Some of our Niches!

 

1 year Tax Verification Program – Conventional

     Self Employed,Wage Earners,Retired,Rental Property Owners

Non Occupant Co Signors  for Owner Occupied Homes – Conventional and FHA
80/10/10 Loans with No MI – Conventional
One Loan upto 95% with Lender paid MI – Conventional
Loans upto 10 properties – Conventional
Cash Out 1 day after purchase – Conventional
Condos with less than 51% occupancy – Conventional
Condos with non structural minor litigation – Conventional
Ability to consider future income based on accepted job offers – Conventional
Large gaps in previous employment OK – Conventional and FHA
100% Gift Funds Acceptable for Conventional and FHA
DTI upto 50.99% OK for Conventional and 56.99% for FHA
Bankruptcy seasoning less than 2 years OK for Ch 13 – FHA
Streamlines with No Income and No Appraisal – FHA
Automatic and Manual Underwriting down to 580 Fico.Collections and Chargeoffs may not need to be paid – FHA
Half % down loans with 3 % second  down payment assistance- FHA
Automatic and Manual Underwriting acceptable – VA
2nd VA loan available subject to guidelines
Jumbo options with 10% down 
Upside down loans under HARP Conventional
We can use existing appraisals – FHA and Conventional
Garage Conversion OK – FHA and Conventional
Mixed Use property OK – FHA

 

 

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Short Form : Complete a Short Form and receive a list of items needed to complete the processing of your loan

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Tired of paying Mortgage Insurance (MI) ? Remove MI with our Lender Paid Mortgage Insurance Loan

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SAVE ! The Monthly Mortgage insurance for your Piggy Bank.

  • Single loan to 95% with no mortgage insurance (with lender paid mortgage insurance)
  • 5% equity needed for loans to $417,000   (Purchase or Refinance)
  • 10% equity needed for loans above $417,000 up to $625,500 (Purchase or Refinance)
  • Automated underwriting only

5 Quick Ways to Connect immediately

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Short Form : Complete a Short Form and receive a list of items needed to complete the processing of your loan

Scenario’s to use this loan

  • If you are paying monthly mortgage insurance on your exiting FHA loan or Conventional loan and have more than 5% equity, you may be eligible for lender paid mortgage insurance loan program.
  • If you plan to purchase with 5% down or more, you may be able to avoid monthly mortgage insurance with our lender paid mortgage insurance loan program.
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Mortgage Loan: Easy income verification for Self Employed borrowers

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Mortgage Loan: Easy income verification for Self Employed borrowers

  • 1 year  tax return verification program available
  • Maximum 90% loan up to $625,500
  • 95% loan to $417,000
  • Additional Second loan up to $350,000 *
  • Family Members can cosign for borrower (if borrower not able to qualify with own income) even if co signor will not occupy home.
  • Subject to automated underwriting only.

*Second Loan not directly offered by Shining Star Funding

5 Quick Ways to Connect immediately

 

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Short Form : Complete a Short Form and receive a list of items needed to complete the processing of your loan

 

Scenario’s to use this loan

  • If your income in 2013 taxes was out of line and 2014 income is higher, we can work with just the 2014 tax returns. If you have not filed 2014 taxes we will work just with the 2013 tax returns.
  • If your 2014 tax returns is not sufficient to qualify you for the desired loan amount you can have a family member cosign for you, even though they may not occupy the home. Example Parents can cosign for children, siblings can cosign for their siblings. This help’s borrower qualify with co signor’s income with higher loan amounts.
  • Maximum combined loan amount is 90%.Maximum first loan is $625,500 and maximum second loan is $350000.Example,if a home is for $900,000 we can finance a first up to $625,500 and a second up to $184,500 with a down of $90,000
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VETERANS: You could be eligible for 2 VA Loans!

General Niches

VETERANS: You could be eligible for 2 VA Loans!

  • No requirement to close your currently outstanding VA loan
  • Rent your Current Home and buy another home ZERO Down
  • VA county limits, guidelines and eligibility apply
  • Minimum Fico 620
  • Manual and Automated underwriting OK

5 Quick Ways to Connect immediately

 

Apply Now

Short Form : Complete a Short Form and receive a list of items needed to complete the processing of your loan

Scenario’s to use this loan

  1. You currently own a rental property out of state or in California (financed with a VA Loan) and would now like to buy a primary residence in California with Zero down.
  2. You currently own and occupy a home with a VA loan. Your needs require you to upsize or downsize the home and you would now like to buy a primary residence in California with Zero down.
  3. Your current home with VA loan is upside down. Your needs require you to upsize or downsize the home and you would now like to buy a primary residence in California with Zero down.

Balance VA Entitlement Calculation Examples

 

2015 County VA Loan Limits

ZERO DOWN LOAN= 97% Conventional loan with 3% Chdap silent second

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ZERO DOWN LOAN= 97% Conventional loan with 3% Chdap silent second=100% Loan

  • First is a conventional loan
  • Second is a Chdap down payment assistance loan.
    • Below market rate interest.
    • Interest and principal deferred till first becomes due
    • 2nd loan not considered for qualification.
  • Borrower must meet both conventional and Chdap guidelines
  • Minimum fico 640
  • One unit principal residence only.
  • No manufactured homes
  • First loan is  automated underwriting only
  • Max dti 43%

 

 

5 Quick Ways to Connect immediately

 

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Short Form : Complete a Short Form and receive a list of items needed to complete the processing of your loan

CHDAP 3% Down payment Assistance Program

CHDAP 3% Down payment Assistance Program

CHDAP is short for California Homebuyer’s Down payment Assistance Program .It is a loan program designed to help homebuyers borrow up to a 3% silent second deed at below-market interest when buying a new home in the state of California. Such a loan is meant to be used with other first deed loan programs to cover the down payment and closing costs associated with buying of a home. It is available for eligible borrowers who can show their ability to repay the mortgage loan at a later date enabling borrower’s to use this  program in conjunction with other loan programs to gather up enough capital that can make it possible for them to buy their dream home.

Borrower Requirements

In order to qualify for CHDAP, a borrower must meet a set of minimum requirements. It is important to review these requirements so that you can see if this program is for you.

First of all, you must live in the US as a permanent resident or any other status that allows you to live in this country for an indefinite time period. Secondly, you must be a first-time homebuyer in order to qualify for this loan program. A first-time homebuyer is considered a person who has not owned their own home in the last three years. Borrowers will be required to complete a Homebuyer education program.

Income Limits

In addition to this, there are certain income limits and loan requirements of the lender and the mortgage insurer that you will need to meet.

This loan program has been designed for low and moderate income first-time homebuyers who cannot afford to pay the down payment of the home they wish to buy. Review the income limits applicable for deeds behind FHA loans and income limits for subordinates used behind VA, USDA or conventional loans.

The income limits increase based on number of family members residing in the home.

Property Requirements

You can apply for a loan under CHDAP to buy certain types of homes located in the state of California from single family homes to condominiums, provided its sale price falls under the limit already specified. Check out the sales price list to determine the limit on the property you wish to buy that is located in a specific county. In addition to sales price, there is also a limit on the size of the property and that is five acres. The single family homes may include a guest house or in-law quarters . Homes cannot be 2-4 units or income producing. Manufactured homes are allowed subject to guidelines.

Silent Second

  • Payment on the CHDAP second is deferred till the first note reaches maturity or becomes due for any reasons such as refinancing the first or default on the first that cause the first deed to be accelarated.
  • No monthly payments are due till maturity. No monthly payments are considered for qualification.
  • Interest rate is fixed below market and is simple rate of interest.

We offer the CHDAP program in conjunction with FHA, Conventional and VA loans.

Weekly Mortgage Watch – August 25 2016

Weekly Mortgage Watch - August 25 2016

August 25 2016 Weekly Mortgage Watch

  • Interest Rate change for Residential Mortgage Rates
  • 30 Year Mortgage Rate held steady at 3.43%,same as last week. The 30 year rock bottom rate touched in last 10 years is 3.41%
  • 15 Year Mortgage Rate also held steady at 2.74%,same as last week. The 15 year rock bottomm rate touched in last 10 years is 2.72%
  • 5/1 Adjustable Rate Mortgage Rate decreased to 2.75% compared to 2.76% last week. The 5 year rock bottom rate touched in last 10 years is 2.68%
  • Rates are are now close to their lowest levels reached in last 10 years

5 Quick Ways to Connect immediately

 

Apply Now

Short Form : Complete a Short Form and receive a list of items needed to complete the processing of your loan

 

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Direct Lender Mortgage Bank Serving Realtors,Buyers & Homeowners

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