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JTA Mortgage Corp. 201 E.Ogden AveSuite.10, Hinsdale, IL 60521.

Loan Programs

HomeLoan Programs

There are a few different types of home loans available to you. Our loan officers will be happy to help you choose the best type of home loan for your needs.

FHA Loans

A Federal Housing Administration (FHA) loan is a home mortgage that is insured by the government. FHA loans are issued by a bank or other lender and it is approved by the agency. Compared to other many conventional loans, FHA loans require a lower minimum down payment. For FHA loans, applicants may have lower credit scores and is designed for low to moderate-income borrowers who are unable to make a large down payment. FHA loans could be the most affordable mortgage for a first-time home buyer.

FHA Loan Requirements

  • Available to individuals with credit scores as low as 540
  • Proof of Steady income
  • FHA Mortgage Insurance Premiums are required
  • The financed property must be the principal residence of the applicant
  • Debt-to-Income Ratio less than 43%
  • These materials are not from HUD or FHA and were not approved by HUD or a government agency

VA Loans

VA loan is for American veterans, military members currently serving in the U.S. military, reservists and select surviving spouses (provided they do not remarry) looking to purchase or refinance a home. VA loan is guaranteed by the United States Department of Veterans Affairs (VA). It has competitive interest rates and usually require no down payment. VA loans offer up to 100% financing on the home’s value with no down payment.

VA Loan Highlights

  • Applicants Must have a valid certificate of eligibility from the VA
  • Home must be the primary residence
  • Applicant must meet at least one of the following criteria to qualify:
  • 1) You’ve served 181 days of active service during peacetime. 2) You’ve served 90 consecutive days of active service during wartime. 3) You’ve served more than 6 years of service with the National Guard or Reserves or 90 days under Title 32 with at least 30 of those days being consecutive.

Conventional Loans

A conventional mortgage/ loan is any loan that is not offered or secured by a government entity. It is available through private lenders, such as banks, credit unions, and mortgage companies, Conventional loans are also or the two government-sponsored enterprises—Fannie Mae and Freddie Mac. Normally Conventional loan interest rates tend to be higher than those of government-backed mortgages and they typically have a fixed rate of interest.

Conventional Loan Requirements

  • Proof of income such as pay stubs, 2 years of Federal tax returns etc. Lenders might ask for proof of any additional income, such as alimony or bonuses
  • Driver’s license or state ID card and your Social Security number
  • A credit score of at least 620 and possibly higher can be required for approval
  • Ideal debt-to-income ratio around 36% and not more than 43%
  • A down payment of at least 20% to avoid paying the private mortgage insurance

Non-Qualified Mortgage (Non-QM) Loans

A non-qualified mortgage (non-QM) is a home loan designed to help homebuyers who can’t meet the criteria of a qualifying mortgage.

JTA Mortgage Corp is committed to meeting the needs of all borrowers. We offer flexible financing to help those who cannot qualify for the other traditional loans.