Flagstar Mortgage

Flagstar Mortgage Review

Flagstar Mortgage are offered by Flagstar Bank, a bank founded in 1987 and based in Troy, MI. Flagstar Mortgage are available in 50 states (and Washington, DC).

Key Takeaways

• Financing for single-family and multi-family properties. However, Flagstar Bank does not offer financing for manufactured homes.
• Considers personal use and investment properties. Financing available for primary homes, vacation homes, and even investment homes, such as rental properties.
• Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
• Poor credit accepted. Even if you have bad or poor credit, you can apply. Borrowers with a credit score as low as 500 are considered.

Flagstar Mortgage Pros & Cons

Flagstar mortgage FAQ

How much can you borrow via Flagstar Bank?

Flagstar mortgage allows borrowers to apply for loan amounts of up to $2,000,000. Note that the maximum loan amount you can borrow will also vary depending on the type of mortgage you choose, regardless of the lender you choose.

What is the maximum loan term you can get with Flagstar mortgage?

Flagstar mortgage offers mortgages with terms ranging from 15 to 30 years. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What mortgage rates does Flagstar Bank offer?

Mortgage rates change daily based on market conditions and vary significantly depending on the loan type and the length of the term. For instance, fixed rate mortgages will typically have a higher interest rate than mortgages with variable rates, and jumbo loans usually have higher mortgage rates than conforming conventional loans. Find the best interest rate available to you by getting quotes from three or more mortgage lenders before choosing a home loan.

Do they charge mortgage origination fees?

Yes, Flagstar mortgage may charge a loan origination fee.

What property usage types does Flagstar mortgage allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Flagstar mortgage allows the following property usage types: 

• Primary home
• Secondary homes and vacation properties
• Investment properties and house flipping projects

What is the customer service phone number?

The customer service number for Flagstar Mortgage is (800) 945-7700.

What is the support contact email?

The support contact email for is TroyCorporateBankingCenter@Flagstar.Com.