Community Lending and Home Loan Programs

¹Purchase or purchase with renovation on owner occupied residences only; this includes 1–2-unit, condo, and planned unit development. Co-op properties are for purchase only in the following five boroughs of New York: Bronx, Brooklyn, Manhattan, Queens, and Staten Island. Co-op properties are not eligible with renovation products. Geographic restrictions and income limits apply. Property must be located in a low or moderate census tract in the Flagstar Bank, CRA assessment area and borrower(s) must meet low-moderate income requirements. Annual income limits and loan amount limits may vary by state and county. Homebuyer education required and Rehab education may be required.

Available for property in these locations: Arizona Counties: Maricopa and Yavapai. California Counties: Alameda, Contra Costa, Los Angeles, Marin, Orange, Riverside, San Bernardino, San Francisco, San Mateo, and Santa Clara. Connecticut Counties: Fairfield. Florida Counties: Broward, Collier, Lee, Martin, Miami-Dade, Palm Beach, and St Lucie. Indiana Counties: Adams, Allen, DeKalb, Elkhart, Fulton, Huntington, LaPorte, LaGrange, Miami, Rush, St Joseph, Steuben, Wabash, Wells and White. Michigan Counties: Berrien, Branch, Calhoun, Delta, Dickinson, Eaton, Genesee, Gogebic, Hillsdale, Houghton, Ingham, Iron, Jackson, Kalamazoo, Kent, Livingston, Macomb, Marquette, Menominee, Monroe, Oakland, Ottawa, Schoolcraft, St Joseph,  Washtenaw and Wayne. Nevada Counties: Washoe. New Jersey Counties: Bergen, Essex, Hudson, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, and Union. New York Counties: Bronx, Kings, Nassau, New York, Queens, Richmond, Rockland, Suffolk, and Westchester. North Carolina Counties: Durham and Mecklenberg. Ohio Counties: Cuyahoga, Geauga, Lake, Lorain, Medina, Portage, Summit, and Van Wert. Wisconsin Counites: Brown, Kewaunee, and Oconto.

²Purchase or rate/term refinance and renovation of a residential, owner-occupied, 1- to 2-Unit property in Michigan. Area restrictions and income restrictions may apply. Refinance transactions with renovations limited to the City of Detroit. Refinance without renovation eligible for all CRA-eligible markets. Homebuyer education is required.

³Primary residence, 1-2 Unit property located in the City of Pontiac, MI. Purchase with or without renovation, or rate/term refinance with renovation. Income limits and area restrictions apply. Property must be located in a low-moderate census tract in Pontiac, MI or borrower must meet low-moderate income requirements in Michigan. All loans close with a second mortgage designed to address the appraisal gap between the financing and the appraised value of the property. Renovations must be completed within 12 months. Homebuyer education, pre-purchase education and/or rehab education are required. Interest on the portion of your loan balance that is greater than the fair market value of the dwelling is not tax deductible for federal income tax purposes. 

⁴Purchase or rate/term refinance of a primary residence only. Income limits apply. Homebuyer education may be required. A loan-to-value ratio above 80% may result in a need for mortgage insurance. If mortgage insurance is required, the amount of your payment will increase. Interest on the portion of your loan balance that is greater than the fair market value of the dwelling is not tax deductible for federal income tax purposes. Home Possible and Home Possible Advantage are trademarks of Freddie Mac.

⁵Freddie Mac and Fannie Mae have adopted a refinance option for loans to borrowers with incomes at or below 100% of area median income and you may be eligible to take advantage of this program. If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance under this refinance option. Primary 1-unit residences only. Programs subject to change without notice. [RefiNow™ or Refi Possible®] option may only be used one time. RefiNow℠ is a trademark of Fannie Mae (or Refi Possible® is a registered trademark with Freddie Mac). You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites:

Freddie Mac - https://loanlookup.freddiemac.com

Fannie Mae - https://www.knowyouroptions.com/loanlookup

⁶Borrower(s) must meet the program criteria for first-time homebuyer(s). Down payment and closing cost assistance for owner-occupied, primary residence only. Minimum credit score, debt-to-income (DTI) requirements, annual income limits, and purchase price limits apply. Borrower must contribute a minimum of $1000 of their own funds towards down payment. Homeownership counseling is required. Available for properties located in limited Flagstar Bank, Community Reinvestment Act (CRA) Assessment areas. Target cities eligible for the gift program are subject to change. No repayment of gift funds is required. Gift program funds are limited and may not always be available.

Eligible County Locations: AZ - Maricopa, Yavapai. CA - Alameda, Contra Costa, Los Angeles, Marin, Orange, Riverside, Sacramento, San Bernardino, San Francisco, San Mateo, Santa Clara. CT - Fairfield FL - Broward, Collier, Lee, Martin, Miami-Dade, Palm Beach, St. Lucie . IN - Adams, Allen, DeKalb, Elkhart, Fulton, Huntington, Lagrange, Laporte, Miami, Rush, St. Joseph, Steuben, Wabash, Wells, White MI – Berrien, Branch, Calhoun, Delta, Dickinson, Eaton, Genesee, Gogebic, Hillsdale, Houghton, Ingham, Iron, Jackson, Kalamazoo, Kent, Livingston, Macomb, Marquette, Menominee, Monroe, Oakland, Ottawa, St. Joseph, Schoolcraft, Washtenaw, Wayne. NV - Washoe New Jersey - Bergen, Essex, Hudson, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Union. NY - Bronx, Kings, Nassau, New York, Queens, Richmond, Rockland, Suffolk, Westchester. NC - Mecklenburg OH - Cuyahoga, Geauga, Lake, Lorain, Medina, Portgage, Summit, VanWert. WI - Brown, Kewaunee, Oconto.

⁷Program is for purchase transactions only. At least one qualifying borrower must be a first time home buyer and reside in an eligible census tract within one of the following Metropolitan Statistical Areas: Atlanta-Sandy Springs-Roswell, GA; Baltimore-Columbia-Towson, MD; Brownsville-Harlingen, TX; Chicago-Naperville-Elgin, IL-IN-WI; Cleveland-Elyria, OH; Dallas-Forth Worth-Arlington, TX; Detroit-Warren-Dearborn, MI; Houston-The Woodlands-Sugar Land, TX; McAllen-Edinburg-Mission. TX; Memphis, TN-MS-AR; Miami-Fort Lauderdale-Pompano Beach, FL; New York-Newark-Jersey City, NY-NJ-PA; Oklahoma City, OK; Orlando-Kissimmee-Sanford, FL; Philadelphia-Camden-Wilmington, PA-NJ-DE-MD; Phoenix-Mesa-Chandler, AZ; Riverside-San Bernardino-Ontario, CA; San Antonio-New Braunfels, TX; St. Louis, MO-IL; Tampa-St. Petersburg-Clearwater, FL; Washington-Arlington-Alexandria, DC-VA-MD-WV. Occupying borrowers may not have an ownership interest in any other financed residential properties at the time of closing. Manufactured homes and cooperative properties are not eligible. Minimum credit score, debt-to-income (DTI) requirements, and loan price limits apply.

Flagstar Gift: Borrower(s) must meet the program criteria for first-time homebuyer(s). Down payment and closing cost assistance for owner-occupied, primary residence only. Homeownership counseling may be required. No repayment of gift funds is required. Gift program funds are limited and may not always be available.

A loan-to-value ratio above 80% may result in a need for mortgage insurance. If mortgage insurance is required, the amount of your payment will increase.

⁸Available to eligible first-time homebuyers statewide and repeat homebuyers. Household income limits apply and can vary depending on family size and property location. Zero-interest, non-amortizing second mortgage loan with no monthly payments: due only upon sale or transfer of the property or if the first mortgage is refinanced or paid in full. Homebuyer education is required. Primary residence only.