9% from year ago in 2nd Quarter of 2017

  • In North California, San Francisco MSA leads at 420.33, followed by San Jose MSA at 397.6, Santa Cruz MSA at 326.29, Napa MSA at 316.43, Santa Rosa  MSA at 304.3, Salinas MSA at 269.1, Sacramento MSA at 257.21, vallejo MSA at 254.92, Modesto MSA at 229.13, Stockton MSA at 228.87, Fresno MSA at 216.9, Merced MSA at  210.02 and Bakersfield MSA at 202.8

  • Stockton MSA had the highest increase from year ago at 10.6% and San Jose MSA had the lowest increase at 5.2%

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“Oppotunities don’t just happen, you create them.”

– 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

“Unless you try to do something beyond what you have already mastered, you will never grow.”

– Ronald E. Osborn

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WEEKLY NEWS UPDATE!

Mortgage rate predictions for 2018: expert opinions

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Fannie Mae: Lenders expect lower profit margins in 2018

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Tax collectors’ phones are ringing. People are lining up. The property tax rush is on.

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What to expect from the real estate market in 2018

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“So take a chance and don’t ever look back.”

– 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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