CREDIT SCORE

Jul 5 2020

Flagstar #Flagstar



Flagstar

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Flagstar Mortgage Options

Conventional Loans

Conventional Fixed Rate

  • This agency-regulated-product offers a variey 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 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 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 $484,350 and in high cost areas it is $726,525.

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.

Specialty Loans

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 15% down payment for purchase transactions.

Generally, the smaller your down payment percentage, the higher your interest rate. A loan-to-value ratio above 80% may result in a need for mortgage insurance. If mortgage insurance is required, the amount of your payment will increase.

Jumbo Adjustable Rate

  • This adjustable-rate mortgage product (ARM) allows for balances ranging from $484,350 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 10% down payment for purchase transactions.

Generally, the smaller your down payment percentage, the higher your interest rate. A loan-to-value ratio above 80% may result in a need for mortgage insurance. If mortgage insurance is required, the amount of your payment will increase.

Professional 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.

Purchase and rate/term refinance. Primary residence only. Flagstar checking or savings account required. Some restrictions may apply. All borrowers are subject to credit approval. Programs subject to change without notice. Underwriting terms and conditions apply. Eligible borrowers include: medical resident (Educational License), medical doctor (MD), doctor of dental sciences (DDS), doctor of dental medicine or surgeon (DMD), doctor of optometry (OD), doctor of ophthalmology (MD), doctor of podiatric medicine (DPM), doctor of osteopathy (DO), doctor of veterinary medicine (DVM), certified public accountant (CPA), attorney, and architect

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SOURCE: http://flagstarmortgage.com/our-products/

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