Weekly Newsletter – 04-20-18

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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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“I am thankful for all those difficult people in my life, they have shown me exactly who I don’t want to be”

– Anonymous

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WEEKLY MORTGAGE RATES AND LOAN APPLICATIONS

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Weekly Mortgage Watch – April 19, 2018

Weekly Mortgage Applications – 04-18-2018

  • 30 Year Mortgage Rate increased to 4.47% compared to 4.42% last week. The 30 year rock bottom rate touched in last 10 years is 3.41%

  • 15 Year Mortgage Rate increased to 3.94% compared to 3.87% last week. The 15 year rock bottom rate touched in last 10 years is 2.64%

  • 5/1 Adjustable Rate Mortgage Rate increased to 3.67% compared to 3.61% last week. The 5 year rock bottom rate touched in last 10 years is 2.60%

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

  • Mortgage applications increased by 4.9% for the week ended April 18, 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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“The onces who are crazy enough to think they can change the world, are the ones who do.”

– Steve Jobs

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HOUSING AND ECONOMIC DATA

US Homes Report – January 2018

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  • Northeast had the least averages in Existing Home Sales at 28.6% decrease and had a 2.7% percent increase in Existing Home Prices in January 2018

  • Existing home sales Months Supply was at 3.4 months supply reflecting 6.3% increase from  month ago. Existing home sales Housing inventory increased to 1,520,000 units reflecting a 4.1% increase from month ago

  • SFR Delinquency Rate this 4th Quarter of 2017 is at 3.54% reflecting a 14.3% decrease from year ago, Mortgage Rate Reading for 26th of January is 4.19% for 30 yr, 3.40% for 15  yr, 3.20% for 5 yr and Mortgage Applications decreased by 3.7% for the week ending February 10, 2017

  • New privately owned housing units increased to 1,326,000 in January 2018 reflecting a 7.3% increase from year ago. New one family houses sold in US decreased to 593,000 units with 1.0% decrease from year ago and Mean Sales Price of Existing Homes decreased to $282,100 with 2.2% decrease from month ago

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Unemployment Rate and Initial Claims – January 2018

Payroll and Unemployment – January 2018

  • Initial Claim in US is at 234,000 with a 5.5% decrease in January 2018 and Initial Claim in California is at 51,766 with a 6.2% decrease in January 2018

  • Unemployment rate in US is at 4.1% with a 14.6% decrease in January 2018 and Unemployment in California is at 4.4% with a 15.4% decrease in January 2018

  • Santa Cruz MSA has the highest decrease of unemployment rate from year ago at 31.8% in January 2018

  • Santa Barbara MSA has the least decrease of unemployment rate from year ago with 9.5% change in January 2018

  • Industrial Production Index has increased to 105.5132 in January 2018 reflecting a 2.9% increase from year ago. All Employees Total Non-farm  has increased to 147,864 in January 2018 reflecting a 1.5% increase from year ago

  • Average Initial Claims in United States decreased to 234,600 in January 2018 reflecting a 5.5% decrease from year ago. The Average Initial Claims in California decreased to 51,766 in January 2018 reflecting a 6.2% decrease from year ago

  • Santa Cruz in California had the highest drop in Unemployment Rate in January 2018 with 31.8% decrease from year ago. 10 Year Break even Inflation rate decreased to 2.04% with 1.6% increase from year ago. The average hourly earning of all employees has increased to 26.71 dollars per hour with 2.8% increase in January 2018

  • Personal consumption expenditures has increased to $13,749.3 Bn in January 2018 with a 4.5% increase from year ago and Personal savings rate decreased to 3.2% in January 2018 reflecting a 13.5% decrease  from year ago

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“It’s not about being the best, It’s aboyt being better than you were yesterday”

– Anonymous

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FEATURED LOAN PROGRAM

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Remove Mortgage Insurance

  • 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

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Zero Down Loan

Jumbo 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.

  • 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

“Positivity is the key”

– Anonymous

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WEEKLY NEWS UPDATE!

Home prices just took the biggest jump in four years

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Why the Trump tax cuts are flopping

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Mortgage rates hit their highest point since last month in a ‘threatening’ move

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Global Economy: Is it just a cold, or something more serious?

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“A simple hello could lead to a million things.”

– 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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