With a reputation as a mortgage lender that will close your home fast and on time, Flagstar Bank is worth considering for a home loan. In some cases, buyers can complete a home closing in as little as 15 days, according to the mortgage lender.
Flagstar Bank offers quite a bit of flexibility in its portfolio of loans and programs for prospective homebuyers. For example, Flagstar has a first-responder loan program to those who work on the front lines, such as police officers, firefighters and EMTs, offering a $500 lender credit at the close of escrow.
LikeFree to lock in interest rate up to 60 daysCan close as fast as 15 days in some casesEliminates or reduces fees for veterans for VA loans
Don’t LikeUnder fire from CFPB for improper mortgage practices in 2014Minimal information about loans and rates on website
The bank also has a professional loan program to those in certain industries like law or medicine. With a 700 credit score or above, you can qualify for a loan up to $1.5 million, and no mortgage insurance is required. In addition, Flagstar offers Community Reinvestment Act loans that cater to underserved and lower-income communities with discounted rates and fees.
Flagstar was under fire as recently as 2014 for improper mortgage practices, specifically for blocking borrowers’ attempts to save their homes before foreclosures were enacted. The bank was ordered to pay $37.5 million in fines and compensation to victims by the Consumer Financial Protection Bureau.
Here’s everything you need to know about Flagstar and