Jet Lending Group, Inc
Mortgage Solutions You Can Rely On
Jet Lending Group, Inc
Mortgage Solutions You Can Rely On
Call us 888-283-2046
Conventional
- The minimum representative credit score is 620.
- The minimum down payment is 5%. The first time home buyer can go 3% down payment. More down payment can help secure a better interest rate.
- Private mortgage insurance (PMI) is required if the down payment is less than 20%. PMI can be removed once sufficient equity is built.
- Conforming loan limits set by Fannie Mae and Freddie Mac. Loans above these limits are considered jumbo loans.
FHA
- The minimum representative credit score is 520.
- The Minimum down payment is 3.5%.
- Requires both an upfront mortgage insurance premium (UFMIP) and an annual mortgage insurance premium (MIP) even if 20% or more down payment has been made. MIP may not be removed.
- Subject to FHA loan limits, which vary by region and are determined based on local housing market conditions.
VA
- Available to veterans, active-duty service members, and certain members of the National Guard and Reserves.
- Must meet specific service requirements and obtain a Certificate of Eligibility (COE) from the VA.
- 0% down payment is available for eligible borrowers.
- No loan limits if you have full entitlement.
- No Private Mortgage Insurance (PMI) required.
- VA funding fee can be financed.
Jumbo
- Loan amount exceeds the conforming loan limits, which vary by geographic location.
- Minimum credit score of 640
- Debt-to-Income Ratio must be 45% or lower.
- Stricter income and asset verification processes.
- Additional reserves of up to 18 months' worth of expenses may be required.
USDA
- Available to low- to moderate-income buyers in eligible rural and suburban areas.
- For primary residence only, no money down.
- Meet income eligibility . Borrower’s income cannot exceed 115% of the median household income for the area.
- Property must be located in USDA-eligible areas .
Non QM (Alternative income)
- Designed for borrowers with unique financial situations that don’t fit standard mortgage guidelines, such as self-employed individuals, investors, and those with irregular income.
- Offers more flexible qualification criteria compared to traditional loans.
- May accept alternative forms of income verification, such as bank statements or asset-based qualifications.
- Interest rates is higher due to the increased risk to the lenders.
- Includes flexible loan options, such as interest-only loans, loans with balloon payments, and others not covered under Qualified Mortgages (QM) guidelines.
DSCR
- A Debt Service Coverage Ratio (DSCR) loan is designed for real estate investors.
- For investment properties only.
- Based on the property’s rental income and property debts rather than the borrower’s personal income.
- Not required to provide personal income documentation, such as tax returns or pay stubs.
- Prepayment penalty may apply.