LoanFlight Reviews

LoanFlight is an online mortgage lender based in Tampa, Florida. It offers a variety of loan products, from conventional mortgages and Federal Housing Administration (FHA) loans to HELOCs and investor-focused loans.

LoanFlight uses a simple application process that’s handled entirely online. There are no lender fees with LoanFlight. The company is licensed in 16 states.

LoanFlight’s application process is handled entirely online. Borrowers start by getting a quote, which only requires basic information. Supporting documents like pay stubs and bank statements are uploaded later in the application process.

If you decide to apply after getting a quote, you’ll follow these steps:

1. Create an account on the LoanFlight portal. You’ll be asked to provide details about your income, assets, employment and property.
2. Upload documents, including pay stubs, W-2s, bank statements and your driver's license.
3. At this point, you can lock your rate in for 30 to 60 days.
4. An underwriter reviews your information, and a processor handles the appraisal, title and insurance details.
5. Once you’re cleared, you can schedule a closing. LoanFlight will send a notary to your location.

LoanFlight application features

The following table outlines LoanFlight’s key application features:

LoanFlight doesn’t provide rate information online. Potential borrowers can request a quote to get real-time rates for their specific situation. Once your initial application is approved and you get a quote, LoanFlight allows a 30- to 60-day rate lock.

Rates fluctuate daily, but you can check current averages to see how rates are trending and get a sense of typical market rates.

LoanFlight offers a huge variety of loan types for both homebuyers and investors:

Traditional mortgages

• Bank statement loans
• Conventional loans
• FHA loans
• HELOCs and home equity loans
• Interest-only loans
• Jumbo loans
• Manufactured home loans
• No income verification loans
• Noncitizen loans
• Reverse mortgages
• Self-employed loans
• VA loans

Investor loans

• Bank statement loans
• Debt service coverage ratio (DSCR) loans
• Fast-closing loans
• Fix-and-flip loans
• Foreign investor loans
• Hard money loans
• Low-doc loans
• No income loans
• Rehab loans

LoanFlight doesn’t publish its requirements for every loan type. Generally, a conventional mortgage requires a minimum credit score of 620, while jumbo loans typically require 680. LoanFlight’s FHA loans require a score of 600, which is somewhat high for this loan type. VA loans typically require a credit score of 580.

Down payment requirements also vary by loan type. Conventional loans generally require at least 3% down, while standard FHA loans usually require 3.5%. FHA loans from LoanFlight don’t require a down payment. VA loans also have no down payment requirement.

LoanFlight charges no lender fees, including the loan origination fee. This is uncommon among mortgage lenders and can translate to noticeable savings at closing.

Apart from that, you can expect to pay standard closing costs, which typically range from about 2% to 5% of the home’s sale price.