Step Forward Program
Our TFF Step Forward Program sets us apart from most mortgage lenders. We want to be your “Lender for Life” and we prove our worth by continuing to strive to help you improve your mortgage even after your initial cash out loan.
This program allows us to qualify the most credit challenged homeowners, and put them on a path to potentially qualify for even better terms in the future.
What is Step Forward?
Our focus is to help homeowners with less than perfect credit improve their quality of life. We accomplish this by reducing the industry’s standard credit criteria required for a cash out refinance.
Over the years we have leveraged our approved FHA and Portfolio Lending status to assist clients purchase new homes and refinance their existing mortgages after local banks/lenders have turned them down.
Many Americans that pay their mortgage on time are being pushed aside by these institutions due to financial hardship, outstanding credit card debt, student loans, etc.
Our Step Forward Program not only solves this problem by allowing credit scores all the way down to a 500 Fico on our cash out/debt consolidation loans, but we also put a plan in place to improve our clients mortgage.
We’ll contact you after 6-8 payments to determine your eligibility to refinance into more favorable terms. Of course, your credit at that time and the current market conditions will determine if a lower payment is possible, but many of our clients see their credit increase shortly after closing simply by consolidating their debt.
Our clients not only benefit from having the ability to get the cash they need now at a competitive interest rate, but they get the added value of a “No Lender Fee” refinance after 6 payments to help them reduce their mortgage payment by transitioning from our FHA or Non-QM loan into a new Conventional Mortgage.
Those who have been affected by life events:
- These borrowers can document and explain the life event
- These borrowers have a satisfactory credit history prior to the event
- These borrowers do not display patterns of recent credit delinquency
- These borrowers are on the road to financial recovery
Those who need to consolidate debt:
- These borrowers have too much credit resulting in a low credit score
- These borrowers have several hundreds of dollars per month in minimum payments on non-mortgage debt on short term high interest installment loans or high interest credit cards
- These borrowers have equity in the property, but have been denied of a refinance due to their credit history or inability to document verifiable income
- These borrowers may be eligible for a cash-out refinance to pay off debt, saving the borrower thousands of dollars
Our Loan Process
- Click “Get Started” below and complete your loan application
- Get Pre-qualified for up to 80% cash out of your homes appraised value
- Your dedicated TFF Loan Officer will contact you to go over options
- Order an appraisal
- Provide Loan documents needed for final approval
- Close your loan!
- Use the cash to pay off derogatory credit, student loans, high interest rate credit cards, collections, judgments, medical bills or simply use the money to make home improvements to increase the value of your home
- Make a minimum of 6-8 house payments on the new loan
- Pay all of your bills on time
- Do not open up any new credit accounts or max out any open revolving accounts
- Your Top Flite Financial Loan Office will contact you to determine eligibility for a lower payment
- Provide updated loan paperwork and receive a new credit and income approval from underwriting
- Order a new appraisal to confirm the homes market value
- Close on the new reduced payment loan!