Weekly Newsletter – 03-09-18

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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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“Thinking is good. Over-thinking can end things before they ever get the chance to develop.”

– Anonymous

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WEEKLY MORTGAGE RATES AND LOAN APPLICATIONS

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Weekly Mortgage Watch – March 08, 2018

Weekly Mortgage Applications – 03-07-2018

  • 30 Year Mortgage Rate increased to 4.46% compared to 4.43% last week. The 30 year rock bottom rate touched in last 10 years is 3.52%

  • 15 Year Mortgage Rate increased to 3.94% compared to 3.90% last week. The 15 year rock bottom rate touched in last 10 years is 2.76%

  • 5/1 Adjustable Rate Mortgage Rate increased to 3.63% compared to 3.62% last week. The 5 year rock bottom rate touched in last 10 years is 2.61%

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

  • Mortgage applications increased by 0.3% for the week ended March 07, 2018

  • Mortgage apps move in the inverse direction of rates

  • Rates are still 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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“Help others achieve their dreams and you will achieve yours”

– Les Brown

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HOUSING AND ECONOMIC DATA

Freddie Mac 1-4 Family Mortgage Origination – Conventional – FHA and VA – Actual and Forecasts – November 2017

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  • Mortgage origination Conventional loans forecast for 1st quarter of 2017 is $290 Bn and will increase to $330 Bn in last quarter of 2017. Forecast for 1st quarter of 2018 is $254 Bn and will increase to $312 Bn in last quarter of 2018

  • Mortgage origination for FHA and VA increased to $113 Bn in 3rd quarter of 2017 compared to $106 Bn in the 2nd quarter of 2017. Forecast for last quarter of 2017 will be $98 Bn. Forecast for 1st quarter of 2018 will be $76 Bn and last quarter of 2018 will be $93 Bn

  • Mortgage origination Total forecast for 1st quarter of 2017 is $397 Bn and will increase to $413 Bn in last quarter of 2017. Forecast for 1st quarter of 2018 is $324 Bn and will increase to $402 Bn in last quarter of 2018

  • Share your comments on our Facebook page!

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Freddie Mac Percentages – ARM – Refinancing Applications and Origination – Refinancing Debt – Actual Vs Forecast – November 2017

Bay Area County Homes Sales Report – December 2017

  • Refinancing Share Origination forecast for 1st quarter of 2017 is at 42% and will be 32% by the last quarter of 2017. Forecast for 2018 will be 30% in the 1st quarter and 23% in the last quarter

  • Change in Residential Mortgage Debt is 3.5% in 2nd quarter of 2017. Forecast for 3rd quarter of 2017 will be 4.2% and will increase to 4.3% in the last quarter. Forecast for 2018 will be 4.4% and will increase to 4.9% in the last quarter

  • Share your comments on our Facebook page!

  • Average Bay Area county selling price for counties analysed was $1,121,944 in December 2017. Santa Clara County led with the highest average selling price at $1,985,514, followed by San Mateo County at $1,618,758, Alameda county at $972,735, Santa Cruz County at $876,257, Contra Costa County at $759,686, Monterey County at $759,266 and San Benito county at $495,869

  • Total Average Days on Market in Bay Area counties analysed was 69 days. 107 for Monterey County, 81 for San Benito, 79 for Santa Cruz County, 62 for Contra Costa, 60 for San Mateo County, 57 for Santa Clara County and 55 for Alameda County

  • Bay Area counties analyzed had Listings Sold of 3779 in December 2017. Alameda County had the highest at 1014, followed by Santa Clara County at 974, Contra Costa County at 930, San Mateo County at 388, Monterey County at 223, Santa Cruz County at 192 and San Benito County at 53

  • Total average Sales Price / List Price in Bay Area counties stood at 102.64 in December 2017. Santa Clara County had the highest average Sales Price/ List Price at 107.16% followed by San Mateo County at 106.16%, Alameda County at 104.89%, Contra Costa County at 101.75%, San Benito County at 98.69%, Santa Cruz County 97.41% and Monterey County at 96.77%.

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“The grass is dreener where you water it”

– Neil Barringham

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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

“Money is like gasoline during a road trip. You don’t want to run out of gas on your trip, but you’re not doing a tour of gas stations.”

– Tim O’Reilly

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WEEKLY NEWS UPDATE!

Freddie Mac: 30-year mortgage hits highest point since 2014

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The risk lurking in the US mortgage market

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Mortgage applications stall, along with interest rates

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GSE credit risk transfer programs are a housing reform model

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“You add value to people when you value them”

– John Maxwell

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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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