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Flagstar tops VA; Mind-blowing statistics; Nevada to privatize cities? 🤔

By February 9, 2021 No Comments

Here’s why Flagstar was selected as the best VA mortgage lender

Forbes recently ranked the best first-time borrower lenders and is now working their way to the best VA lenders.

VA loans, of course, come with significant benefits, especially if the homebuyer isn’t putting a big down payment on the house and has a higher debt-to-income ratio (DTI) than what conventional mortgage lenders require.

It is a great service to offer those who have already served us. But who does it best?

Forbes says that the top VA lender is Flagstar! Why? A big reason is speed. Preapproval time is less than three days. Their average closing time is 35 days, which is shorter than the industry average. In some cases, closing can occur in as few as 11 days.

And also creditworthiness is more creative. Flagstar Bank has mortgage products with minimum credit score requirements of 580. However, the lender considers alternative credit data, such as rent and utility payments, when reviewing mortgage applications.

The only other VA lenders with 5-star ratings on the list is: Guaranteed Rate, PenFeD Credit Union and PNC.

Congratulations to everyone who made the list! Great work!

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These two record-breaking real estate stats will make you go WHAT?!?!

OK, we all know it’s a seller’s market, we get it. But Altos Research put out a real estate report that contains two stats that are simply mind-blowing in highlighting the current lack of inventory. 

They have a webinar next week, covering the situation, for anyone who wants more. For now, they have this YouTube video and for those who think that’s TL:DR (Too Long, Didn’t Read), check out CEO Mike Simonsen’s tweet thread on the subject, the charts are nuts.

Now, please buckle up and keep your hands inside the vehicle at all times. Here are two record-breaking stats that will make you go WHAT?!?!

“The Inventory Crisis chart sums it up,” Simonsen tweets. “367,000 homes is all you see if you walk into the market this week. When does it end?” 

What? Wait, what? There are only 367,000 homes for sale in the ENTIRE nation. **faints**

Just two years ago, we had twice as many homes for sale. The market dropped more than 50% in just two years. Five years ago there were nearly a million homes, by way of comparison. 

Here’s Simonsen’s second mic drop: “Normally, about a third of the active market takes a price cut before it sells,” he tweeted. “Now only 20% need a cut, that's the fewest ever.”

That means that homes are going right into contract and “bypassing the active market altogether,” he said. Simonsen predicts the situation won’t change much and home prices will keep rising, and rates will continue to keep mortgages cheap. 

What we can do to change it, he notes, is learn how to best communicate this situation to homebuyers. He said he’ll be covering all that, and more, in the webinar.

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Nevada wants to allow startups to form their own local governments

Welcome to the town of Shred City, Nevada, where startups run the town! Sounds like a joke, but this could actually become a thing.

Nevada’s Gov. Steve Sisolak last month announced his plan to launch “Innovation Zones” to jump-start the state’s economy by attracting startups.

These Innovation Zones would allow tech companies to effectively form separate local governments in Nevada. These are governments that would carry the same authority as a county, including the ability to impose taxes, form school districts and justice courts and provide government services, to name a few duties.

Sounds a little dangerous, right? 

It’s not though. (Shred City is a Utopia.)

The Las Vegas Review Journal coverage notes there are pros and cons to letting business run their own municipalities, but in reality, the concept is actually tried-and-true.

The same concept was used to put the United Arab Emirate somewhere on the economic map, as a way to diversify the business away from the Petrochemical industry. 

In Dubai, innovation zones are so familiar, new ones get big-time funding from the government. 

In fact, Dubai actually recently launched a $272 million fund to create the Dubai Future District to “provide unprecedented financing and legislative facilities and options for businesses,” this article states.

And it can be argued that the same is happening to Detroit. Although the operations aren’t centralized by a third party, Quicken Loans works with the police to maintain order through a series of security cameras, etc. If anything, it could be argued that Quicken would do a BETTER job running the town.

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