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Mortgage Company Riverside
Jet Direct Mortgage
11801 Pierce Street, Ste 200,
Riverside, CA 92505
Branch NMLS#2365801
1.800.700.4JET
Riverside Mortgage Company
Our expertise is finding the right home loan for you and your family, so you can build your dreams and your future together comfortably. We deliver unmatched customer service to make the home-buying or home refinancing process as stress-free as possible!
Experience the Power of Jet Direct Mobile
Whether you are a home buyer looking to purchase a home, a current homeowner interested in refinancing, or a real estate agent hoping to speed up the process for your clients, Jet Direct Mobile can get the job done!
Meet our Riverside, CA Mortgage Experts
Let’s Find Out How Much House You Can Afford
Knowing what houses are in your budget is one of the most important steps in determining which home is right for you and your family. Our handy mortgage calculators can easily help you estimate what your monthly mortgage payments might be.
Riverside Mortgage Lender
At Jet Mortgage of Riverside, we understand that financing your home can be a big decision. That’s why our passionate mortgage advisors are there to guide you every step of the way— from finding a loan option tailored for you and walking through an easy mortagage application process all the way until closing day. Let us help make it easier by providing expert advice and personalized service!
Get the keys to your dream home with tailored mortgage solutions from our experienced team! Sit down for one-on-one meetings and let us uncover what’s right for you – whether it be a fixed or adjustable conventional loan, jumbo mortgage, government issue bonds program…we have everything covered. Our goal is to help YOU make sound financial decisions every step of the way in finding perfect fit financing options.
Let Jet Direct Mortgage in Riverside be your trusted guide on the journey to achieving all of your financial goals—from owning a first home, to remodeling an older one, or even simply getting some extra money for that adventure you’ve been dreaming about.
Let us take on the complex task of getting your mortgage loan, so you can focus less time worrying and more time enjoying family life. We’ll make sure that when it’s all said and done, you have a beautiful home to move into with no strings attached.
Are you ready to take the next step in home ownership? If so, let Jet Direct Mortgage in Riverside help make your dreams come true! Our experienced team of licensed Mortgage Specialists are available to answer any and all questions regarding loan processing. We also offer secure online prequalification questionnaires that can get you moving towards your goal quickly – free and conveniently from wherever life takes you!
What’s the difference between a Mortgage Banker and a Mortgage Broker?
Mortgage bankers and brokers both enable homeownership dreams, but there are notable distinctions between them. Mortgage bankers act as lenders – they underwrite the loan and directly fund it for borrowers to buy real estate. However, mortgage brokers serve more of a middleman role; connecting homebuyers with multiple potential lenders in order to get the best deal on their loans–all for an extra fee!
Benefits of using a Mortgage Banker
Purchasing a home can be one of the most important decisions in someone’s life, so it is understandable to want a comprehensive and personalized experience when applying for a loan. Going through an experienced mortgage banker ensures that you have access to various options, such as customized loans catered towards your individual finances or credit challenges. Furthermore, this direct approach provides faster results than working with brokers—meaning no waiting around while trying to meet deadlines! With the help of an experienced mortgage banker, getting approved for your dream home has never been easier.
Before embarking on your journey to homeownership, make sure you are equipped with the knowledge necessary for success. Research lenders thoroughly, ensuring that their services fit perfectly into your needs and goals. Don’t forget to check all of your credit information – a good score is essential! To be absolutely certain you will have no issues down the road financially speaking, calculate out how much home ownership really costs in order to ensure it fits within budget constraints. Once confident in these steps take things even further by getting pre-approved before submitting an application; this way there won’t be any surprises once approved from having requested an amount too large or small for what was available. Lastly gather up those important documents which many unfortunately overlook until its often too late – lending individuals peace of mind throughout the entire process as they move closer toward signing on dotted lines.
Home Loans We Offer To Riverside Residents
Conventional Home Loans
A conventional loan is simply a mortgage that is not insured or backed up in any way by a government agency such as the Federal Housing Administration or the FHA. Unlike government-backed loans, the terms and conditions in a conventional loan are defined by the lenders than government agencies.
What are the Benefits of a Conventional Loan?
It is true that conventional loans do not suit everybody. For some, taking out a government-backed loan might prove to be a better choice than taking out a conventional loan. Despite the differences, there are some advantages to taking a conventional loan.
Conventional Loans Involve Fewer Hurdles as Compared to an FHA Loan
To become eligible to receive an FHA loan, your home should meet certain standards set by the FHA and also should pass an appraisal by an FHA agent. Often, there are situations in which an approval does not come through from the FHA in the last minute. This proves to be difficult for both the seller and the buyer. This is why most home sellers prefer buyers who have taken out a conventional loan.
There is a guarantee that the purchase will go through without any issues and it is very straight-forward in its terms and conditions.
What is an FHA Loan?
An FHA loan is a mortgage loan that is meant for low-income home buyers. The loan is insured by the Federal Housing Administration, hence the name. The advantage is that you don’t have to make a very large down payment which is a relief to low-income families who wish to purchase a home.
What is SONMYA
The State of New York Mortgage Agency (SONYMA) was developed in 1970 to help provide affordable home loans for low to moderate income home buyers. SONYMA loan programs offer down payment assistance, no prepayment fees, competitive interest rates, and low down payment costs.
Types:
SONYMA offers 2 primary types of mortgages:
- Low Interest Rate – Considered the standard SONYMA loan program, exclusively for first-time home buyers purchasing newly constructed for existing homes.
- Achieving the Dream – Offers lower interest rates compared to other SONYMA programs. Designed for lower income first time home buyers.
Low Interest Rate
The low interest rate program offers small down payment requirements while providing competitive interest rates.
Features include:
- No mortgage points
- Financing up to 97%
- No prepayment fees
- Rate lock up to 120 days for existing houses (up to 240 days for properties under construction, rehabilitation, etc.)
Individual eligibility requirements include:
- Must be a first-time home buyer
- Generally, a strong credit score and stable employment is needed
- The home owner must occupy the property as their primary residence
Property requirements include:
- Property must be located in New York State
- Must not exceed SONYMA’s sales price limits (sales price limits vary geographically)
- Not permitted for agricultural use
Eligible property types:
- Newly constructed or existing single family homes, including condos and co-ops
- 2-4 family homes that are at least 5 years old and have been resided in within the past 5 years
- Generally, properties must be within five acres of land and provide a minimum of 500 square feet of living space
Achieving the dream
Offering significantly low interest rates, the program is designed to maximize what’s affordable with minimal down payment requirements.
Features include:
- No mortgage points
- Up to 97% financing
- No prepayment fees
- Rate lock up to 120 days for existing houses (up to 240 days for properties under construction, rehabilitation, etc.)
Individual eligibility requirements include:
- Must be a first-time home buyer
- Generally, a strong credit score and stable employment is needed
- The home owner must occupy the property as their primary residence
Property requirements include:
- Property must be located in New York State
- Must not exceed SONYMA’s sales price limits (sales price limits vary geographically)
- Not permitted for agricultural use
Eligible property types:
- Newly constructed or existing single-family homes, including condos and co-ops
- 2-4 family homes that are at least 5 years old and have been resided in within the past 5 years
- Generally, properties must be within five acres of land and provide a minimum of 500 square feet of living space
How is Going FHA Different Than Going Conventional?
As mentioned earlier, one of the biggest advantages is that it does not require a large down payment. In addition to this, there are several other benefits as well. For instance, while conventional mortgage requires that the borrowers must have an excellent credit history, they are granted for people with a moderately good credit history. In addition, they have fixed interest rates and a loan term of 15 to 30 years.
The extended loan term means that borrowers do not have to worry about making huge monthly payments.
What Are the Eligibility Criteria for Taking out an FHA Loan?
- In order to apply for an FHA mortgage, you must possess a Social Security number that is valid and must be of legal age to sign a mortgage in the state where you happen to be residing.
- While FHA loans are granted even in case of a moderate credit score, you must possess a score between 500 to 580 in a credit score range between 300 and 850. In addition, if you faced bankruptcy, you should be at least 2 years out of it and should have re-established a decent credit score by the time you are applying.
- They will be granted only after your home goes through a standard appraisal process and because of this, it is essential that your home meet proper standards when it comes to construction.
- You also need to have a stable employment history. The FHA requires that in order to be eligible, you must have worked with your current employer for at least two years.
- They will be granted only if the total debt, i.e. the mortgage plus all other debts like student debt, auto loans, and credit card payments fall below 50 percent of your total income.
What is a VA Home Loan?
A VA loan is a type of government-backed loan that is available to qualified veterans and active duty for all branches of the military. The loan is available to veterans through a program that was developed by the Department of Veteran Affairs.
Veterans can choose to construct, buy, repair, or refurbish a home with the help of a VA loan. The terms and conditions of a VA loan are defined by the Department of Veteran Affairs.
How Does a VA Loan Work?
The entire process of applying and qualifying for a VA loan is relatively simple.
Get a Rough Estimate of the Property You Wish to Buy, Build, or Repair
The very first step involves finding a lender associated with the VA. Once you have found the right lender, you will be asked to provide some preliminary details about your income, current debts and assets, and so on. The lender will then use these details to create a rough estimate of the overall cost of the transaction you wish to complete. Based on your eligibility, the lenders will quote the amount they are likely to approve. This process is called pre-qualifying for a VA loan.
Verification of Your Purchasing Power
This step is called pre-approval. In this step, lenders will validate your documents and give you letters of approval. These letters will come in handy when you are approaching sellers and contractors.
Negotiating a Contract
Once you have your lender and the desired loan amount in place, you need to work with an agent to find a home that best suits your needs. Your agent must be familiar with the nuances of a VA loan as they will help you negotiate a reasonable contract with the seller and put in an offer.
The Appraisal
This is one of the most crucial aspects of your home purchase. The VA loan will be approved only if the house meets certain standards set by the VA. Your house will be subject to an appraisal by a VA official. If the officer finds that your home meets the required standards, you will be allowed to move forward with the purchase of the home.
Closing the Purchase
Once the approval process has been completed, the last step is to close off your purchase. You will be required to submit several documents and sign several agreements. Once the formalities have been completed, the property is yours.
What are the Eligibility Requirements for a VA Loan?
VA loans are available to military veterans who meet certain criteria put forth by the Department of Veteran Affairs.
The service requirements are as follows:
- 90 days of active duty during wartime
- 181 consecutive days of active duty during peacetime
Spouses of veterans are also eligible to receive the loan, provided that their spouse died during duty or suffers from a disability due to service in the military.
In addition to these requirements, you should also have a good credit history and possess a valid proof of identity such as a Social Security number.
If you would like any more information about VA loans, don’t hesitate to contact us.
Top Rated Riverside California Mortgage Company
Unlock your dream home today! Our Riverside mortgage advisors are poised to provide you with the power of knowledge, simplifying what can be a complex loan process into five straightforward steps. We tailor our personalized service so that whether it’s buying, refinancing or improvements – we’re here for YOU!