Weekly Newsletter – 02-23-18

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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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“Business has only two functions – marketing and innovation.”

– Milan Kundera

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WEEKLY MORTGAGE RATES AND LOAN APPLICATIONS

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Weekly Mortgage Watch – February 22, 2018

Weekly Mortgage Applications – 02-21-2018

  • 30 Year Mortgage Rate increased to 4.40% compared to 4.38% last week. The 30 year rock bottom rate touched in last 10 years is 3.56%

  • 15 Year Mortgage Rate increased to 3.85% compared to 3.84% last week. The 15 year rock bottom rate touched in last 10 years is 2.77%

  • 5/1 Adjustable Rate Mortgage Rate increased to 3.65% compared to 3.63% last week. The 5 year rock bottom rate touched in last 10 years is 2.64%

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

  • Mortgage applications decreased by 6.6% for the week ended February 21, 2018

  • 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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“They call us dreamers but we’re the ones who don’t sleep.”

– Anonymous

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HOUSING AND ECONOMIC DATA

Unemployment Rate and Initial Claims – November 2017

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  • Initial Claim in US is at 242,250 with a 3.0% decrease in November 2017 and Initial Claim in California is at 43,869 with a 4% decrease in November 2017

  • Unemployment rate in US is at 4.1% with a 10.9% decrease in November 2017 and Unemployment in California is at 4.6% with a 13.2% decrease in November 2017

  • San Jose MSA has the highest decrease of unemployment rate from year ago at 27% in November 2017

  • Santa Barbara MSA has the least decrease of unemployment rate from year ago with 9.5% change in November 2017

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Payroll and Unemployment – November 2017

Economic Indicators – November 2017

  • Industrial Production Index has increased to 106.3969 in November 2017 reflecting a 3.4% increase from year ago. All Employees Total Non-farm  has increased to 147,232 in November 2017 reflecting a 1.4% increase from year ago

  • Average Initial Claims in United States decreased to 242,250 in November 2017 reflecting a 3.0% decrease from year ago. The Average Initial Claims in California decreased to 43,869 in November 2017 reflecting a 4.0% decrease from year ago

  • San Jose in California  had the highest drop in Unemployment Rate in November 2017 with 27.0% decrease from year ago. 10 Year Break even Inflation rate increased to 1.86% with 2.2% increase from year ago. The average hourly earning of all employees has increased to 26.54 dollars per hour with 2.4% increase in November 2017

  • Personal consumption expenditures has increased to $13,635.8 Bn in November 2017 with a 4.5% increase from year ago and Personal savings rate decreased to 2.9% in November 2017 reflecting a 21.6% decrease  from year ago

  • Homeownership Rate for US is 63.4% in January 2016, lowest in last 11 years. US Leading Index is at 1.40% in November 2017 reflecting a 18.1% decrease compared to last year and California Leading Index is at 3.67% in November 2017 reflecting a 109.7% increase from year ago

  • Crude Oil prices increased to 62.38 Dollars in November 2017 reflecting a 40.0% increase from year ago. Federal Deficit was at  -3.13915% in January 2016 reflecting a 29.7% increase from year ago. Total Vehicles sales is 17.9 Million in November 2017 reflecting an 0% increase from year ago

  • Mortgage backed securities for all maturities is $1,772,578 Mn in November 2017 reflecting a 1.6% increase from year ago.

  • Real Gross Domestic Product has increased to 17163.894 Bn Dollars with 2.3% increase from year ago. Federal Debt has decreased to 103.81679 percent of the GDP with 0.7% decrease from year ago

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“Learning is a gift, even when pain is your teacher”

– 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

“An hour of pain is as long as a day of pleasure”

– Anonymous

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WEEKLY NEWS UPDATE!

U.S. mortgage rates climb to a nearly 4-year peak

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Homebuilders shrug off higher mortgage rates, stay optimistic on economic boost from tax cuts

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Homebuyers now have something else to be worried about besides the housing shortage

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Mortgage debt surges in fourth quarter

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“Hustle until your haters ask if you’re hiring”

– 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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