Flagstar Mortgage Products

When you find the right home, find the right loan.

Take a look at our complete line of mortgage products—most are available with a no-closing-cost option. Ask a Flagstar mortgage expert to be sure.

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Conforming Loans

Conventional Adjustable Rate

This agency-regulated-product offers a variety of initial fixed-rate periods of 3, 5, 7, or 10 years. The interest rate is set at the time of closing and remains constant over the initial fixed-rate period. Once the fixed-rate period expires, the interest rate can increase or decrease on an annual basis. Transactions with less than 20% invested into the value of the property will typically require Private Mortgage Insurance, which can be removed when certain criteria is met.

Conventional Fixed Rate

This agency-regulated-product offers a variety of loan terms from 8 years to a maximum of 30. The interest rate is set at the time of closing and remains constant over the entire loan term. Transactions with less than 20% invested into the value of the property will typically require Private Mortgage Insurance, which can be removed when certain criteria is met. Minimum down payment programs are available for qualified applicants.

Conventional High Balance

This fixed- and adjustable-rate product accommodates borrowers that are financing properties in areas that are published to be in a high-cost area. The loan amounts exceed the typical conventional loan size limit of $417,000.

Conventional Multiple Property

This is a fixed- and adjustable-rate, fully amortizing, conventional conforming first lien mortgage loan program specifically designed for borrowers with 5 to 10 financed properties.

Conventional Renovation

The Renovation program allows applicants to combine the purchase or refinance of a home with the costs to renovate or extensively remodel the property. At closing, all funds for renovation will be escrowed in an interest-earning account. After all renovation work is complete, any remaining funds in the renovation escrow account will be used to pay down the principal balance of the mortgage. Applicants must work with an approvable builder for renovation work.

Fannie Mae Co-op

This fully amortizing, conventional first lien mortgage loan program offers a fixed rate and term. It’s designed for financing cooperative properties in New York and New Jersey, and allows for a variety of amortization terms.


Non-conforming Loans

Doctor Loan

This adjustable-rate program is designed for qualified doctorate medical professionals with deferred student loans to purchase or refinance a primary residence without the hassle of qualification typically deterred by student loan debt.

Fixed Second Mortgage

This is a subordinate-lien, closed-end fixed-rate loan. Loans under this program must be closed concurrently with a Flagstar Bank conventional, agency-eligible first mortgage. This is not a stand-alone second mortgage program. This product enables applicants to avoid moving into a Jumbo loan.

Jumbo Adjustable Rate

This adjustable-rate mortgage product (ARM) allows for balances ranging from $417,001 to $3 million. ARM periods are available with an initial fixed rate of 5, 7, or 10 years. Jumbo products require a minimum of typically at least 20% down payment for purchase transactions.

Jumbo Fixed Rate

This fixed-rate mortgage product allows for purchase of homes priced between $525,000 and $5 million.  Jumbo products require a minimum of 20% down payment for purchase transactions.


Government Loans

FHA 203(h)

This is a special mortgage insurance program that provides assistance to disaster victims whose previous residence has been destroyed or damaged to such an extent that it needs to be replaced. This program offers fixed- and adjustable-rate mortgage terms. The borrower’s application for the mortgage must be submitted to the lender within one year of the President’s declaration of the disaster.

FHA 203(k)

Borrowers can obtain a single mortgage loan, at a long-term fixed or adjustable rate, to finance both the acquisition and rehabilitation (minimum $5,000 of renovation work) of the property. To provide funds for the rehabilitation, the mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work. All rehabilitation work must be completed within 6 months of closing. The 203(k) program allows for a low down payment of 3.5% of the total acquisition cost.

FHA Adjustable Rate

The Federal Housing Administration (FHA) provides mortgage insurance on loans made by FHA-approved lenders throughout the United States. FHA mortgage insurance provides lenders with protection against loss as a result of homeowners defaulting on their mortgage loans. FHA offers a 3- and 5-year initial fixed-rate period. The interest rate is set at the time of closing and remains constant over the initial fixed-rate period. Once the fixed-rate period expires, the interest rate can increase or decrease on an annual basis. FHA new-purchase mortgages allow for a low down payment of 3.5% of the purchase price.

FHA Fixed Rate

The Federal Housing Administration (FHA) provides mortgage insurance on loans made by FHA-approved lenders throughout the United States. FHA mortgage insurance provides lenders with protection against loss as a result of homeowners defaulting on their mortgage loans. Fixed-rate periods range from 10 years to 30 years.  New purchase mortgages allow for a low down payment of 3.5% of the purchase price.

Michigan State Bond

The Michigan State Housing Development Authority (MSHDA) loan products are a collection of single- family, 30-year, fully amortizing, fixed-rate mortgage loans offered in the State of Michigan. The various products are underwritten in conjunction with Conventional (Fannie Mae & Freddie Mac), FHA, VA, Rural Housing, and MSHDA guidelines. The loan cannot be closed until the MSHDA issues “Commitment,” and a final “Clear to Close” is issued by Flagstar Bank. 

Rural Housing

The USDA mortgage program is for homes located in rural areas, including open country and places with a population of 10,000 or less. This program offers fully amortizing, fixed-rate mortgage financing and is guaranteed by the U.S. government. This program requires no down payment.

VA Adjustable Rate

The Veterans Administration loan program enables veterans and active duty personnel to purchase or refinance a home with favorable loan terms. VA offers mortgages that can accommodate no down-payment on many purchase transactions. VA offers a 3- and 5-year initial fixed rate period. The interest rate is set at the time of closing and remains constant over the initial fixed-rate period. Once the fixed-rate period expires, the interest rate can increase or decrease on an annual basis.

VA Fixed Rate

The Veterans Administration loan program enables veterans and active-duty personnel to purchase or refinance a home with favorable loan terms. VA offers mortgages that can accommodate no down-payment on many purchase transactions. Fixed Rate periods range from 10 years to 30 years.

VA Interest Rate Reduction Refinance Loan

A VA IRRRL is a new VA-guaranteed loan made to refinance an existing VA-guaranteed loan, generally at a lower interest rate than the existing VA loan. Also, there are lower principal and interest payments than the existing VA loan. Both fixed-rate and adjustable-rate terms are allowed on this type of product.