Flagstar Bank

About Flagstar Bank

Flagstar Bank, now part of New York Community Bancorp, Inc., is a leading national mortgage originator and servicer. Founded in 1987, Flagstar has grown to become the 6th largest bank mortgage originator in the country. With a strong focus on both retail and wholesale lending, Flagstar combines traditional banking services with specialized mortgage expertise, including being one of the largest servicers of mortgage loans nationwide.

Key Features

• Professional Loan Program: Special mortgages for doctors, lawyers, and CPAs
• Construction Lending: Comprehensive construction and renovation loan programs
• Portfolio Lending: Flexible options for unique situations
• MyLoans Portal: Digital platform for loan management and payments
• Banking Integration: Rate discounts for existing bank customers
• Servicing Retention: Most loans serviced in-house for consistent service

Loan Types

• Conventional Fixed-Rate Mortgages
• Adjustable-Rate Mortgages (3/1, 5/1, 7/1, 10/1)
• FHA Loans
• VA Loans
• USDA Rural Development
• Jumbo Loans
• Construction & Renovation Loans
• Professional Loans
• Home Possible® / HomeReady®
• Investment Property Loans
• Second Home Mortgages
• Portfolio Loans
• HELOCs & Home Equity Loans

Requirements

• Minimum Credit Score:
  • 580 (FHA)
  • 620 (Conventional)
  • 680 (Jumbo)
  • 700 (Professional Loans)
• Down Payment:
  • 3% (Conventional)
  • 3.5% (FHA)
  • 0% (VA/USDA)
  • 10-20% (Jumbo)
  • 5% (Professional Loans)
• Debt-to-Income Ratio: Up to 45% standard, 50% for qualified borrowers
• Employment: 2 years history required, special considerations for new professionals
• Reserves: 2-12 months depending on loan type

Contact Information

• Website: www.flagstar.com/personal/home-loans
• Phone: 1-888-248-6423
• Hours: Mon-Fri 7:30am-9pm ET, Sat 8:30am-3pm ET
• Headquarters: 5151 Corporate Drive, Troy, MI 48098
• Branch Network: 400+ locations across multiple states
• NMLS ID: #417490