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Housing Wire reports Flagstar rolls out zero-down mortgage with closing cost aid for low-income borrowers.
Flagstar Bank is targeting low- to moderate-income borrowers with a mortgage offer that’s seemingly too good to be true.
The program, which Flagstar introduced earlier this week, requires no down payment from the borrower and also provides the borrower with closing cost assistance.
Under the program, Flagstar will gift the required 3% down payment to the borrower, plus up to $3,500 to be used for closing costs.