Weekly Newsletter – 06-15-18

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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. Borrower needs to occupy home per program guides to seek waiver.

  • Available for Conventional and FHA loans; 640+ Credit Score Needed

  • Maximum Debt to Income; FHA 45%; Conventional up to 50%

  • Grant FHA up to 4% (640+ credit score up to 3%, 660+ score up to 4%) Conventional up to 5%

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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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WEEKLY MORTGAGE RATES AND LOAN APPLICATIONS

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Weekly Mortgage Watch – June 14, 2018

Weekly Mortgage Applications – 06-13-2018

  • 30 Year Mortgage Rate increased to 4.62% compared to 4.54% last week. The 30 year rock bottom rate touched in last 10 years is 3.71%

  • 15 Year Mortgage Rate increased to 4.07% compared to 4.01% last week. The 15 year rock bottom rate touched in last 10 years is 2.98%

  • 5/1 Adjustable Rate Mortgage Rate increased to 3.83% compared to 3.74% last week. The 5 year rock bottom rate touched in last 10 years is 2.79%

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

  • Mortgage applications decreased by 1.5% for the week ended June 13, 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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“Probable impossibilities are to be preferred to improbable possibilities.”

– Aristotle

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HOUSING AND ECONOMIC DATA

Freddie Mac 1-4 Family Mortgage Origination – Conventional – FHA and VA – Actual and Forecasts – March 2018

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  • Mortgage origination Conventional loans forecast for 1st quarter of 2017 is $290 Bn and will increase to $377 Bn in last quarter of 2017. Forecast for 1st quarter of 2018 is $250 Bn and will decrease to $334 Bn in last quarter of 2018. Forecast for 1st quarter of 2019 is $331 Bn and will decrease to $327 Bn in last quarter of 2019

  • Mortgage origination for FHA and VA decreased to $101 Bn in 4th quarter of 2017 compared to $112 Bn in the 2nd quarter of 2017. Forecast for 1st quarter of 2018 will be $75 Bn and last quarter of 2018 will be $106 Bn. Forecast for 1st quarter of 2019 will be $99 Bn and last quarter of 2018 will be $97 Bn

  • Mortgage origination Total forecast for 1st quarter of 2017 is $397 Bn and will increase to $478 Bn in last quarter of 2017. Forecast for 1st quarter of 2018 is $325 Bn and will increase to $440 Bn in last quarter of 2018. Forecast for 1st quarter of 2018 is $430 Bn and will increase to $424 Bn in last quarter of 2018

  • Share your comments on our Facebook page!

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Freddie Mac Percentages – ARM – Refinancing Applications and Origination – Refinancing Debt – Actual Vs Forecast – March 2018

Home Price Index – 4th Quarter 2017

  • Refinancing Share Origination forecast for 1st quarter of 2017 is at 46% and will be 36% by the last quarter of 2017. Forecast for 2018 will be 35% in the 1st quarter and 23% in the last quarter. Forecast for 2019 will be 24% in the 1st quarter and 21% in the last quarter

  • Change in Residential Mortgage Debt is 4.1% in 3rd quarter of 2017. Forecast will increase to 4.3% in the last quarter. Forecast for 2018 will be 4.4% and will increase to 4.8% in the last quarter. Forecast for 2019 will be 5.0% and will increase to 5.5% in the last quarter

  • Share your comments on our Facebook

  • Home Price Index in California increased to 8.2% in 4th Quarter of 2017. Los Angeles MSA led the Price Index at 8.4% followed by San Diego MSA at 8.1%, San Francisco MSA at 7.2% and Oxnard MSA at 6.4%

  • In Central Valley, Merced MSA increased to 10.9%, Stockton increased to 10.2% and Modesto MSA at 9.6% in 4th Quarter of 2017 compared to last year

  • In North Bay Area,Vallejo MSA leads the HPI at 10.1% followed by Santa Rosa MSA at 9.4% and Napa MSA at 6.9%. In their local area Visalia MSA also leads the HPI at 8.4% followed by San Luis Obispo MSA at 6.94% and Santa Barbara MSA at 4.5%

  • San Jose MSA increased to 7.8%, Sacramento MSA increased to 10.3% and Riverside MSA to 9.1%. Santa Cruz MSA leads the HPI at 7.5% followed by Salinas MSA at 6.9% .Fresno MSA leads the HPI at 9.0% followed by Bakersfield MSA at 4.2%

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“Keep going. Everything you need will come to you at the perfect time.”

– 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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Remove Mortgage Insurance

Jumbo Loan

  • 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

  • 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

“A rejection is nothing more than a necessary step in the pursuit of success”

– Bo Bennet

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WEEKLY NEWS UPDATE!

Fed lifts rates amid stronger inflation, drops crisis-era guidance

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Wholesale inflation surges in May due to higher oil prices, PPI shows

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Rising mortgage rates, home prices a sign of affordability issues

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The U.S. economy is roaring, but the yield curve is flattening. What gives?

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“Courage doesn’t always roar. Sometimes courage is the little voice at the end of the day that says I’ll try again tomorrow.”

– Mary Anne Radmacher

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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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