Your Home, Our Expertise: Your Perfect Mortgage Partner
Welcome to the Jhenesis Mortgage FAQ page! Here, we’ve gathered answers to the most common questions about our mortgage services, loan options, and the application process. If you don’t see the answer to your question, please don’t hesitate to reach out to us directly.
1. What types of mortgage loans does Jhenesis Mortgage offer?
We offer a wide range of mortgage products, including:
- Conventional Loans
- FHA Loans (Federal Housing Administration)
- VA Loans (for Veterans and their families)
- USDA Loans (for rural and suburban homebuyers)
- Jumbo Loans (for high-value properties)
- Refinancing Options (including cash-out refinances)
- Non-QM Loans (for self-employed or non-traditional borrowers)
- DSCR Loans (for real estate investors)
Our team will work with you to find the best loan for your needs.
2. What is the minimum credit score required to qualify for a mortgage loan?
The minimum credit score required varies depending on the type of loan:
- Conventional Loans: Typically, a minimum score of 620 is required.
- FHA Loans: Generally, a score of 580 or higher is required.
- VA Loans: There’s no strict minimum, but a score of 620+ is often recommended.
- USDA Loans: Generally requires a score of 640+. If your score is lower than the minimum requirement, we may still have options available. Reach out to us for guidance.
3. What is the difference between a fixed-rate mortgage and an adjustable-rate mortgage (ARM)?
- Fixed-Rate Mortgage (FRM): Your interest rate and monthly payments stay the same throughout the life of the loan, making it a stable option.
- Adjustable-Rate Mortgage (ARM): Your interest rate may change periodically based on the market. While the initial rate may be lower than a fixed-rate mortgage, it can increase over time, impacting your monthly payments.
4. What is a VA Loan, and who is eligible for it?
A VA Loan is a mortgage loan guaranteed by the U.S. Department of Veterans Affairs. It’s designed to help veterans, active-duty military members, and qualified spouses purchase homes with no down payment and no PMI (Private Mortgage Insurance). If you’ve served at least 90 days during wartime or 181 days during peacetime, or if you’re a spouse of a service member who died in the line of duty, you may qualify for a VA loan.
5. How does the refinancing process work?
Refinancing involves replacing your current mortgage with a new loan, often at a lower interest rate or different terms. The process typically includes:
- Application: Submit your application and documentation to us.
- Appraisal: A home appraisal is conducted to determine the value of your property.
- Approval: We review your financial information and the appraisal to determine your eligibility.
- Closing: If approved, you’ll close the new loan, which pays off your old one.
We offer several refinancing options, including cash-out refinancing and rate-and-term refinancing.
6. What is a Debt Service Coverage Ratio (DSCR) Loan?
A DSCR Loan is a specialized loan option that evaluates the income-producing potential of a property rather than the borrower’s income. It’s perfect for real estate investors, as the loan qualification is based on the property’s ability to generate rental income to cover the debt service. It’s a flexible loan that doesn’t require traditional income documentation like pay stubs or tax returns.
7. What is Private Mortgage Insurance (PMI), and do I need it?
PMI is insurance that protects the lender in case the borrower defaults on the loan. It’s typically required when you make a down payment of less than 20% on a conventional loan. However, with VA loans, USDA loans, and some other types of loans, PMI is not required. If you’re purchasing with less than 20% down and don’t want PMI, options like Lender-Paid Mortgage Insurance (LPMI) or piggyback loans may be available.
8. Can I get a mortgage loan with bad credit?
Yes, you can still qualify for a mortgage even with less-than-perfect credit. FHA loans and some Non-QM loans are specifically designed to help borrowers with lower credit scores. Our team will help you explore all options to find the best solution.
9. What are the closing costs associated with a mortgage?
Closing costs typically range from 2% to 5% of the loan amount and may include:
- Appraisal fees
- Title search and insurance
- Home inspection
- Attorney fees (if applicable)
- Recording fees
- Loan origination fees
- Prepaid taxes and insurance premiums
In some cases, sellers may agree to pay a portion of these costs, particularly in VA loans.
10. What documents do I need to apply for a mortgage loan?
To start your mortgage application, you’ll generally need:
- Proof of identity (e.g., driver’s license, passport)
- Income verification (pay stubs, W-2s, tax returns)
- Credit report (we will pull this as part of the application process)
- Bank statements (last 2 months)
- Employment verification (if applicable)
- Property information (for purchase loans, this includes the address and sale details)
Our team will guide you through the documentation process to ensure a smooth application.
11. Can I get pre-approved for a mortgage loan?
Yes, getting pre-approved for a mortgage loan is a great first step. Pre-approval gives you an idea of how much you can borrow and can help you in negotiations when making an offer on a home. To get pre-approved, you’ll need to submit your financial documents for review.
12. How long does it take to close a mortgage loan?
The mortgage closing process typically takes between 30 to 45 days, though it can vary depending on the type of loan and your specific situation. Refinances might be quicker, while first-time homebuyer loans or FHA/VA loans could take longer due to additional requirements.
13. Do you offer refinancing options for existing mortgages?
Yes, we offer a variety of refinancing options to help you lower your interest rate, consolidate debt, or access cash from your home’s equity. You can choose from conventional refinancing, FHA refinancing, VA refinancing, or other programs. We will guide you through the best options for your financial situation.
14. How can I contact Jhenesis Mortgage for more information?
To speak with one of our mortgage professionals, you can:
- Call us at 407-630-9766
- Email us at info@jhenesismortgage.com
- Or simply fill out the contact form on our website, and we will reach out to you!
15. Are you licensed to operate in all states?
Jhenesis Mortgage operates in several states. Please contact us to confirm if we can help you in your specific location.
If you have any other questions or would like to speak with a mortgage professional, contact us today 407-630-9766! Our team is here to help you find the best mortgage solution for your needs.