JVM Lending

Getting pre-approved for a mortgage is easy and free. We’ll email and share a list of documents that we need from you, as well as some questions we need answered for the loan application. The documents consist primarily of tax returns, W2s, pay-stubs, and bank statements. We do all the work for our clients and make sure all potential issues are addressed up front.

Your pre-approval remains valid as long as the primary criteria we used to pre-approve you remains the same. The primary criteria includes your employment, your income, your debt obligations, your assets, and your credit. If any of these criteria change, please let us know so we can evaluate their impact on your qualifications and pre-approval.

For the vast majority of mortgage loans available, all lenders require the same documentation: - Tax Returns - Paystubs - W2s - Investment Account/Bank Statements - Credit Report Some types of mortgage loans allow much less documentation if you are a particularly strong borrower with a large down payment, low debt ratios, and/or excellent credit. Similarly, there are “Non-QM” loans available if you do not qualify in a traditional manner. These loans may only require bank statements or other alternative documentation sets, but they also come with higher rates and down payment requirements. When we work on your pre-approval, we will always qualify you for the best loan available with minimal documentation requirements. This is due to regulations though, and is not because one lender is more demanding than another. ALL lenders are subject to the same regulations and requirements.

Your interest rate is impacted by several different factors including property type, down payment, loan amount and credit score. JVM is happy to provide current market rate quotes for your particular scenario at any time, but rates cannot be guaranteed until locked. NOTE: Rates cannot be locked unless a property has been identified and we have an address to associate with the rate-lock.

All of JVM’s loan products require a down payment towards the purchase price, with the exception of VA financing. JVM does, however, offer both FHA and conventional financing with very low down payment options. FHA requires only 3.5% of the purchase price for a down payment, and our conventional options require as little as 3% down for qualified buyers. Both FHA and conventional loans also allow gift funds to comprise 100% of the down payment. Eligible veterans can take advantage of VA financing that requires no down payment, as long as the loan amount is within county loan limits.

We can close most transactions as fast as 14 calendar days – from “contract to close” (the day you get your keys). Some loan types require longer closing periods if they are particularly complex or if they require us to rely on third parties for significant aspects of the transaction, so please confirm your closing period with one of our team members.

The interest rate we quote you is the actual rate that will be on your mortgage promissory note. The APR (Annual Percentage Rate) is a recalculation of your effective mortgage interest rate to include your closing costs as well as the interest you will pay on the loan. These closing costs can include origination fees, points, escrow fees and mortgage insurance. The APR may be somewhat misleading on loans that require large mortgage insurance premiums, like FHA loans. APR quotes are required, however, to prevent lenders from quoting artificially low interest rates to attract business and then charging substantial fees to cover the cost of the low rates.

Yes, credit scores can significantly affect your interest rate. When lenders check credit, they access the three major credit bureaus and rely on the credit scores those three bureaus generate. Lenders then correlate to “the middle” of the three scores when they qualify you. If there is more than one borrower on a loan application, lenders correlate to the lowest middle score of all the borrowers on the application.

In most cases it won’t affect your loan at all, as most lenders are very flexible when it comes to gift funds. Our only advice when it comes to gift funds is to have your donor wait and deposit your gift funds directly into an escrow account AFTER you are in contract to buy a home. This avoids a lot of unnecessary paperwork for both you and your donor. Please reach out to one of our team members if you would like additional details

Closing costs cannot be rolled into a purchase loan per se. You can, however, put less money down and obtain financing with a higher loan-to-value ratio if guidelines allow, thus freeing up some cash for the closing costs. During the pre-approval process our Mortgage Analysts can work with you on multiple loan options to arrive at a comfortable cash to close amount.