Founded in 1993 in Troy, Michigan, Flagstar Bank has several branches and loan centers across the United States. The company currently has $12.5 billion in assets.
As of December 2016, for a borrower with excellent credit purchasing a $250,000 home with a $50,000 down payment and a 30-year fixed rate loan from Flagstar Bank, the interest rate comes out to be 3.99 percent, which is the lowest disclosed rate out of all the home loan companies we've reviewed.
Flagstar Bank charges closing costs of 2 to 5 percent of the total loan amount, which is slightly lower than industry average.
Flagstar Bank provides its borrowers with a mobile app that is compatible with iOS and Android devices.
Flagstar Bank has not disclosed minimum credit score requirements on its corporate website, making it difficult for borrowers with less-than-perfect credit to have an idea of whether or not they've got a shot at qualifying for a loan.
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