Services
Our Services
At Jubilee Home Lending Group, Inc. our mission is to provide you with the knowledge and professionalism needed to make informed decisions about your mortgage. Whether you’re buying your first home, investing in property, or refinancing an existing loan, we’re here to help you every step of the way.
At Jubilee Home Lending Group, Inc. we offer a comprehensive range of mortgage solutions tailored to meet your individual needs. Our services include:
Fannie Mae and Freddie Mac Loans:
We provide access to loans backed by Fannie Mae and Freddie Mac, offering you competitive rates and flexible terms. These government-sponsored enterprises help ensure that you have access to affordable financing options.
Conforming and Non-Conforming Loans:
Whether you need a conforming loan that meets the standards set by Fannie Mae and Freddie Mac or a non-conforming loan for properties that exceed these limits, we have the expertise to find the right solution for you. Our team will work with you to determine the best fit for your financial situation.
Investment Loans:
Looking to expand your real estate portfolio? Our investment loan options are designed to help you finance rental properties, commercial properties, and other real estate investments. We offer guidance and solutions to support your investment goals.
And More:
From first-time homebuyer programs to refinancing options, we offer a range of additional services to meet your mortgage needs. Our team is committed to providing personalized solutions and expert advice to help you navigate the complexities of home lending.
What we offer
Mortgages so simple, you see what you get.
FHA loans typically have more lenient qualification requirements. To be eligible for a 3.5% down payment, you generally need a minimum credit score of 580. If your credit score is between 500 and 579, you might still qualify for an FHA loan, but you'll need to make a 10% down payment.
- Credit score 580
- Minimum down payment of 3.5%
- Debt-to-Income Ratio 46%-56%
- Home must meet FHA's standards for safety
An FHA 203(k) loan is a type of mortgage that allows borrowers to finance both the purchase of a home and the cost of its renovation through a single loan. This program is designed to help homebuyers and homeowners improve their property while keeping the financing process straightforward and manageable.
- Credit score 580
- Minimum down payment of 3.5%
- Must be a primary residence
- $35,000 Maximum for renovation & to be completed within 6 months
A conventional loan is a type of mortgage not backed by a government agency, such as FHA or VA. It is typically offered by private lenders and requires a higher credit score and down payment compared to government-insured loans. Conventional loans come in fixed-rate or adjustable-rate options and often have stricter eligibility requirements but can offer more flexibility and potentially lower costs in the long run.
- Minimum credit score 620
- Down payment between 3% to 20%
- Debt to Income Ratio 43%
- Avoid PMI Possibility
A VA loan is a mortgage backed by the U.S. Department of Veterans Affairs, designed to help military veterans, active-duty service members, and certain other eligible individuals buy or refinance a home. It typically requires no down payment and offers favorable terms, such as competitive interest rates and no private mortgage insurance (PMI) requirements. VA loans also have flexible credit standards and lower closing costs.
- Credit score of at least 620
- Must be an active member, veteran or a qualifying family
- Stable income
- Loan includes a VA funding fee
A USDA loan is a mortgage program backed by the U.S. Department of Agriculture, aimed at helping low- to moderate-income borrowers purchase homes in eligible rural and suburban areas. It offers benefits like no down payment requirement, competitive interest rates, and low mortgage insurance costs. USDA loans are designed to promote homeownership in less densely populated areas.
- Credit score of 640
- Household income below 115% of area median
- Property located in rural area
- Debt to Income below 41%
A jumbo loan is a type of mortgage that exceeds the conforming loan limits set by Fannie Mae and Freddie Mac. Because they are not backed by these government-sponsored entities, jumbo loans typically have stricter credit requirements, higher interest rates, and larger down payments. They are used for purchasing high-value properties or in areas where home prices are particularly high.
- Credit score of at least 700
- At least 20% down
- Must have substantial income and asset
- Debt to Income Ration lower than 43%
A bank statement loan is a type of mortgage designed for self-employed borrowers or those with irregular income who may not have traditional income documentation. Instead of relying on W-2s or tax returns, lenders use bank statements to verify income. This type of loan can be useful for individuals with strong cash flow but non-traditional income sources.
- Credit score from 620 to 700
- 12 to 24 months personal/business bank statements
- Up to 20% down payment
- Debt to Income Ratio below 45%
A DSCR loan, or Debt Service Coverage Ratio loan, is a type of mortgage where the borrower’s ability to repay the loan is assessed based on the property’s income potential rather than their personal income. The DSCR is calculated by dividing the property’s net operating income by the total debt service. These loans are often used for investment properties and commercial real estate.
- Credit score at least 620
- Down payment of 20% to 30%
- Income generated should cover mortgage to at least 1.2x
- Debt Service Coverage Ratio (DSCR)
Mortgage refinancing involves replacing an existing mortgage with a new one, typically to secure better terms such as a lower interest rate or different loan duration. This process can reduce monthly payments, shorten the loan term, or allow access to home equity for other financial needs.
- .Cash out or rate-and-term
- Reduce monthly payment
- Access to home equity
- Shorter loan term
Frequently Asked Questions:
The first step is to assess your financial situation and gather necessary documents, then contact lenders to discuss your options.
You typically need pay stubs, W-2 forms, tax returns, bank statements, proof of assets, and information about debts.
Use a mortgage calculator to estimate your monthly payments based on your income, debt, and the loan amount. Lenders also consider your debt-to-income ratio.
Pre-approval is a lender’s conditional commitment to loan you a certain amount. It strengthens your position as a buyer and helps you set a budget.
Pre-approval can take anywhere from a few hours to a few days, depending on the lender and your financial information.
Factors include your credit score, loan amount, down payment, loan type, and current market conditions.
A down payment is the upfront amount you pay toward the home purchase. It typically ranges from 3% to 20% of the purchase price.
Yes, but it may be more challenging. Consider FHA loans, which have more flexible credit requirements.
Closing costs include fees for appraisals, title insurance, and more, usually ranging from 2% to 5% of the loan amount.
A mortgage rate lock is an agreement with your lender to secure a specific interest rate for a certain period while your loan is processed.
A fixed-rate mortgage has a consistent interest rate throughout the loan term, while an adjustable-rate mortgage has a rate that can change after an initial fixed period.
An appraisal is an evaluation of the property’s value conducted by a licensed appraiser to ensure it meets the loan amount.
Homeowners insurance protects your home against damages and liabilities. Most lenders require it as part of the mortgage agreement.
Consider factors like interest rates, fees, customer service, and the lender’s reputation. It’s also helpful to get recommendations.
A home inspection assesses the property’s condition. It’s important to identify any issues before finalizing the purchase.
The lender will review your financial information, conduct a credit check, and may order an appraisal before making a decision.
Contingencies are conditions that must be met for the sale to proceed, such as securing financing or passing a home inspection.
Responsibilities include making mortgage payments, paying property taxes, maintaining the home, and keeping insurance up to date.