Based out of Troy, Michigan, Flagstar Bank is the 6th largest bank loan originator in the United States. It originates loans in all 50 states and offers a wide variety of loan types. In addition to conventional mortgages, it also offers specialty loans, jumbo loans, government-backed loans, loans for first-time homebuyers and loans for those in specialty professions. Programs are also available for borrowers with low income, no Social Security Number, or poor credit scores. You can apply online and service your loan 24/7 through its online MyLoan portal.
It is important to note that many of its community lending and down-payment assistance loans are available in limited locations, and home equity loans are not available in some states.
Flagstar is a great solution for homeowners in all 50 states. With Flagstar's flexible requirements and down payment assistance programs you may still be able to qualify for a mortgage even if you have a lower credit score or income and can’t afford a conventional or 3-5% minimum down payment.
One of Flagstar’s notable features is its many options. It offers mortgages for existing and new homes as well as renovation and new home construction loans, home equity loans, and lines of credit. With Flagstar, you can refinance or apply for conventional and jumbo fixed-rate or adjustable mortgages along with FHA, VA, and USDA loans. Depending on your eligibility, you may also qualify for one of its community lending loans, which offer down payment assistance and feature flexible mortgage requirements.
Flagstar offers the following loan types.
Here are the steps for getting a mortgage through Flagstar.
To get started, you’ll need to answer a few questions and provide Flagstar with information including your Social Security Number, employment history, income, and housing requirements. Be prepared to provide financial documents including W-2s, 1099s, pay stubs, bank statements, and proof of any other income.
During the pre-approval process, Flagstar will determine how much house you can afford.
Once you’re pre-approved, you’ll have an opportunity to review your mortgage details and make adjustments. Upon receiving and accepting your home offer, Flagstar will pass your application along to its underwriters for approval and to lock your interest rate.
If everything is in good order and you agree to the terms, Flagstar will work to approve your loan and prepare your closing documents.
Once you close on your loan, Flagstar will wire funds to purchase your new home.
You can get a quote by contacting Flagstar’s Consumer Direct Loan Officer team. Rates and terms vary depending on your loan type and amount, credit score, and zip code.
Fixed-rate mortgages are available in 10-, 15-, 20-, and 30-year terms as well as adjustable rate mortgages.
Flagstar gives you the option to buy points to lower your APR, although doing so means you’ll pay higher closing costs. The minimum credit score for most loans is 600, although some specialty loans require a higher score, while certain community lending and government loans start at 580.
Flagstar loan servicing support is available via chat and phone from 7:30am-8pm ET Monday-Friday and 7:30am-4pm ET on Saturday. Mortgage lending support is also available via phone and chat from 8am-10pm ET Monday-Thursday, 8am-8pm ET on Friday, and 10am-5pm ET on Saturday.
Additionally, its MyLoan online loan servicing portal is available 24/7, or you can submit questions via email through the secure message portal on Flagstar’s website.
Overall, Flagstar is worth considering if you’d like to have a wide number of options to choose from. Its bevy of loan types means that you’re almost certain to find a loan that works for you. Moreover, Flagstar’s flexible requirements and down payment assistance programs mean that you may still be able to qualify for a mortgage even if you have a lower credit score or income and can’t afford a conventional or 3-5% minimum down payment.
Flagstar Bank processes loans in all 50 states
Yes. Flagstar does not require proof of U.S. citizenship when processing loan applications
5151 Corporate Drive
Troy, MI 48098
This review was compiled with information from Flagstar Bank’s official website and third party reviews.