Weekly Newsletter – 05-18-18

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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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“The tallest oak in the forest was once just a little nut that held it’s ground”

– Anonymous

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WEEKLY MORTGAGE RATES AND LOAN APPLICATIONS

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Weekly Mortgage Watch – May 17, 2018

Weekly Mortgage Applications – 05-16-2018

  • 30 Year Mortgage Rate increased to 4.61% compared to 4.55% last week. The 30 year rock bottom rate touched in last 10 years is 3.51%

  • 15 Year Mortgage Rate increased to 4.08% compared to 4.01% last week. The 15 year rock bottom rate touched in last 10 years is 2.69%

  • 5/1 Adjustable Rate Mortgage Rate increased to 3.82% compared to 3.77% last week. The 5 year rock bottom rate touched in last 10 years is 2.62%

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

  • Mortgage applications decreased by 2.7% for the week ended May 16, 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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“Success doesn’t just come and find you, you have to go out and get it.”

– Anonymous

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HOUSING AND ECONOMIC DATA

Economic Indicators – February 2018

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  • Homeownership Rate for US is 63.9% in February 2018. US Leading Index is at 1.52% in February 2018 reflecting a 13.4% increase compared to last year and California Leading Index is at 2.32% in February 2018 reflecting a 14.4% decrease from year ago

  • Major Currencies decreased to 98.724 reflecting a 8.1% decrease from year ago. Gold Fixing Price increase to 1,331.525 reflecting 7.9% increase from year ago. Crude Oil prices increased to 65.44 Dollars in February 2018 reflecting a 19.0% increase from year ago. Federal Deficit was at  -3.43141% in February 2018 reflecting a 9.3% increase from year ago. Total Vehicles sales is 17.5 Million in February 2018 reflecting a 1.1% decrease from year ago

  • Mortgage backed securities for all maturities is $1,765,485 Mn in February 2018 reflecting a 0.6% increase from year ago

  • Real Gross Domestic Product has increased to 17,385.831 Bn Dollars with 2.9% increase from year ago. Federal Debt has decreased to 103.7392 percent of the GDP with 1.8% decrease from year ago

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Fannie Mae Housing Survey – March 2018

Bay Area County Homes Sales Report – March 2018

  • Average Home Price Change Expectation in next 12 months is 3.0% and the Average 12 Month Rental Price Change Expectation is 4.5%

  • Home Prices will go up in the next 12 months based on 51% responses. Home Rental Prices will go up in the next 12 months based on 58% responses. Mortgage rates will go up in next 12 months based on 57% responses

  • 62% of respondents say it is a good time to buy and 66% says it is a good time to sell. 59% says it is easy to get a mortgage today, 70% 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. 28% 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 $1,253,660 in February 2018. Santa Clara County led with the highest average selling price at $2,352,165, followed by San Mateo County at $1,980,345, Alameda county at $953,104, Monterey County at $907,959, Contra Costa County at $779,842 , Santa Cruz County at $722,643 and San Benito county at $606,315

  • Total Average Days on Market in Bay Area counties analysed was 64 days. 109 for Monterey, 101 for San Benito County, 74 for Santa Cruz County, 61 for Santa Clara County, 53 for Contra Costa, 52 for Alameda County and 44 for San Mateo County

  • Bay Area counties analyzed had Listings Sold of 4,352 in February 2018. Santa Clara County had the highest at 1,227, followed by  Contra Costa County at 1,097, Alameda County at 1,089, San Mateo County at 465, Monterey County at 240, Santa Cruz County at 164 and San Benito County at 60

  • Sales Price to List price in February 2018 is at 104.16%. Santa Clara County is at 108.86%, Alameda County at 107.78%, San Mateo County at 107.45%, Contra Costa County at 103.64%, Santa Cruz at 98.28%, San Benito County at 98.25% and Monterey County at 97.55%

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“When you live for a strong purpose, then hard work isn’t an option. It’s a necessity.”

– Steve Pavlina

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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

“Create the life you can’t wait to wake up to”

– Josie Spinardi

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WEEKLY NEWS UPDATE!

When buying a home is—and isn’t—a good investment

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Housing Prices Are Soaring As Shortage Worsens; Here Are 5 Ways To Get More Homes On The Market

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Las Vegas Homebuyers Take A Gamble As Sin City Named The Most Overvalued Housing Market In America

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U.S. Luxury Prices Grow Faster Than Rest of the Market

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“A dream doesn’t become reality through magic; it takes sweat, determination and hard work.”

– Colin Powell

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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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