News

Flagstar Bank mortgage review: Choose from a variety of home loans that are available in all 50 US states


Flagstar Bank provides mortgages in all 50 US states.

Table of Contents: Masthead Sticky

Editor’s rating
4.25 / 5

Minimum credit score
620

Minimum down payment
3%

Types of mortgages
Conforming, jumbo, FHA, VA, USDA, HFA (in certain areas), construction, renovation, refinance, home equity loan and HELOC (in Michigan)

See rates from Flagstar Bank

*Minimum credit score and down payment are for conforming mortgages

The bottom line: Flagstar Bank is a good mortgage lender for many types of people, because it offers more types of home loans than many lenders.

Overall lender rating

Feature
Insider rating (out of 5)

Loan types
5

Affordability
4

Customer satisfaction
3

Trustworthiness
5

Total
4.25

Pros and cons

Pros
Cons

Variety of mortgage types
Available in all 50 US states
Enter personal information to see customized rates online

A+ rating from the BBB

Doesn’t accept alternative forms of credit
Ranks low on the J.D. Power 2020 Primary Mortgage Origination Satisfaction Survey

No reverse mortgages
Home equity loans and HELOCs are only in Michigan right now

Flagstar Bank mortgage rates

Flagstar Bank charges relatively low mortgage rates. The lender makes it easy to customize your rates online to get a good idea of what you’ll pay. Enter your purchase price, down payment amount, zip code, and more to see a personal rate.

Seeing a customized mortgage rate makes it easier to compare mortgage lenders and choose a company.

How Flagstar Bank compares to other mortgage lenders

We’ve compared Flagstar Bank to two other mortgage lenders that provide loans in all 50 states: Movement Mortgage and Fairway Independent Mortgage Corporation.

Types of home loans

Conforming, jumbo, FHA, VA, USDA, HFA (in certain areas), construction, renovation, refinance, home equity loan and HELOC (in Michigan)

Types of home loans

Conforming, jumbo, FHA, VA, USDA, construction, renovation, condo, reverse

Types of home loans

Conforming, jumbo, FHA, USDA, VA, reverse, renovation

Alternative credit data?

No

Alternative credit data?

Sometimes

Alternative credit data?

Yes

Get started
Get started
Fairway Independent Mortgage

Flagstar Bank vs. Movement Mortgage

You’ll prefer Movement Mortgage for a reverse mortgage or condo loan. But Flagstar offers HFA mortgage and home equity options in certain parts of the US.

Movement Mortgage could be the better fit if you don’t have a credit score. In these cases, Movement may accept alternative data in place of a credit score, such as proof that you pay utility bills.

Flagstar Bank vs. Fairway Independent Mortgage Corporation

Fairway Independent Mortgage Corporation offers reverse mortgages, but other than that, Flagstar has many more types of home loans to choose from.

Fairway accepts alternative types of credit if your credit score is low, or if you have none at all. Flagstar Bank requires you to show a credit score when you apply.

How Flagstar Bank works

Flagstar Bank has branches in California, Indiana, Michigan, Ohio, and Wisconsin, and it provides mortgages in all 50 US states.

You can get the following types of home loans from Flagstar:

Conforming
Jumbo
FHA
VA

Source:: Business Insider

      

(Visited 3 times, 1 visits today)

Leave a Reply

Your email address will not be published. Required fields are marked *