MortgageFAQs
Frequently Asked Questions
Q. HOW DO I KNOW IF I AM AN FHA, VA, OR Q. HOW DOES THE APPLICATION PROCESS WORK?
CONVENTIONAL BORROWER? A. You can make an application via our website, e-mail,
A. For FHA you need 2 years from discharge. If you have or over the phone, sending the requested documents
served our country in the military you should qualify for to us. We handle all the other work and upon credit
a VA loan in 2 years. Conventional borrowers need 4 years and property approval you will close at a local title or
after discharge. attorney’s office near you.
Q. WHEN IS THE BEST TIME TO BUY OR REFINANCE MY Q. WHAT IF AN ILLNESS, DEATH, JOB LAY-OFF
HOME AFTER A BANKRUPTCY? OR SIMILAR ONE-TIME EVENT CAUSED MY
A. If you filed a Chapter 7 you are eligible for an FHA or VA BANKRUPTCY?
loan 24 months after your discharge date. If the home price A. If rare circumstances caused your bankruptcy you
exceeds the FHA guidelines for your area, then you need to may be eligible, with documentation of the event and
wait 4 years from your discharge, or seek out streamline underwriter approval, 12 months after discharge on a
refinancing with your current mortgage lender. If you’ve Chapter 7.
had a foreclosure then you will need to wait 36 months
from the “satisfaction date” (transfer of deed) for FHA, Q. CAN YOUR OFFICE ORIGINATE LOANS IN OTHER
24 months for VA or 5 years for conventional. In some STATES?
cases on a Chapter 13, you may be eligible for a mortgage
loan during your repayment period. In this scenario your
A. Yes, Flagstar Bank is licensed to do mortgage lending in
all 50 states. Flagstar Bank excels at FHA and VA loans.
bankruptcy trustee must approve for you to enter into the
transaction and you must have at least 12 months of a
clean repayment history.
Q. DO YOU GIVE HOME EQUITY LOANS?
A. No. It’s preferable to do a “cash-out” refinance, if you
Q. IN A DIVORCE SITUATION, HOW DO I GET AN are under 4 years from discharge. If you are more than
EX-SPOUSE OFF THE LOAN? 4 years after discharge, you need a middle FICO score of
A. You have to refinance and qualify for the new loan in
at least 660.
order to remove someone.
Q. WHO DO I CONTACT IF I HAVE QUESTIONS?
Q. I HAD A FORECLOSURE IN MY BANKRUPTCY, HOW A. Becky Stark, Branch Manager
DOES THAT AFFECT THE MORTGAGE PROCESS? Email: Rebecca.J.Stark@flagstar.com
A. A foreclosure adds 12 months to the eligible time frame on Phone: 317-558-0452
FHA, VA, and conventional loans. Fax: 888-400-7224
Q. WHAT DOES THE REGISTRATION FORM DO FOR ME? Please use email for a faster response.
A. Your information will go into our database so that we can
follow-up with you. Your information will not be given to
anyone else without your permission.
To find FHA loan limits by county across the United States go to:
https://entp.hud.gov/idapp/html/hicostlook.cfm
Becky Stark • Flagstar Bank Home Lending • 5640 E. 71st Street, Indianapolis, Indiana 46220 061711
Phone: 317-841-9881 • Fax: 888-400-7224 • Email: Rebecca.J.Stark@flagstar.com