Weekly Newsletter – 04-27-18

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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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“We know what we are, but know not what we may be”

– William Shakespeare

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WEEKLY MORTGAGE RATES AND LOAN APPLICATIONS

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Weekly Mortgage Watch – April 26, 2018

Weekly Mortgage Applications – 04-25-2018

  • 30 Year Mortgage Rate increased to 4.58% compared to 4.47% last week. The 30 year rock bottom rate touched in last 10 years is 3.40%

  • 15 Year Mortgage Rate increased to 4.02% compared to 3.94% last week. The 15 year rock bottom rate touched in last 10 years is 2.61%

  • 5/1 Adjustable Rate Mortgage Rate increased to 3.74% compared to 3.67% last week. The 5 year rock bottom rate touched in last 10 years is 2.58%

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

  • Mortgage applications decreased by 0.2% for the week ended April 25, 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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“Everything you’ve ever wanted is on the other side of fear.”

– Anonymous

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HOUSING AND ECONOMIC DATA

Economic Indicators – January 2018

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  • Homeownership Rate for US is 63.9% in January 2017. US Leading Index is at 1.57% in January 2018 reflecting a 0.6% increase compared to last year and California Leading Index is at 2.52% in January 2018 reflecting a 11.0% increase from year ago

  • Major Currencies decreased to 99.340 reflecting a 8.2% decrease from year ago. Gold Fixing Prince increase to 1,331.666 reflecting 11.7% increase from year ago. Crude Oil prices increased to 69.18 Dollars in January 2018 reflecting a 26.8% increase from year ago. Federal Deficit was at  -3.43141% in January 2017 reflecting a 9.3% increase from year ago. Total Vehicles sales is 17.5 Million in January 2018 reflecting a 1.1% decrease from year ago

  • Mortgage backed securities for all maturities is $1,766,401 Mn in January 2018 reflecting a 1.3% increase from year ago

  • Real Gross Domestic Product has increased to 17286.497 Bn Dollars with 2.6% increase from year ago. Federal Debt has decreased to 103.73920 percent of the GDP with 1.8% decrease from year ago

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Fannie Mae Housing Survey – February 2018

Bay Area County Homes Sales Report – February 2018

  • Average Home Price Change Expectation in next 12 months is 3.3% and the Average 12 Month Rental Price Change Expectation is 4.4%

  • Home Prices will go up in the next 12 months based on 52% 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 62% responses

  • 57% of respondents say it is a good time to buy and 63% says it is a good time to sell. 57% says it is easy to get a mortgage today, 66% would rather buy than rent and 53% says that the economy is on the right track

  • There are 14% of respondents who are concerned about losing their job over next 12 months. 26% of respondents says that their income will be higher and 49% say their financial situation will get better over the next 12 months

  • Average Bay Area county selling price for counties analysed was $1,199,489 in February 2018. Santa Clara County led with the highest average selling price at $2,166,636, followed by San Mateo County at $1,840,732, Monterey County at $942,698, Alameda county at $886,960, Contra Costa County at $827,999 , Santa Cruz County at $663,198 and San Benito county at $459,652

  • Total Average Days on Market in Bay Area counties analysed was 64 days. 149 for San Benito County, 91 for Monterey, 78 for Santa Cruz County, 58 for San Mateo County, 58 for Contra Costa, 52 for Santa Clara County and 47 for Alameda County

  • Bay Area counties analyzed had Listings Sold of 2,734 in February 2018. Santa Clara County had the highest at 749, followed by  Alameda County at 676, Contra Costa County at 673, San Mateo County at 296, Monterey County at 178, Santa Cruz County at 117 and San Benito County at 36

  • Sales Price to List price in February 2018 is at 104.41. Santa Clara County is at 109.37%, Alameda County at 108.66%, San Mateo County at 107.61%, Contra Costa County at 102.48%, Santa Cruz at 100.43%, San Benito County at 98.53% and Monterey County at 98.06%

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“You should never regret anything in life. It it’s good, it’s wonderful. If it’s bad, it’s experience.”

– Anonymous

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FEATURED LOAN PROGRAM

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1 Year Tax Verification

  • Easy 1 year income verification for Self Employed borrowers. First loan up to $636,150.Second Loan upto $350,000.

  • Combined 90% financing without MI. Family members can co-sign for borrower. Co Signor need not occupy home. Co signor not allowed on second loan.

  • Subject to automated underwriting only. Borrower needs to be self-employed for 5 years+

  • *Second loan not directly offered by Shining Star Funding

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True Grant

5% – 10% Down Loan

  • 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.

  • 5% Down Loan up to $636,150.

  • 10% Down Loans up to $986,650. First loan of $636,150 and Second up to $350,000

  • 1 year  tax return program. Get a mortgage by providing not two, but one year’s federal income tax returns!

  • 80/10/10 LOANS WITH NO MI. Conventional Loans. First of 80% up to Conventional Loan Limits. Second (HELOC) of 10%. Not directly offered by Shining Star Funding. Both loans close simultaneously

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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

“The strongest people are not those who show strength in front of us but those who win battles we know nothing about.”

– 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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Are Rising Mortgage Rates a Threat to U.S. Housing?

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The single-family house: An American icon faces an uncertain future

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“Success is a journey, not a destination”

– 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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