Weekly Newsletter – 03-23-18

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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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“The purpose of a business is to create a customer who creates customers.”

– Shiv Singh

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WEEKLY MORTGAGE RATES AND LOAN APPLICATIONS

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Weekly Mortgage Watch – March 22, 2018

Weekly Mortgage Applications – 03-21-2018

  • 30 Year Mortgage Rate increased to 4.45% compared to 4.44% last week. The 30 year rock bottom rate touched in last 10 years is 3.54%

  • 15 Year Mortgage Rate increased to 3.91% compared to 3.90% last week. The 15 year rock bottom rate touched in last 10 years is 2.72%

  • 5/1 Adjustable Rate Mortgage Rate increased to 3.68% compared to 3.67% 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 decreased by 1.1% for the week ended March 21, 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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“Anyone who stops learning is old wherther at 20 or 80. Anyone who keeps learning stays young.”

– Henry Ford

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HOUSING AND ECONOMIC DATA

US Homes Prices Report – December 2017

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  • Median Sales Price of Existing Homes in US decreased to $246,800 with a 0.2% decrease from month ago

  • Median Sales Price in West decreased to $367,400 with a 1.7% decrease in December 2017 compared to last month

  • Midwest median sales price decreased to $191,400 with a 1.4% decrease compared to last month and South is at $221,200 reflecting a 2.2% increase from month ago

  • Northeast median sales price has decreased to $261,400 reflecting a 4.5% decrease from month ago

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Housing Starts – December 2017

US Homes Report – December 2017

  • New privately owned housing unit starts increased to 200,000 units with 7.0% percent change from year ago  in Q4 of 2017

  • Housing Starts:2-4 Units is at 3,000 units in December 2017 with a 72.7% decrease from year ago. Housing Starts Total: New Privately Owned housing units starts increased to 1,209,000 units with a 4.7% decrease in December 2017 from year ago

  • Privately Owned Housing Starts 1 Unit Structures increased to 846,000 units with a 4.7% increase from year ago

  • Privately Owned Housing Starts 5 Unit Structures or More decreased to 360,000 units with a 19.8% decrease from year ago

  • Midwest had the least averages in Existing Home Sales at 6.3% decrease and had a 1.4% percent decrease in Existing Home Prices in December 2017

  • Existing home sales Months Supply was at 3.2 months supply reflecting 8.6% decrease from  month ago. Existing home sales Housing inventory decreased to 1,460,000 units reflecting a 12.6% decrease from month ago

  • SFR Delinquency Rate this 3rd Quarter of 2017 is at 3.62% reflecting a 17.0% decrease from year ago, Mortgage Rate Reading for 29th of December is 4.32% for 30 yr, 3.55% for 15  yr, 3.30% for 5 yr and Mortgage Applications increased by 0.7% for the week ending January 03, 2017

  • New privately owned housing units decreased to 1,209,000 in December 2017 reflecting a 4.7% decrease from year ago. New one family houses sold in US increased to 625,000 units with 14.1% increase from year ago and Mean Sales Price of Existing Homes decreased to $288,300 with 0.4% decrease from month ago

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“Make the customer’s problem your problem.”

– Shep Hyken

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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

“What good is an idea if it remains an idea? Try. Experiment. Iterate. Fail. Try again. Change the world.”

– Simon Sinek

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WEEKLY NEWS UPDATE!

A surprise from the Fed this week could trigger a market tantrum, says market watcher

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‘That’s the game’: Tax planners look for loopholes amid uncertainty over new law

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Dollar finds support after economic data

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Government spending fight: What will be in the bill?

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“Keep your face always toward the sunshine – and shadows will fall behind you”

– Walt Whitman

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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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