Top Flite Financial goes the extra mile to serve current and prospective homeowners with less-than-perfect credit. Whether you’re looking to purchase a home or refinance your existing mortgage, the friendly team is there to assist you with your home loan needs.
What is Top Flite Financial?
Top Flite Financial takes pride in providing innovative home loan solutions to its customers. Plus, it’s known to have some of the most flexible credit guidelines in the mortgage industry.
The mortgage lender works with prospective home buyers to simplify the mortgage process. Even better, you can choose from an assortment of mortgage products, whether you have stellar credit or your credit score is on the lower end. They lend all the way down to a 500 credit score, which is extremely rare.
Top Flite Financial in several states. You can use the online search tool to find a loan officer in your area who’s standing by waiting to help make your homeownership dreams a reality. They can also answer any questions you may have about the mortgage process.
How Can Top Flite Financial Make Getting a Mortgage Easier?
The team of mortgage professionals at Top Flite Financial is committed to simplifying the mortgage process from start to finish. You can submit an online inquiry or contact a team member today to inquire about securing a home loan. They can also answer any questions you may have, address concerns and provide personalized guidance on the next steps. Their secure Hole N1 Mortgage mobile app is easy to use and a great tool to help you stay informed and complete tasks throughout the process.
What Mortgage Loan Products Does Top Flite Financial Offer?
Top Flite Financial features several flexible home loan solutions to choose from.
Cash-Out Refinancing
As the leading provider of cash-out refinances for credit-challenged homeowners, Top Flite Financial often says yes when traditional banks and credit unions turn you away. You can pull equity from your home and convert it into cash to consolidate high-interest debt, make much-needed upgrades to your home to increase its value or help smooth out monthly cash flow. These are just a few ways to leverage a cash-out refinance.
FHA Loans
FHA Refinance transactions allow for credit scores down to 500 with the max FHA LTV of 80%. FHA Purchase loans are accessible with a credit score as low as 500 with a 10 percent down payment. Otherwise, you’ll need to put just 3.5 percent down to get approved (for scores of 580 or higher). The maximum allowable debt-to-income ratio is 57 percent, so a heavier debt load won’t necessarily prevent you from securing a loan. If approved, you’ll get a fixed interest rate and a loan term between 10 and 30 years.
First-time Home Buyer Mortgage
As the name implies, these mortgages are designed for first-time home buyers. The lending team is here to help take the guesswork out of navigating the mortgage process by providing personalized assistance every step of the way. Ultimately, the goal is for the homebuyer to walk away with the right mortgage and positive thoughts regarding their lending experience.
Fixed-Rate Mortgage
Fixed-rate mortgages help provide a sense of predictability. You’ll get an interest rate that remains constant for the life of the loan. So, your monthly payments for principal and interest won’t change, making it easier to fit them into your spending plan.
HARP Loans
HARP (Home Affordable Refinance Program) loans make it easier to afford your home, even if it’s declined significantly in value. They’re available to homeowners with Fannie Mae or Freddie Mac acquired or owned mortgages (before May 31, 2009).
Home Equity Loans
With this product, you can access up to 95 percent of the equity in your home. It comes in the form of a home equity loan or home equity line of credit (HELOC). If you’re considering a home renovation, Top Flite Financial may merge the loan or HELOC balance with your first mortgage to simplify the repayment process.
Jumbo Mortgage Loans
Access up to $3.5 million to buy the home of your dreams with a jumbo mortgage loan. There’s also a bank statement jumbo loan program that makes it easier for self-employed borrowers to get approved for a larger home loan. This loan product caters to borrowers looking to borrow more than the conforming loan limit of $726,200 (or $1,089,300 in high-cost areas) to purchase a home.
Purchase Loans
With so many purchase loans to choose from, finding the right option can be challenging. That’s why the team at Top Flite Financial works directly with buyers to identify the most suitable solution based on their unique needs and financial situation.
Reverse Mortgage Loans
A Home Equity Conversion Mortgage (HECM), a popular government-backed reverse mortgage product, makes it easy to borrow against your collateral. But instead of making monthly payments to the lender, they will pay you. It’s designed for homeowners who are at least 62 years old and have a sizable amount of equity in their homes.
USDA Loans
USDA loans are backed by the US Department of Agriculture and cater to home buyers looking to purchase in rural areas. These home products do not come with a down payment or private mortgage insurance (PMI) requirement. Plus, interest rates are generally competitive.
VA Loans
If you’ve served in the armed forces and have a credit score of at least 500, you may be eligible for a VA loan. You don’t need a down payment, and loan terms range from 10 to 30 years. You’ll also get a fixed interest rate and can access up to 90 percent of your home equity if you choose to refinance with this product. They allow you to access up to 90% even with a score down to 500.
What Other Services Does Top Flite Financial Provide?
There’s also a Step Forward Program that helps borrowers with FICO scores as low as 500 access cash-out refinance loans. This is an ideal program that allows borrowers with lower credit scores to improve their financial situation and, in return, improve their credit profile so they can qualify for even better mortgage terms. Many of Top Flite’s borrowers go through this transition and end up being A-paper borrowers the second time around.
Application Process for Top Flite Financial
Basic Requirements for Applying
It depends on the mortgage product you select. Some have more stringent eligibility guidelines than others, so it’s best to consult with a lending professional to confirm the requirements before applying. Still, Top Flite Financial has the most relaxed credit guidelines in the mortgage industry.
Documentation Requirements for Application
Again, it varies, but you can download the Hole N1 Mortgage App on Google Play or the AppStore and securely upload documents from your smartphone. As a general rule of thumb, you should gather the following documents:
- Identifying documents: government-issued photo identification
- Income documents: W-2 forms, pay stubs, income tax returns, child support or alimony documents
- Asset and debt documents: bank statements (two- to three months), retirement account statements, investment account statements
- Other documents: gift letter (if applicable), rental payment history for the past 12 months (if applicable), explanation letter for derogatory credit items
Note: This list is not all-inclusive and should serve as a starting point when applying for a mortgage. Reach out to a loan officer at Top Flite Financial to confirm the documentation requirements you’ll need to meet to be considered for funding.
The Process of Loan Application
You can apply online through the Web Portal or download the mobile app referenced above to start the loan application process. The first step is to get pre-qualified for a home loan. If you’re eligible, you’ll move on to the underwriting process that involves further scrutiny of your loan application to issue a final approval and “clear to close” from the lender. As you navigate through each step, you’ll receive real-time alerts to keep you in the loop and notify you of any documentation requests or status updates.
Fees and Costs of Getting a Mortgage through Top Flite Financial
It varies by mortgage product. That said, the lender aims to make homeownership more affordable for all its borrowers.
Advantages of Choosing Top Flite Financial
You may want to consider Top Flite Financial over other lenders for several reasons:
- Exceptional, personalized customer service
- Assortment of mortgage solutions
- Purchase and refinance options for credit-challenged borrowers
- Loan offers for modular homes and manufactured homes
- Mortgage products for applicants with sizable student loan debt balances
Comparing Top Flite Financial with Other Lenders
Top Flite Financial versus Traditional Lenders
Traditional lenders generally have more stringent eligibility guidelines. It’s also not uncommon to experience a lengthier application process with traditional lenders, while Top Flite Financial prides itself on a streamlined process that’s simple to navigate. Plus, you’ll be kept in the loop every step of the way.
Top Flite Financial versus Online Lenders
There are many similarities between Top Flite Financial and online lenders. Both feature a variety of mortgage products and fast closing times. Although Top Flite Financial prides itself on providing flexible home loan solutions, you may find more leniency on select mortgage offerings with some online lenders.
Who Should Consider Top Flite Financial?
Top Flite Financial is ideal for any homeowner with less-than-perfect credit that needs to access the equity in their home. They approve the loans most banks and credit unions turn down, and unlike most lenders, lower credit mortgages are their specialty.
Get Started with Top Flite Financial
Inquire about a cash-out refinance or other loan product today by completing this brief questionnaire.
