Community Involvement
Dedicated to investing in our communities
Owning a home is part of the American Dream. Having a place to call your own gives you peace of mind and builds wealth that you can pass on to the next generation. For a lot of people, though, homeownership feels out of reach because their budgets are too tight to save for a down payment.
Flagstar Bank may be able to help. We’ve developed several programs, on our own and with government agencies, that support the Community Reinvestment Act, a federal law asking banks to reinvest in the communities they serve.
The programs listed below have different benefits and requirements. Some are specific to certain cities, and others require homeownership education or a minimum credit score to qualify. This is only a partial list of our available programs. Whether you are ready to buy a home or are just getting started, talk to a loan advisor or a CRA specialist to learn more about the options available in your area.
Down payment assistance programs
FLAGSTAR GIFT PROGRAM
- With this exclusive program from Flagstar, qualified borrowers receive up to $2,500 toward their down payment or closing costs.1 And because it’s a gift, there’s no obligation to repay.
FLAGSTAR GRANT PROGRAM
- Grants are available for people who buy homes in areas where we have a retail banking presence. Borrowers who qualify receive up to $2,500 in down payment assistance and up to $7,500 if they purchase property through the Detroit Land Bank program.
MSHDA DOWN PAYMENT ASSISTANCE PROGRAM
- Eligible homebuyers can save on initial closing costs and get a zero-interest down payment assistance loan for up to $7,500 through the Michigan State Housing Development Authority. This program is available only in Michigan.2
Specialty mortgage programs that invest in our communities (CRA focused)
DESTINATION HOME™ MORTGAGE
- This program features flexible qualifying criteria and options to buy a home with no down payment. Destination Home is exclusively for borrowers who are looking or currently residing in limited, select areas. Reach out to a Flagstar Loan Advisor to learn more.
DETROIT HOME MORTGAGE
- This program helps bridge the gap between the price of a home and its appraisal value within the city of Detroit. Borrowers with a credit score of at least 600 can qualify for a loan to purchase homes that are move-in ready or in need of repair.
DETROIT LAND BANK AUTHORITY
- This program is intended to revitalize Detroit neighborhoods by offering financing to eligible homebuyers. The qualifications and the amount of funding are flexible, and borrowers can use this specialty loan to purchase a move-in-ready home or pay for a house and the costs to repair it.
FANNIE MAE HOMEREADY™ AND FREDDIE MAC HOME POSSIBLE™
- Expanded eligibility for all income level borrowers looking to find a home with favorable purchasing terms. Flexible sources of funds allowed to assist in down payment and closing costs.
COMMUNITY COMEBACK PROGRAM (CITY OF PONTIAC)
- This program helps bridge the gap between the price of a home and its appraisal value in Pontiac, Michigan. Borrowers with a credit score of at least 600 can qualify for a loan to purchase homes that are move-in ready or in need of repair, or they can refinance an existing mortgage.
Federal Home Loan Grant programs
Flagstar Bank is a member of the Federal Home Loan Bank of Indianapolis (FHLBI), which allows us to offer the following grant programs to homebuyers.3
ACCESSIBILITY MODIFICATIONS PROGRAM (AMP)
- Seniors and people who have a permanent disability can make their house more accessible with a grant from this program. Eligible homeowners may receive up to $12,000 for such home improvements as ramps, grab bars, and wider doorways with no requirement for borrowers to match the funds.
NEIGHBORHOOD IMPACT PROGRAM (NIP)
- Low-income homeowners can use this grant to pay for new windows, a better furnace, and other home repairs. Borrowers who qualify may receive up to $7,500 with no requirement for borrowers to match the funds.
HOMEOWNERSHIP OPPORTUNITIES PROGRAM (HOP)
- First-time homebuyers can apply for a grant for up to $8,000 in down payment assistance and closing costs. HOP may improve their mortgage eligibility, too. Borrowers must be at or below 80% of the area median income and contribute at least $1,000 toward the purchase of the home.
Community involvement team
Flagstar Bank’s community programs are part of our commitment to build stronger neighborhoods and promote financial literacy. Our experienced team members work with loan advisors and CRA specialists to make homeownership a reality for people in the communities Flagstar serves.
Contact a loan advisor or CRA specialist to learn more about options that may be available to you in your area.
FLAGSTAR GIFT PROGRAM
- Crafted for qualified homebuyers to purchase with no money down, and a $3,500 gift to be used towards closing costs.2






Income and area limitations may apply. Programs available only to qualified borrowers. Programs subject to change without notice. Underwriting terms and conditions apply. Some restrictions may apply. Programs available for primary residence only and homeownership education may be required for a number of these programs.
1This offer is for qualifying loans only, cannot be used to reduce any other fees, and cannot be combined with any other mortgage fee reduction offer.
2MSHDA loans are required to be paid back at the end of the initial loan term.
3Grant and gift program funds are limited and may not always be available.