Our top priority is you, the customer. Our mission is to create a simple mortgage process so that we can invest more time in providing you the information that you need to make comfortable, well-informed decisions regarding your mortgage options.
|
|
|
We specialize in first time home buyers, home purchases, refinances, investment properties, reverse mortages, and credit repair! Top Flite Financial,Inc., Prides itself on finding the best mortgage loans to match our client's highly-individualized needs. Whether you are looking to purchase your new dream home or refinance the one you have. We will work hard to find you what suits you and your needs. With Top Flite Financial on your side you to can make a hole in one. Top Flite Financial understands that buying or refinancing your home can be very stressful. We make it as stressless as we can for you. You can get pre-approved for your mortgage loan in about 15 minutes and one of our Top Flite Financial loan professionals will provide you with the lowest mortgage rates in the country. |
FHA was created by the Federal Government to provide affordable housing financing for qualified borrowers. FHA insures the loan, limiting the lender's risk. the borrower pays an upfront insurance premium which is approximately 1.5% of the loan amount. This money can be financed directly in the loan amount. The borrower also pays a monthly premium of .5% of the loan amount divided by 12 months. This way, if the borrower was to default on the FHA mortgage (foreclose) and Top Flite Financial was the lender, then the FHA would cover most losses that the lender would incur. This makes banks eager to lend FHA mortgage money and is why it's easier to qualify. FHA requires a minimum down payment of 3% This money can be a gift. No reserves are required.
FHA loans are not only for "first time homebuyers."
This is a myth. Anyone can secure an FHA mortgage. However, because there are limits to FHA loan amounts, oftentimes it is the first time homebuyer that ends up taking out an FHA loan. Usually, people that are selling a home to buy another are "upgrading." Plus, the equity from their previous sale will usually give them a large down payment for their new home, so an FHA loan is not necessary.
Who doesn't qualify for an FHA loan?
Remember, an FHA mortgage is a very nice gift from the government for people who would otherwise be unable to qualify for a mortgage. So, even though most of this is common sense, we should tell you that:
-
You can not use an FHA loan to buy an investment property or a second home.
-
You can not take out an FHA loan if you have unpaid judgments on your credit report.
-
Haven't paid your income taxes.
-
Have defaulted on your student loans.
-
You MUST use "full documentation" for an FHA mortgage. (This means that you have to prove your earnings; there is no such thing as a "stated income" FHA mortgage.)
More advantages to FHA mortgages:
- Your credit score can be as low as 560. The national average credit score is 677 (at the time of this writing.)
- What if you don't have any credit? Not problem. We can use alternative examples of credit. For example, we can get a letter from your landlord stating that you have paid on time for the past 12 months.
- Zero Down FHA Loans - yes, you can get a zero-down FHA loan. This means that you can have a low credit score or no credit at all and still buy a house
In need of an FHA mortgage streamline refinance?
Then your approval is practically a given. Call us toll free at (888) 714-8383 and find out just how simple it is to take out an "FHA streamline refinance" loan. (The reason it is called a "streamline" refinance is because we do not need any documentation from the borrower!) As long as you have made all of your past mortgage payments on time, we can refinance your FHA mortgage with little more than your signature.
At Top Flite Financial, we love the FHA loans! It allows us to help worthy families who do not meet requirements for conventional loans. FHA loan programs are  particularly beneficial to those buyers with less cash in the bank. plus, the rates on FHA loans are normally general mortgage market rates.
-
Closing costs can be financed on FHA loans!
-
Lower monthly mortgage insurance premiums and, under certain conditions, automatic cancelation of the premium.
-
Much more flexible underwriting than with conventional loans. (in other words, "easy to qualify.")
-
FHA limits the amount lenders can charge for some closing cost fees (e.g. the origination fee can be no more than 1% of mortgage). |
|
|
Beware any webites claiming to offer a free website or offering "guaranteed" credit repair. There are no guarantees and, quite often, you are increasing your exposure to Identity Theft rather than minimizing it.
The three major bureaus, TransUnion, Equifax, and Experian utilize
AnnualCreditReport.com
as part of their commitment to the FACT Act.
If your credit is less than perfect, you're not alone. A recent study by the Mortgage Bankers Association of America revealed some startling facts: of 100 people who applied for a standard 30 year fixed rate mortgage through traditional lending avenues (banks, savings & loans, credit unions, etc.), less than 40% qualified for that loan. That leaves 60%+ who were forced to seek alternative real estate financing solutions.
Credit issues that can prevent you from obtaining a traditional lending profile include:
-
Late Payments on Accounts (Home loans, car loans, credit cards, etc.)
-
Collections
-
Charge-Offs
-
Judgments (also called Abstracts of Judgment)
-
Bankruptcy/Consumer Credit Counseling
-
Foreclosure
These items, unless paid off and/or eliminated, will not go away, and will continue to prevent you from realizing your best financial future.
|
|
|