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Joseph Schaffer

Senior Home Lending Advisor

NMLS ID: 870863
17317 Main St
Hesperia, CA 92345
You can choose from various types of mortgage loans to finance your home purchase. These come with various benefits, and I am here to help you understand the differences so you find one that best suits your financial situation.
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Use your annual income and expenses or maximum mortgage payment amounts to estimate the home price you can afford.

Loan types
Conventional mortgage
Simply put, a conventional mortgage is a loan that's not backed by a government agency such as the Federal Housing Administration (FHA) or Veteran Affairs (VA). There are two types of conventional loans: conforming and nonconforming. Conforming loans follow lending rules set by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). When a loan doesn't follow these lending rules, it's considered non-conforming. There are a number of factors that may cause a loan to be non-conforming, generally loan amount is a key factor.
Things to consider
While a 30-year, fixed rate mortgage is a popular conventional loan, you have other options such as a 15-year fixed rate loan or a 7/6 ARM1 to name a few. Think about your current budget, as well as your longer-term financial goals as you plan.
Frequently asked questions
When is it time to stop renting and buy a home?
How do I start the homebuying process?
Can I buy a home if I have less than perfect credit?
How can I get information on mortgage loan options?
What documents will I need to apply for a mortgage?
Our insights on homebuying
About Joseph Schaffer
Joseph proudly serves clients in United States. Joseph has 17 years of experience as a Senior Home Lending Advisor and specializes in preapproval, lending to self-employed clients, FHA and VA mortgages, first-time homebuyer programs, and conforming loans and jumbo mortgages. Whether you're a first-time homebuyer, need to expand or downsize, or are looking for a second home, Joseph is here to help you find a mortgage to fit your needs. Starting with a review of your finances, Joseph can help you get a clear picture of what might work best for you. Joseph will explain your options, answer any questions you may have, keep you informed and guide you through every step of the mortgage process. Above all, Joseph wants to ensure that you have a positive home lending experience.
More about Joseph
1. Tools and calculators are provided as a courtesy to help you estimate your mortgage needs. Results shown are estimates only. Speak with a Chase Home Lending Advisor for more specific information. Message and data rates may apply from your service provider.
2. For the Adjustable-Rate Mortgage (ARM) product, interest is fixed for a set period of time, and adjusts periodically thereafter. At the end of the fixed-rate period, the interest and payments may increase according to future index rates. The APR may increase after the loan closes.
3. Loans up to 85% of a home's value are available on a purchase or refinance with no cash back, subject to property type, a required minimum credit score and a minimum amount of monthly reserves (i.e., you must set aside enough money in reserve to make a specified number of monthly mortgage payments principal, interest, taxes, insurance and assessments after the loan closes). Product restrictions apply. Jumbo loans available up to $9.5 million. For loan amounts greater than $3MM (or $2MM for investment properties), customers must meet post-closing asset requirements to qualify. Additional restrictions may apply. Please contact a Chase Home Lending Advisor for details.
4. The DreaMaker mortgage is only available for purchase and no-cash-out refinance of a primary residence 1-4 unit property for 30-year fixed-rate terms. Income limits and homebuyer education course is required when all mortgage applicants are first time homebuyers.
5. FHA loans require an up-front mortgage insurance premium (UFMIP), which may be financed, or paid at closing, and an FHA annual mortgage insurance premium (MIP) paid monthly will also apply.
6. Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veteran Affairs (VA). A Certificate of Eligibility (COE) from the VA is required to document eligibility. Restrictions and limitations apply.
7. A preapproval is based on a review of income and asset information you provide, your credit report and an automated underwriting system review. The issuance of a preapproval letter is not a loan commitment or a guarantee for loan approval. We may offer a loan commitment after you submit an application and we perform a final underwriting review, including verification of any information provided, property valuation and, if applicable, investor approval, which may result in a change to the terms of your preapproval. Preapprovals are not available on all products and may expire after 90 days. Contact a Home Lending Advisor for details.

The NMLS ID is a unique identification number that is issued by the Nationwide Mortgage Licensing System and Registry (NMLS) to each Mortgage Loan Originator (MLO)

JPMorgan Chase does not offer tax advice. Please consult your tax advisor about the deductibility of interest and other charges.

Home lending products provided by JPMorgan Chase Bank, N.A. Member FDIC