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  Flagstar Mortgage

Flagstar Mortgage

in Home Purchase Mortgages from Flagstar Bank

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Flagstar Mortgage

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in Home Purchase Mortgages from Flagstar Bank

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Highlights
Loan Amount Up to $2,000,000
Loan Term (Years) 15 - 30 years
Credit Score Range 500 - 850

Flagstar Mortgage Review

Flagstar Mortgage is offered by Flagstar Bank, a bank founded in 1987 and based in Troy, MI. Flagstar Mortgage is 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
Pros Cons
  • Considers applicants with fair credit.
  • Offers financing for both single and multi-family homes.
  • Available in all 50 states.
  • Charges an origination fee.
  • Charges prepayment fees.
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.

Does Flagstar mortgage charge an application fee?

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 this business card is .

What is the support contact email?

The support contact email for this business credit card is TroyCorporateBankingCenter@Flagstar.Com.

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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Contact

Hours of Operation

  • Sunday Closed
  • Monday 8:30am - 5:30pm
  • Tuesday 8:30am - 5:30pm
  • Wednesday 8:30am - 5:30pm
  • Thursday 8:30am - 5:30pm
  • Friday 8:30am - 5:30pm
  • Saturday Closed

Other Services by Flagstar Bank

Availability

  Available in 50 states and Washington, D.C.
  • Alaska
  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Washington, DC
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Massachusetts
  • Maryland
  • Maine
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • North Carolina
  • North Dakota
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • Nevada
  • New York
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Vermont
  • Washington
  • Wisconsin
  • West Virginia
  • Wyoming

Feature Breakdown

Credit Score Range 500 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Retired
Intended Use
  • Primary Home
  • Secondary Home
  • Investment
Joint Loan Applications Accepted
  • Individual Applications
Minimum Age 18
Property Type
  • Single Family Home
  • Townhome
  • Multi-Family Home
Verification Documents Required
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
  • Recent Pay Stubs
  • Proof of Income
  • Proof of Identity
  • Government Issued Photo ID
  • Recent Bank Statements
  • Social Security Number
Investment
Primary Residence
Loan Amount Up to $2,000,000
Loan Term 15 - 30 years

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