Chase services and tools with Jose
Jose Becerra
Community Home Lending Advisor
NMLS ID: 56087
74-07 Eliot Avenue
Middle Village, NY 11379
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.
Start online with Jose
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.
Start online with JoseMake smart decisions with our tools
We’ve got all the tools you need to help you make the right decisions.
Use your annual income and expenses or maximum mortgage payment amounts to estimate the home price you can afford.
Loan types
Conventional mortgage
Jumbo mortgage
DreaMaker mortgage
FHA mortgage
Veterans Affairs (VA)
Terms and rates
Conventional mortgage
Jumbo mortgage
DreaMaker mortgage3
FHA mortgage4
Veterans Affairs (VA)5
Terms and rates
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.
A jumbo loan is a mortgage for a more expensive property. The maximum amount for a jumbo loan at Chase is $9.5 Million. We also offer loans up to a $2 Million on investment properties.
A DreaMaker mortgage has down payment options as low as 3% and lower monthly payments with a 30-year fixed rate.
An FHA mortgage is a government-insured loan that offers down payments as low as 3.5%. FHA loans come with a 15-, 20-, 25- or 30-year term and have a fixed interest rate.
A VA loan has low or no down payment options and no mortgage insurance requirement. VA loans are available with 10-, 15-, 20-, 25- or 30-year terms.
Term Length: Mortgage loans vary in length, typically from 10 to 30 years.
Fixed- Rate Mortgages: A fixed-rate mortgage offers a consistent interest rate for as long as you have the loan, instead of a rate that adjusts or floats with the market. A consistent interest rate usually means you'll have a consistent mortgage payment too.
Adjustable-rate Mortgage (ARM): An ARM loan has an interest rate that stays the same for a set period of time, then changes to a variable rate that adjusts every year. For example, a 7/6 ARM has an introductory interest rate for the first 7 years and then resets every year after that for the loan term.
Fixed- Rate Mortgages: A fixed-rate mortgage offers a consistent interest rate for as long as you have the loan, instead of a rate that adjusts or floats with the market. A consistent interest rate usually means you'll have a consistent mortgage payment too.
Adjustable-rate Mortgage (ARM): An ARM loan has an interest rate that stays the same for a set period of time, then changes to a variable rate that adjusts every year. For example, a 7/6 ARM has an introductory interest rate for the first 7 years and then resets every year after that for the loan term.
Things to consider
Things to consider
Things to consider
Things to consider
Things to consider
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.
You need to have a minimum credit score and a certain amount of cash to qualify.
You'll need to meet income requirements to qualify for this loan.
While there are no specific income requirements to qualify, you will have to pay monthly mortgage insurance for the duration of the loan and a mortgage insurance premium at closing.
You or your spouse must be a veteran, active duty service member or a member of the National Guard or Reserve to qualify for a VA loan.
Term Length: The duration of the loan will impact your monthly payment. For example, the shorter the loan term, the more you're likely to pay each month. As you explore options, think about your down payment, your monthly budget and plan accordingly.
Fixed-Rate Mortgages: While fixed-rate loans offer a steady mortgage payment, they typically have a higher interest rate. As you weigh your options, you may want to ask yourself, "Is this my forever home, or just a place where I'll live for a few years?" That may help you determine if a fixed-rate loan is right for you.
Adjustable-rate Mortgage: While you'll likely pay a lower interest rate during the introductory period, your payment could increase quite a bit once this period ends—possibly hundreds of dollars a month. Rate caps limit the amount your interest rate can rise, but make sure you know what your maximum payment could be.
Fixed-Rate Mortgages: While fixed-rate loans offer a steady mortgage payment, they typically have a higher interest rate. As you weigh your options, you may want to ask yourself, "Is this my forever home, or just a place where I'll live for a few years?" That may help you determine if a fixed-rate loan is right for you.
Adjustable-rate Mortgage: While you'll likely pay a lower interest rate during the introductory period, your payment could increase quite a bit once this period ends—possibly hundreds of dollars a month. Rate caps limit the amount your interest rate can rise, but make sure you know what your maximum payment could be.
Frequently asked questions
When is it time to stop renting and buy a home?
When debating between renting vs. buying, you need to think about your lifestyle and finances. While renting can provide more flexibility, owning a home enables you to build equity in the property and may provide tax benefits.
How do I start the homebuying process?
Here are some steps to help you prepare to buy your first home:
• Pay attention to (and improve) your credit score
• Use our Affordability Calculator to see how much home you can afford
• Save money for a down payment
• Save for additional home buying costs (inspections, insurance, deposits, etc.)
• Get prequalified for a mortgage loan
• Find a Home Lending Advisor
• Find a real estate agent
• Start looking for homes!
• Pay attention to (and improve) your credit score
• Use our Affordability Calculator to see how much home you can afford
• Save money for a down payment
• Save for additional home buying costs (inspections, insurance, deposits, etc.)
• Get prequalified for a mortgage loan
• Find a Home Lending Advisor
• Find a real estate agent
• Start looking for homes!
Can I buy a home if I have less than perfect credit?
We may be able to help you buy a home, even if your credit isn't perfect. Keep in mind that lenders don't just look at your credit history, but also at your ability and willingness to pay in the future
How can I get information on mortgage loan options?
At Chase, you can choose from several types of mortgage loans to finance your home purchase. A Home Lending Advisor can help you understand the differences between the various loan options so you find one that best suits your financial situation.
What documents will I need to apply for a mortgage?
Traditional loans usually require documents that verify your employment, income and assets, and may include:
• Your Social Security number
• Pay stubs for the last two months
• W-2 forms for the past two years
• Bank statements for the past two or three months
• One to two years of federal tax returns
• A signed contract of sale (if you've already chosen your new home)
• Information on current debt, including car loans, student loans and credit cards
• Your Social Security number
• Pay stubs for the last two months
• W-2 forms for the past two years
• Bank statements for the past two or three months
• One to two years of federal tax returns
• A signed contract of sale (if you've already chosen your new home)
• Information on current debt, including car loans, student loans and credit cards
Our insights on homebuying
About Jose Becerra
With fluency in Spanish, Jose proudly serves clients in the Middle Village, NY area. Jose has 21 years of experience as a Community Home Lending Advisor and specializes in preapproval, lending to self-employed clients, low-to-moderate income lending programs, condo and co-op lending, 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, Jose is here to help you find a mortgage to fit your needs. Starting with a review of your finances, Jose can help you get a clear picture of what might work best for you. Jose 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, Jose wants to ensure that you have a positive home lending experience.
More about Jose1. 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
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