Weekly Newsletter – 05-11-18

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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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“Work hard in silence, let your success be your noise.”

– Anonymous

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WEEKLY MORTGAGE RATES AND LOAN APPLICATIONS

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Weekly Mortgage Watch – May 10, 2018

Weekly Mortgage Applications – 05-09-2018

  • 30 Year Mortgage Rate stayed at 4.55%, same since last week. The 30 year rock bottom rate touched in last 10 years is 3.42%

  • 15 Year Mortgage Rate decreased to 4.01% compared to 4.03% last week. The 15 year rock bottom rate touched in last 10 years is 2.61%

  • 5/1 Adjustable Rate Mortgage Rate increased to 3.77% compared to 3.69% 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 0.4% for the week ended May 09, 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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“We don’t gron when things are easy; we grow when we face challenges”

– Anonymous

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HOUSING AND ECONOMIC DATA

US Homes Report – February 2018

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  • West had the highest averages in Existing Home Sales at 11.4% increase and South had a 2.2% percent increase in Existing Home Prices in February 2018

  • Existing home sales Months Supply was at 3.4 months supply reflecting 0% increase from  month ago. Existing home sales Housing inventory increased to 1,580,000 units reflecting a 3.9% 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 4.40% for 30 yr, 3.85% for 15  yr, 3.65% for 5 yr and Mortgage Applications increased by 2.7% for the week ending February 10, 2017

  • New privately owned housing units increased to 1,295,000 in February 2018 reflecting a 0.5% increase from year ago. New one family houses sold in US decreased to 667,000 units with 8.5% increase from year ago and Mean Sales Price of Existing Homes decreased to $280,600 with 0.7% decrease from month ago

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Unemployment Rate and Initial Claims – February 2018

Payroll and Unemployment – February 2018

  • Initial Claim in US is at 223,000 with a 7.9% decrease in February 2018 and Initial Claim in California is at 39,036 with a 16.7% decrease in February 2018

  • Unemployment rate in US is at 4.1% with a 12.8% decrease in February 2018 and Unemployment in California is at 4.3% with a 15.7% decrease in February 2018

  • San Luis Obispo MSA has the highest decrease of unemployment rate from year ago at 25% in February 2018

  • Los Angeles MSA has the least decrease of unemployment rate from year ago with 10.6% change in February 2018

  • Industrial Production Index has increased to 106.6176 in February 2018 reflecting a 4.4% increase from year ago. All Employees Total Non-farm  has increased to 148,125 (in thousands)  in February 2018 reflecting a 1.5% increase from year ago

  • Average Initial Claims in United States decreased to 223,000 in February 2018 reflecting a 7.9% decrease from year ago. The Average Initial Claims in California decreased to 39,036 in February 2018 reflecting a 16.7% decrease from year ago

  • San Luis Obispo in California had the highest drop in Unemployment Rate in February 2018 with 25% decrease from year ago. 10 Year Break even Inflation rate increased to 2.10% with 4.1% increase from year ago. The average hourly earning of all employees has increased to 26.74 dollars per hour with 2.6% increase in February 2018

  • Personal consumption expenditures has increased to $13,762.2 Bn in February 2018 with a 4.5% increase from year ago and Personal savings rate decreased to 3.3% in February 2018 reflecting a 19.5% decrease  from year ago

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“The best way to predict the future is to create it.”

– 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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2 VA Loans

5% – 10% Down Loan

  • No requirement to close your currently outstanding VA loan

  • VA county limits, guidelines and eligibility apply

  • Minimum Fico 620

  • Manual and Automated underwriting OK

  • 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

“I believe success is achieved by ordinary people with extraordinary determination.”

– Zig Ziglar

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WEEKLY NEWS UPDATE!

Higher gas prices could spoil Trump’s tax cuts

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Banks are working to woo new doctors into home mortgages

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The U.S. now has a record 6.6 million job openings

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The ‘ridiculously large’ U.S. economy: Which country does your state measure up to?

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“Plan your work for today and every day, then work on your plan”

– Margaret Thatcher

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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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