Weekly Newsletter – 07-06-18

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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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“The only boundaries to what we can achieve is the bandaries to what we believe.”

– Anonymous

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WEEKLY MORTGAGE RATES AND LOAN APPLICATIONS

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Weekly Mortgage Watch – July 05, 2018

Weekly Mortgage Applications – 07-04-2018

  • 30 Year Mortgage Rate decreased to 4.52% compared to 4.55% last week. The 30 year rock bottom rate touched in last 10 years is 3.62%

  • 15 Year Mortgage Rate decreased to 3.99% compared to 4.04% last last week. The 15 year rock bottom rate touched in last 10 years is 2.89%

  • 5/1 Adjustable Rate Mortgage Rate decreased to 3.74% conpared to 3.87% 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 0.5% for the week ended July 04, 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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“Whether it was the best of times, or whether it was the worst of times, it’s how you look at it that will make all the difference.”

– Anonymous

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HOUSING AND ECONOMIC DATA

Housing Starts – April 2018

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  • New privately owned housing unit starts increased to 195,000 units with 7.7% percent change from year ago,  in Q1 of 2018

  • Housing Starts:2-4 Units is at 19,000 units in April 2018 with a 11.8% increase from year ago. Housing Starts Total: New Privately Owned housing units starts increased to 1,287,000 units with a 10.95% increase in April 2018 from year ago

  • Privately Owned Housing Starts 1 Unit Structures increased to 894,000 units with a 7.2% increase from year ago

  • Privately Owned Housing Starts 5 Unit Structures or More increased to 374,000 units with a 19.1% increase from year ago

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US Homes Report – April 2018

Unemployment Rate and Initial Claims – April 2018

  • Northeast had the highest averages in Existing Home Sales at 8.3% increase and midwest had a 5.6% percent increase in Existing Home Prices in April 2018

  • Existing home sales Months Supply was at 4.0 months supply reflecting 14.3% increase from  month ago. Existing home sales Housing inventory increased to 1,800,000 units reflecting a 9.8% increase from month ago

  • SFR Delinquency Rate this 1st Quarter of 2018 is at 3.49% reflecting a 10.7% decrease from year ago, Mortgage Rate Reading for 26th of April is 4.58% for 30 yr, 4.02% for 15  yr, 3.74% for 5 yr and Mortgage Applications increased by 1.1% for the week ending April 25, 2018

  • New privately owned housing units increased to 1,287,000 in April 2018 reflecting a 10.5% increase from year ago. New one family houses sold in US increased to 297,300 units with 1.5% decrease from year ago and Mean Sales Price of Existing Homes increased to $297,300 with 2.6% increase from month ago

  • Initial Claim in US is at 221,500 with a 9.1% decrease in April 2018 and Initial Claim in California is at 41,678 with a 3.2% decrease in April 2018

  • Unemployment rate in US is at 3.9% with a 11.4% decrease in April 2018 and Unemployment in California is at 4.2% with a 16% decrease in April 2018

  • San Francisco MSA has the highest decrease of unemployment rate from year ago at 25% in April 2018

  • Los Angeles MSA has the least decrease of unemployment rate from year ago with 10.9% change in April 2018

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“If you’ve given up on your dreams and you still think about them, there is only one solution: action, it’s never too late. You owe it to yourself.”

– 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

“In our darkest moments, struggles and chaos, we still wield the power of choice.”

– Anonymous

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WEEKLY NEWS UPDATE!

U.S. economic growth revised down to a lackluster 2% in 1st quarter, but GDP surge predicted

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U.S. Inflation Muted in May, Gauge From Central Bank Forum Shows

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Stocks could get rocked in second half, until the Fed stops raising interest rates, says Morgan Stanley

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FOREX-Dollar rises as trade tensions attract safe-haven bids

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“Our greatest challenges in life should be the ones we voluntarily give ourselves to push our bandaries and to reach our full potential”

– 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]