Weekly Newsletter – 05-04-18

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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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“Life has many ways of testing a person’t will, either by having nothing happen at all or by having everything happen all at once”

– Paulo Coelho

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WEEKLY MORTGAGE RATES AND LOAN APPLICATIONS

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Weekly Mortgage Watch – May 03, 2018

Weekly Mortgage Applications – 05-02-2018

  • 30 Year Mortgage Rate decreased to 4.55% compared to 4.58% last week. The 30 year rock bottom rate touched in last 10 years is 3.35%

  • 15 Year Mortgage Rate increased to 4.03% compared to 4.02% last week. The 15 year rock bottom rate touched in last 10 years is 2.56%

  • 5/1 Adjustable Rate Mortgage Rate decreased to 3.69% compared to 3.74% last week. The 5 year rock bottom rate touched in last 10 years is 2.56%

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

  • Mortgage applications decreased by 2.5% for the week ended May 02, 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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“Stick with people who pull the magic out of you, not the madness”

– Anonymous

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HOUSING AND ECONOMIC DATA

US Homes Sales Report – February 2018

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  • Number of units of existing home sales for month of February 2018 is at 5,540,000 and is at a 3.0% decrease compared to last month

  • West census region is at 1,270,000 number of units and is at a 11.4% decrease for February 2018 compared to last month. Midwest  region for February 2018 is at 1,220,000 number of units, a 2.4% decrease compared to last month

  • South region for February 2018 is at 2,410,000 number of units and is at a 6.6% decrease from month ago

  • Northeast region for February 2018 is at 36,000 number of units and is 10% lower than last month

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US Homes Prices Report – February 2018

Housing Starts – February 2018

  • Median Sales Price of Existing Homes in US decreased to $240,900 with a 0.0% decrease from month ago

  • Median Sales Price in West increased to $368,400 with a 1.2% increase in February 2018 compared to last month

  • Midwest median sales price decreased to $179,000 with a 4.3% decrease compared to last month and South is at $214,200 reflecting a 2.2% increase from month ago

  • Northeast median sales price has increased to $262,900 reflecting a 2.3% decrease from month ago

  • 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 17,000 units in February 2018 with a 10.5% decrease from year ago. Housing Starts Total: New Privately Owned housing units starts increased to 1,295,000 units with a 0.5% increase in February 2018 from year ago

  • Privately Owned Housing Starts 1 Unit Structures increased to 900,000 units with a 2.6% increase from year ago

  • Privately Owned Housing Starts 5 Unit Structures or More decreased to 378,000 units with a 3.6% decrease from year ago

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“You can’t start the next chapter of your life if you keep re-reding the last one”

– Anonymous

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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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Jumbo Loan

Remove Mortgage Insurance

  • 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

  • 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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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

“Make your life a masterpiece; imagine no limitations on what you can be, have or do.”

– Brian Tracy

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WEEKLY NEWS UPDATE!

Weekly mortgage applications stall as rates make sharp move higher

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Dollar set for best weekly gain since November 2016 on yield bets

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FOREX-Dollar slips from 4-mth high, awaits fresh catalysts after Fed

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Rates Are Rising — And So Are Adjustable Rate Mortgages

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“Let us make our future now, and let us make our dreams tomorrow’s reality.”

– Malala Yousafzai

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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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