Weekly Newsletter – 04-06-18

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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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“Success is no accident. It is hard work, perseverance, learning, studyung, sacrifice, and most of all, love of what you are doing.”

– Pele

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WEEKLY MORTGAGE RATES AND LOAN APPLICATIONS

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Weekly Mortgage Watch – April 05, 2018

Weekly Mortgage Applications – 04-04-2018

  • 30 Year Mortgage Rate decreased to 4.40% compared to 4.44% last week. The 30 year rock bottom rate touched in last 10 years is 3.54%

  • 15 Year Mortgage Rate decreased to 3.87% compared to 3.90% last week. The 15 year rock bottom rate touched in last 10 years is 2.74%

  • 5/1 Adjustable Rate Mortgage Rate decreased to 3.62% compared to 3.66% last week. The 5 year rock bottom rate touched in last 10 years is 2.65%

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

  • Mortgage applications decreased by 3.3% for the week ended April 04, 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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“People rarely succeed unless they have fun in what they are going.”

– Dale Carnegie

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HOUSING AND ECONOMIC DATA

Economic Indicators – December 2017

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  • 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 1.4% decrease compared to last year and California Leading Index is at 4.15% in November 2017 reflecting a 88.6% increase from year ago

  • Crude Oil prices increased to 62.38 Dollars in November 2017 reflecting a 22.4% increase from year ago. Federal Deficit was at  -3.43384% in January 2016 reflecting a 9.4% increase from year ago. Total Vehicles sales is 18.2 Million in November 2017 reflecting a 1.1% decrease from year ago

  • Mortgage backed securities for all maturities is $1,771,928 Mn in November 2017 reflecting a 1.2% increase from year ago.

  • Real Gross Domestic Product has increased to 17272.468 Bn Dollars with 2.5% 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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Fannie Mae Housing Survey – January 2018

Bay Area County Homes Sales Report – January 2018

  • Average Home Price Change Expectation in next 12 months is 3.7% and the Average 12 Month Rental Price Change Expectation is 4.8%

  • Home Prices will go up in the next 12 months based on 58% responses. Home Rental Prices will go up in the next 12 months based on 59% responses. Mortgage rates will go up in next 12 months based on 55% responses

  • 59% of respondents say it is a good time to buy and 65% says it is a good time to sell. 57% says it is easy to get a mortgage today, 67% would rather buy than rent and 50% says that the economy is on the right track

  • There are 13% of respondents who are concerned about losing their job over next 12 months. 27% of respondents says that their income will be higher and 52% say their financial situation will get better over the next 12 months

  • Average Bay Area county selling price for counties analysed was $1143562 in January 2018. Santa Clara County led with the highest average selling price at $2199650, followed by San Mateo County at $1884715, Alameda county at $850627, Monterey County at $774782, Santa Cruz County at $719071, Contra Costa County at $638998 and San Benito county at $543331

  • Total Average Days on Market in Bay Area counties analysed was 69 days. 106 for San Benito County, 105 for Monterey, 96 for Santa Cruz County, 63 for Contra Costa, 54 for Alameda County, 52 for San Mateo County and Santa Clara County

  • Bay Area counties analyzed had Listings Sold of 2536 in January 2018. Contra Costa County had the highest at 678, followed by Santa Clara County at 634, Alameda County at 632, San Mateo County at 211, Monterey County at 190, Santa Cruz County at 142 and San Benito County at 45

  • Sales Price to List price for San Mateo County i at 104.84%, Contra Costa County at 101.77%, Santa Cruz County at 99.05%, San Benito County 97.75% and Monterey County at 97.5%.

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“Take a simple idea and take it seriously”

– Charlie Munger

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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

“Always be a little kinder than necessary.”

– J.M. Barrie

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WEEKLY NEWS UPDATE!

California gains 35,500 jobs, and unemployment falls to record-low 4.4%

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Good News: The Economy Is Not Dead Yet

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Real estate funds just raised the most cash in a Q1 since 2008

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Fed’s Bullard repeats view that interest rate is close to ‘neutral’

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“Destiny is that which we are drawn towards and fate is that which we run into.”

– Wyatt Earp

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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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