Community Involvement

Dedicated to building a stronger Michigan


Flagstar Bank is proud to be a part of community efforts which promote homeownership and financial well-being all across the state, including special grant programs, down payment assistance, and specialty mortgage programs. Contact a Michigan loan officer or a CRA specialist to learn more and see what options we can craft for you.

 

Down payment assistance programs

 

FLAGSTAR GIFT PROGRAM

• The exclusive Flagstar Gift Program can allow you to overcome the down payment hurdle entirely. If you qualify, you’ll be able to secure a home of your own with no money down, and start a new chapter in life.

 

FLAGSTAR DPA PROGRAM

• Offers down payment assistance of up to $7,500 to eligible borrowers purchasing homes in select areas thorough out the state. Or potentially up to $30,000 to eligible borrowers who are purchasing specifically through the Detroit Land Bank program.

 

MSHDA DOWN PAYMENT ASSISTANCE PROGRAM

• Allows for eligible homebuyers to receive a zero-interest, non-amortizing loan with down payment assistance up to $7,500.

 

There are various terms and conditions for each down payment assistance program and repayment requirements can vary. This is only a partial list of our available programs. Contact a Michigan loan officer or CRA specialist to learn more about what options are available in your area.

 

Specialty mortgage programs (CRA focused)

 

DETROIT HOME MORTGAGE

• Designed to help bridge the appraisal gap within the city of Detroit. Allows for eligible homebuyers to finance the purchase and rehabilitation (as well as the refinancing) of homes in Detroit. Available to those with credit scores of 600 and above. 

 

DETROIT LAND BANK

• Greater flexibility in qualification guidelines and funding amounts. Allows for eligible homebuyers to finance the purchase and rehabilitation (as well as the refinancing) of homes in Detroit.

 

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 (CURRENTLY ONLY AVAILABLE IN THE CITY OF PONTIAC)

• Designed to help bridge the appraisal gap within the city of Pontiac, allowing for eligible buyers to finance both the purchase and rehabilitation (as well as the refinancing) of homes. Available to those with credit scores of  600 and above.

 

Federal Home Loan Grant programs (FHLBI)²

Flagstar bank is a proud member of the Federal Home Loan Bank of Indianapolis, allowing us to offer the following grant programs to those who qualify. There are various terms and conditions for each grant program and repayment requirements can vary. This is only a partial list of our available programs. Contact a Michigan loan officer or a CRA specialist to learn more about what options are available to you in your area.

 

ACCESSIBILITY MODIFICATIONS PROGRAM (AMP)

• Provides funding for accessibility and minor home modifications for eligible senior homeowners or owner-occupied households with individuals with permanent disabilities.

 

NEIGHBORHOOD IMPACT PROGRAM (NIP)

• Provides home rehabilitation assistance to eligible homeowners. Those lending with Flagstar may qualify for grants up to $10,000 with no match requirement.

 

HOMEOWNERSHIP OPPORTUNITIES PROGRAM (HOP)

• Helps eligible first-time homebuyers with down payment and closing cost assistance—and may improve their eligibility for mortgage financing.

 

Community involvement team

Flagstar's team of community development professionals has extensive experience in community reinvestment requirements, and a deep knowledge of programs available to promote economic development, and financial literacy. Contact a Michigan loan officer or a CRA specialist to learn more about what options are available to you in your area.