Flagstar Bank Mortgage Review

Flagstar Mortgage Offers a Wide Range of Products

Flagstar offers a variety of mortgages and home equity loans, including some specialized products. Products available include:

First-time homebuyer programs

Flagstar offers professional loan programs for professionals with high earning potential who are just out of school or have only recently graduated. This loan has a low-down payment and no private mortgage insurance is required.

Qualification for a Flagstar mortgage

Flagstar requires a credit score minimum of 620 to be eligible for conventional, USDA, VA, and ARM loans. Some VA loans require a higher credit score.

The amount of the down payment, and the debt-to-income requirement can differ depending on what type of loan is obtained. Minimum and maximum loan amounts are also subject to change.

Flagstar, like other VA and USDA lenders offers VA and USDA loan with no downpayment requirement.

Mortgage fees

Flagstar mortgage fees are dependent on the type you choose. Closing costs can range from 2% to 5% the purchase price of a home.

Customer Service

Flagstar has been rated as two out of five by the 2019 J.D. Power U.S. primary mortgage origination satisfaction study, which is below the average. The Better Business Bureau has given the lender an A+ rating.

Consumer Financial Protection Bureau has received 352 complaints related to Flagstar mortgages in 2019. Most of the complaints were about:

Closing a mortgage
.

Flagstar responded to all issues promptly and accurately by the CFPB.

Flagstar Mortgages Are Best for: