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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.

We’re here to help every step of the way.

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Ready to apply online?

Start your loan application here. Don't worry—if you get stuck, we're just a phone call away.  

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Speak with a loan advisor.

We'll help you find the right loan, start your application, and answer your questions.

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Find a loan advisor.

Connect with a local expert and meet remotely or at a nearby branch. We'll guide you through the entire home loan process.

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. 

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Local programs

Community-funded programs can lower costs for some residents.

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

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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


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


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


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


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 $7,500 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 $15,000 per transaction.

Flagstar Power-Up Program7

This program offers up to $10,000 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. 

Everything you need to know about home loans

Whether you're an expert or a first-timer, find the ins and outs of mortgages here. Learn what it takes to qualify for a loan, discover the different types of mortgages, and finally understand what an escrow account is for. 

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Home loan basics

Learn how mortgages work, the differences between adjustable and fixed interest rates, and more.

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The mortgage process

Get a step-by-step breakdown, from prequalifying to inspections to closing and beyond. 

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Mortgage Loan Calculators

Calculate your house-hunting budget, monthly payments, closing costs, and more.

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Current mortgage rates

View our competitive mortgage rates for all types of home loans.

7th Largest Bank Mortgage Originator

Inside Mortgage Finance, Q3 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.

You may also be interested in:

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Adjustable rate mortgages

Don't let the word “adjustable” keep you away from a great loan. Find out if an ARM is right for you.

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Fixed rate mortgages

No surprises here, just peace of mind from consistent monthly payments that fit into your budget. 

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Government home loans

VA, FHA, and USDA loans can make homeownership possible—and more affordable. Explore the different types of government-backed loans. 

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.

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 Counties: 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. 

Flagstar Bank NMLS# 417490