Flagstar Jumbo Express Purchase Loan
Best For: Large Down Payments, Large Loan Amounts, High Credit Scores, Savvy Investors
Flexible jumbo purchase option with 10% down option, flexible qualification guidelines, and lower credit score requirements.
Program Description
Flagstar Bank funds jumbo mortgages for purchase with loan amounts up to $3.5 million. A jumbo purchase can help you buy a higher-priced home in which your loan amount exceeds the conforming loan limits for the county where you are purchasing. Flagstar Bank has a 15 or 30-year fixed rate term, as well as second home and investment property options. They also offer down payments as low as 10%.
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Flagstar Jumbo Express Purchase Loan
Min. Credit Score
660
Min. Down Payment
10%
Max Loan Amount
$3,500,000
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Pros & Cons
- Allow for loan amounts above the conforming loan limit
- No mortgage insurance required
- No prepayment penalties
- Potentially higher interest rates
- Can be more challenging and costly with lower credit scores
- Potentially higher closing costs
Program Availability
Flagstar Jumbo Express Purchase Loans are available in all 50 states, Washington D.C., Puerto Rico, and the U.S. Virgin Islands.
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“A Jumbo Loan is necessary when purchasing above the county limits giving the borrower flexible options and solutions. Typically 20% downpayment is required but there are investors that will be a bit more flexible in some cases. I'm a Jumbo Expert—let me know how if you have any questions."
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
45.00%
Purchase Price Limit
No Limits
Income Limit
No Limits
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
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Key Features
- Up to $3 million for primary residences
- 10% down option for loan amounts up to $1.5 million
- Credit scores as low as 680
Additional Conditions
- 30-year fixed and 15-year fixed loan term options
- Requires good to excellent credit history
- Lower maximum loan amounts for second homes and investment properties
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class is not required for this loan program.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
No Mortgage Insurance
This program does not require Private Mortgage Insurance (PMI).
Type: No Funding Fee
This program does not have a funding fee.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2.5%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
AIG Jumbo Purchase Loan
Best For: Large Down Payments, Large Loan Amounts, High Credit Scores, Lowest Rates
Fixed-rate jumbo mortgage option for loan amounts up to $2 million—also available for second homes and investment properties.
Citi Jumbo Purchase Loan
Best For: Large Down Payments, Large Loan Amounts, High Credit Scores
Citi's fixed and adjustable-rate jumbo mortgage options can go up to $3 million with flexible qualification and competitive interest rates.
Related Resources
A Rundown On Closing Costs and How They Affect You
It can be tricky to sift through all the figures , so we broke down what they are, how much they cost, who's responsible and how to minimize your expenses.
Read More
First Time Homebuyer Guide
Being a first-time homebuyer has its fair share of challenges. One of your biggest obstacles will be competing against other new or seasoned buyers. While bidding wars have tapered since the previous buying season, they can still occur.
Read MoreVisit our Mortgage Education Center for more resources.
* Some loan programs may not be offered by all featured lenders of ReviewMyMortgage.com and qualification guidelines may vary between them. Our team makes their best effort to keep loan program information up to date. Loan programs may change without warning. ReviewMyMortgage.com does not guarantee or offer any loan products. ReviewMyMortgage.com is strictly an educational resource hub for consumers
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