Community Involvement

Dedicated to building stronger communities

Flagstar Bank is proud to be a part of community efforts that promote homeownership and financial well-being. Through the Community Reinvestment Act (CRA), we’ve developed programs and mortgage loans to help make the dream of homeownership a reality for everyone. Flagstar offers special grants, down payment assistance, and specialty mortgage programs.
 

Please note that there are various terms and conditions for each grant and down payment assistance program, and repayment requirements can vary. This is only a partial list of our available programs. Contact a loan advisor or CRA specialist to learn more about the options available in your area.
 

Down payment assistance programs

 

FLAGSTAR GIFT PROGRAM

• Helps those who qualify by offering up to $2,500 toward down payment or closing costs with no obligation to repay. This exclusive Flagstar program allows borrowers to start a new chapter in life.¹

 

FLAGSTAR GRANT PROGRAM

• Offers down payment assistance up to $2,500 to eligible borrowers purchasing homes in select areas throughout Michigan; up to $7,500 to eligible borrowers purchasing homes 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 through the Michigan State Housing Development Authority.

 

Specialty mortgage programs (CRA focused)

 

DETROIT HOME MORTGAGE

• Helps 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

• Offers 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™

• Features expanded eligibility for borrowers at all income levels who are 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)

• Helps 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 across the country to those who qualify.

 

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. Those borrowing from Flagstar may qualify for grants up to $12,000 with no match requirement.

 

NEIGHBORHOOD IMPACT PROGRAM (NIP)

• Provides home rehabilitation assistance to eligible homeowners. Those borrowing from Flagstar may qualify for grants up to $7,500 with no match requirements.

 

HOMEOWNERSHIP OPPORTUNITIES PROGRAM (HOP)

• Helps eligible first-time homebuyers with down payment and closing cost assistance—and may improve their eligibility for mortgage financing. Qualified borrowers may receive a grant up to $8,000 to cover down payment and/or closing costs.

 

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 loan officer or a CRA specialist to learn more about what options are available to you in your area.