Flagstar Mortgage Review — Full Service Bank w/ Mortgage Options

Flagstar Mortgage Review — Full Service Bank w/ Mortgage Options

November 24, 2021 0 By administrator

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Flagstar Bank Lender Review 2021

Flagstar Bank Lender Review 2021

Editor’s Score: (4.4/5)

Flagstar Bank Lender Review 2021

Editor’s Score: (4.4/5)

  • Minimum Credit Score:

    600 VA; 620 conventional, FHA, USDA; 660 jumbo

  • Minimum Down Payment:

    0% to 3.5% depending on loan type

  • Can Apply Online:

    Yes

  • Operates In:

    All 50 States

Pros

  • Has an extensive loan lineup for purchases, refinances, construction, and more
  • Operates 150 branches
  • Mortgages available in all 50 states and Washington, D.C.
  • $1,000 discount on closing costs for veterans and first responders on certain loan types
  • Flexible mortgage options for low-income borrowers (in certain states)
  • Full application process available online or in person

Cons

  • Credit score requirements a bit higher for FHA loans and USDA loans compared to some other lenders
  • History of regulatory actions
  • Above average consumer complaints per 1,000 loans

The Bottom Line

Flagstar can be a good option for just about any borrower, since the bank offers many types of home loans. However, you might need fair or better credit to qualify since the credit score requirements on FHA loans and USDA loans are a bit higher compared to some other lenders. The bank also has a history of consumer complaints and regulatory actions, which borrowers should be aware of.

Editorial Independence

As with all of our mortgage lender reviews, our analysis is not influenced by any partnerships or advertising relationships. For more information about our scoring methodology, click here.

Flagstar Bank Full Review 

Flagstar Bank, a subsidiary of Flagstar Bancorp chartered in 1987, is a full-service bank headquartered in Troy, Michigan. Flagstar offers checking and savings accounts, credit cards, personal loans, and investment products in addition to its mortgage loans. 

The bank originates mortgages in all 50 states and Washington, D.C., and has 150 retail locations spread across a handful of those states. If you’re in the market for a home loan, here’s what to…

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