Personal Government Home Loans
Let’s build your future home plans together. Government loans are designed to meet your personal needs, but there are many different options and qualifications to consider. Find the right government program to help you finance your mortgage below.
VA Fixed-Rate
This Veterans Administration loan program enables veterans, their spouses, and active-duty personnel to purchase or refinance a home with favorable government home loan terms as recognition for their service. The VA offers mortgages that can accommodate no down payment on many purchase transactions with a range of fixed-rate terms.
VA Adjustable Rate
This Veterans Administration loan program enables veterans and active duty personnel to purchase or refinance a home with favorable loan terms as recognition for their service. VA mortgages require no down payment on many purchase transactions. VA offers an adjustable rate option with an initial fixed-rate period. Interest rates are set at the time of closing and remain constant over the initial fixed-rate period. Once that expires, the rate can increase or decrease on an annual basis based on market conditions.
VA Interest Rate Reduction Refinance1
A VA IRRRL allows those with existing VA-guaranteed loans to refinance with ease. Often no appraisal and minimal paperwork are required in this streamlined refinance. Those who’ve served may also be eligible to lower their principal and interest payments as well. Flagstar Bank offers both fixed- and adjustable-rate terms for this government home loan.
Backed by the Federal Housing Administration, FHA mortgages are the perfect fit for those with less-than-perfect credit, no formal credit history, or limited cash for down payments. Flagstar Bank can tailor FHA fixed-rate terms up to 30 years. New purchase mortgages allow for a low down payment of 3.5% of the purchase price.
FHA Adjustable-Rate
Backed by the Federal Housing Administration, FHA mortgages are the perfect fit for those with less-than-perfect credit, no formal credit history, or limited cash for down payments. FHA offers an adjustable rate option with an initial fixed-rate period. The interest rate is set at the time of closing and remains constant over the initial fixed-rate period. Once that expires, the interest rate can increase or decrease on an annual basis.
State Housing Finance Agency Loan
Flagstar Bank participates in Housing Finance Agency (HFA) loan programs, also known as state bond programs, in some states. These government home loan products are a collection of single-family, fully amortizing, fixed-rate mortgage loans offered in conjunction with conventional (Fannie Mae), FHA, VA, rural housing, and HFA guidelines. Flagstar currently offers HFA programs in Arizona, California, Connecticut, Idaho, Michigan, Nevada, Ohio, New Mexico, Virginia, Washington, and Wisconsin.
USDA/Rural Housing
The USDA mortgage program is for homes located in eligible rural areas determined by the U.S. Department of Agriculture. This program offers fully amortizing, fixed-rate mortgage financing and is guaranteed by the U.S. government. No down payment is required.
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Programs for qualified borrowers. All borrowers subject to credit approval, underwriting approval and lender terms and conditions. Programs subject to change without notice. Some restrictions may apply. Not a commitment to lend. A loan advisor will review and provide you the terms, conditions, disclosures, and additional details on the interest rates that apply to your individual situation.
With an adjustable-rate mortgage (ARM), your loan will have an initial fixed-rate period. After the fixed-rate period, your interest rate will adjust up or down according to market rates at the time of the reset. Your variable rate can adjust annually for the remaining life of the loan. Your payment amount will vary based on any adjustment in the interest rate after the fixed-rate period.
1Interest 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. You should consult a tax advisor for further information regarding deductibility of interest and charges.