Weekly Newsletter – 06-29-18

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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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“If you work just for money, you’ll never make it, but if you love what you’re doing and you always put the customer first, success with be yours.”

– Ray Kroc

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WEEKLY MORTGAGE RATES AND LOAN APPLICATIONS

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Weekly Mortgage Watch – June 28, 2018

Weekly Mortgage Applications – 06-27-2018

  • 30 Year Mortgage Rate decreased to 4.55% compared to 4.57% last week. The 30 year rock bottom rate touched in last 10 years is 3.66%

  • 15 Year Mortgage Rate is at 4.04% since last week. The 15 year rock bottom rate touched in last 10 years is 2.94%

  • 5/1 Adjustable Rate Mortgage Rate increased to 3.87% conpared to 3.83% 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 4.9% for the week ended June 27, 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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“Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time.”

– Thomas Edison

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HOUSING AND ECONOMIC DATA

Fannie Mae Housing Survey – April 2018

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  • Average Home Price Change Expectation in next 12 months is 3.9% and the Average 12 Month Rental Price Change Expectation is 5.7%

  • Home Prices will go up in the next 12 months based on 55% responses. Home Rental Prices will go up in the next 12 months based on 61% responses. Mortgage rates will go up in next 12 months based on 54% responses

  • 61% of respondents say it is a good time to buy and 68% says it is a good time to sell. 54% says it is easy to get a mortgage today, 66% would rather buy than rent and 51% says that the economy is on the right track

  • There are 12% of respondents who are concerned about losing their job over next 12 months. 28% of respondents says that their income will be higher and 54% say their financial situation will get better over the next 12 months

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US Homes Sales Report – April 2018

US Homes Prices Report – April 2018

  • Number of units of existing home sales for month of April 2018 is at 5,460,000 and is at a 2.5% decrease compared to last month

  • West census region is at 1,190,000 number of units and is at a 3.3% decrease for April 2018 compared to last month. Midwest  region for April 2018 is at 1,290,000 number of units, a 0% change compared to last month

  • South region for April 2018 is at 2,330,000 number of units and is at a 2.9% decrease from month ago

  • Northeast region for April 2018 is at 52,000 number of units and is 8.3% higher than last month

  • Median Sales Price of Existing Homes in US decreased to $257,900 with a 3.2% increase from month ago

  • Median Sales Price in West increased to $382,100 with a 1.1% increase in April 2018 compared to last month

  • Midwest median sales price decreased to $202,100 with a 5.6% decrease compared to last month and South is at $227,600 reflecting a 2.3% increase from month ago

  • Northeast median sales price has increased to $275,200 reflecting a 1.7% increase from month ago

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“You owe it to yourself to take a chance on you.”

– 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 $679,650. Second loan up to $350,000 – $500,000*

  • Combined up to 90% financing without MI. Family Members can cosign 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 $679,650.

  • 10% Down Loans up to $1,029,650. First loan of $679,650 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

“A happy day doesn’t need to be a perfect day.”

– Anonymous

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WEEKLY NEWS UPDATE!

Despite Dip, Mortgage Rates Move Above 5% For Many Americans

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Robust U.S. economy not speeding up, but it’s not slowing down either, leading indicators show

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The Fed’s effort to control the rise of its key interest rate is running into some problems

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Trump’s Trade War Sets Bigger Booby Trap for U.S. Economy

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“Success is not the absence of challenges. It is the ability to deal with them.”

– 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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