Skip to main content
png

FDIC-Insured—Backed by the full faith and credit of the U.S. Government

Close

Before you go

You are leaving Flagstar.com

Community Lending and Home Loan Programs

There are many ways to finance a home. Find out if you qualify for a flexible mortgage, grants, or down payment assistance that will make you a homeowner.

Buying a home could be easier than you think

The paperwork and costs of buying a home can feel like a long, uphill battle, but it doesn't have to. Various programs are available that reduce—or remove—some of the barriers to homeownership, especially for homebuyers with lower incomes or homes in certain areas. 

Icon of a checkmark in a box

Local programs

Community-funded programs can lower costs for some residents.

Icon of a checkmark in a box

CRA

Through the Community Reinvestment Act (CRA), we provide flexible loans for people with low-to-moderate incomes in underserved areas.

Icon of a checkmark in a box

Gifts and grants

Programs for first-time homebuyers and other qualified borrowers in eligible locations.

Let’s find a solution that makes homeownership possible for you

Whether you’re already house hunting or just getting started, find out if you qualify for a program that lowers your costs. Each program has its own requirements, and some are available only in specific areas. That's where we can help. Contact us today to find out if you are eligible for any of these money-saving opportunities.

  • Low or no down payment options
  • Low or no mortgage insurance options
  • Lower minimum credit score
  • No income limits for homes in certain areas

Specialty and CRA home loan programs

As part of our commitment to the Community Reinvestment Act (CRA), we are proud to offer these CRA-specific loans that feature low down payments, flexible qualifications, and savings opportunities. They can be a great fit for people who have low to moderate incomes or want to revitalize certain neighborhoods.

Flexible Qualifications

Destination Home Mortgage

This loan features flexible qualifying criteria and options with no down payment. Available in select areas for a new home purchase or purchase with renovation.1

  • Fixed interest rate on loans
  • Competitive interest rates 
  • No mortgage insurance required 
  • Available to borrowers with 600+ credit score

Copy

Detroit Land Bank

Flexible qualifications for the purchase and renovation of primary residence properties located in select areas of Michigan.2 

  • Low down payment
  • No mortgage insurance requirement
  • Flexible qualifications for borrowers seeking to purchase, rehabilitate, or refinance a home

Pontiac, Michigan

Community Comeback Program

A program to bridge the gap between price and appraisal for homes in Pontiac, Michigan. 3

  • For buying or refinancing homes with an appraisal gap
  • Available for move-in ready homes, homes that need repairs, and refinance
  • Requires 660 or higher credit score

Affordable

Fannie Mae HomeReady® and Freddie Mac Home Possible®4

These loan programs make it easier for creditworthy low-income borrowers to buy a home. 

  • Available to first-time and repeat homebuyers
  • Low down payment
  • Reduced mortgage insurance costs
  • Supplemental boarder or rental income allowed
  • Funds from grants and other sources allowed

Copy

Fannie Mae RefiNow™ and Freddie Mac Refi Possible®5

These programs make homeownership more sustainable for qualified borrowers with low or moderate incomes.

  • An easier, less expensive way to refinance to a lower interest rate
  • $500 credit is given if an appraisal is required
  • Some restrictions apply

BUY OR REFINANCE

Loans for borrowers without Social Security numbers

With this loan, you can apply for a fixed-rate conventional mortgage with your Individual Tax Identification Number (ITIN) instead of an SSN.

  • For buying a home or refinancing a current mortgage
  • Available in all states 
  • Must meet all other loan qualifications
  • Minimum 620 credit score
  • U.S. citizenship not required

Down payment assistance programs

Saving enough for a down payment can be tough. Let’s see if we can help. We offer down payment assistance bonds, grants, gifts, and many other ways to help homebuyers overcome this obstacle. Contact us to see what's available in your area.

Flagstar Gift Program6

Qualified first-time homebuyers receive up to 3% of the purchase price or up to $3,000 per transaction for down payment and closing costs for all eligible locations. Arizona, California, Florida, New Jersey and New York are eligible for up to $10,000 per transaction.

Flagstar Power-Up Program7

This program offers up to $8,000 in grant and gift funds to eligible first-time homebuyers living in a designated area (census tract). The new home can be outside the census tract but must be the borrower’s primary residence.

MSHDA Down Payment Assistance Program8

Michigan homebuyers can save on closing costs and get up to $10,000 in a no-interest down payment assistance loan through the Michigan State Housing Development Authority.

Manage your loan your way with MyLoans®

Sign in to MyLoans anytime to make payments, view your statements, sign up for paperless statements, and more. Everything you need is right at your fingertips. 

A younger adult has their arm around an older adult as they look at something on their smartphone

7th Largest Bank Mortgage Originator

Inside Mortgage Finance, Q4 2023

Why choose Flagstar?

We're an award-winning lender with more than 35 years of experience connecting customers to the right mortgage solution for their needs. With hundreds of conventional, jumbo, and government-backed options available, we'll find the right home loan for you, too. Whether you are buying a new home or ready to refinance, you can trust our simple application and streamlined process to get you to closing on time.

Programs for qualified borrowers. All borrowers are subject to credit approval, underwriting approval, and product requirements, including loan to value, credit score limits, and other lender terms and conditions. Fees and charges may vary by state and are subject to change without notice. Some restrictions may apply. Not a commitment to lend. Programs available for primary residence only, and homeownership education may be required for a number of these programs. Income and area limitations may apply. Generally, the smaller your down payment percentage, the higher your interest rate. Please consult your tax advisor regarding the deductibility of interest. Important information will be provided to you in the disclosures you receive after we have received your application and the loan documents you are provided at loan closing. 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.

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.

Flagstar Bank NMLS# 417490