MortgageswithJaleesa.com
Services
Why apply through nexa?
Loan Products & Programs
Loan Products & Programs
NEXA Mortgage has access to over 120 mortgage lenders to ensure you and your family are comfortable with the terms of your home loan.
Listed to the left is a summary list of the programs that NEXA offers.
Loan Products & Programs
Loan Products & Programs
Loan Products & Programs
- Conventional
- USDA
- FHA
- VA
- NO FICO (FHA & VA)
- DPA
- Second Mortgage
- 40-Year Terms
- Jumbo Loans
- Rehab Loans
- Self-Employment Bank Statement
- Hard Money
- One-Time Construction
- Fix & Flip
- DSCR
- ITIN
- Church
- Land/Lot
- Renovation
- Reverse Mortgage
- Interest Only
Meet Your Loan Officer
Spending some time as a Community Services Manager, Jaleesa has a passion for Community Rehabilitation & Development. Jaleesa looks forward to aiding the community by helping families become eligible and maintain their eligibility to invest in homeownership.
Jaleesa services Louisiana, New Jersey and South Carolina.
Reviews
Home Loan FAQs
Please email hello@mortgageswithjaleesa.com if you can not find an answer to your question.
Step 1: Know Your Credit Score
You need to know all 3 of your Mortgage FICO Scores. Lenders look at the middle mortgage score to qualify you for a home loan. You can access you Mortgage FICO Scores in two ways: You can either apply for a home loan and this will give your mortgage scores with a hard inquiry OR you can visit MyFICO.com and get your scores and a credit analysis if necessary.
Step 2: If your score is above 580, you may put in an application for a home loan to see if you can get preapproved. If your score is below 580, you need to work on your credit to bring it above 580 and should request a credit analysis and once you have completed the steps and have above a 580 score, then you may apply for a home loan.
Step 3: After you have applied and received a pre-approval letter, contact a Real Estate Agent, if you don’t already have one and start looking for homes. I can assist you in finding an honest, communicative agent.
Step 4: Find a Home, Make an Offer, Get Offer Accepted, Go Under Contract, Start the Loan Process, Close!!!
USDA Loan Credit Score - 580
VA Loan Credit Score - 580
FHA Loan Credit Score - 580
Conventional Loan Credit Score - 620
*620 or better is the recommended minimum score for the most favorable terms.
· ID or Driver’s License
· Most Recent 30 Days of Paystubs
· Most Recent 2 Months Bank Statements
· 2021 and 2022 Tax Returns
· 2021 and 2022 W-2s and /or 1099s
· Most Recent 401K Statement (If Applicable)
· If you are receiving gift funds, you must provide the gift donor’s most recent bank statement.
It is in your best interest have these items on hand when you apply. It will make the process easier and faster.
This can vary based on multiple factors, but as a rule of thumb: All loans have closing costs that are on average around 2.5% - 3.5% of the purchase price of your home (the price you agree to pay for it on the contract.
Depending on the type of loan, down payment costs can range from 3%-5% of the purchase price of home.
USDA Loans: 0% down payment
VA Loans: 0% down payment
FHA Loans: 3.5% down payment
Conventional Loans: 3% - 5% down payment (5% down is standard and there is an income-based first-time homebuyers’ program that allows for 3% and you MUST take a homebuying course).
· Attorney and Title Fees
· Appraisal Fees
· Prepaid Property Taxes
· Prepaid Homeowners Insurance
· Prepaid Homeowners Association Fees
· Credit Report Fees
· Lender application Fees, Processing and Underwriting Fees
· Cost of interest rate
VA loans- These loans are for Veterans. These loans require no down payment. You are only responsible for closing costs. You must be eligible for this loan.
You can visit
https://www.benefits.va.gov/homeloans/documents/docs/veteran_registration_coe.pdfto to get your Certificate of Eligibility. You may also need a form DD-214. If you are not a Veteran or have never served in the military, you are NOT eligible for this type of loan. This loan is best used by those who are serving or have served in the military at some point previously and would like the option to not have a down payment. Standard DTI allowed up to 41%, but you may go higher in some cases with compensating factors.
USDA loans- These loans can be used by anyone. These loans require no down payment. You are only responsible for closing costs. There are income restrictions meaning your household must be below a certain income to qualify. You can find income guidelines by county and state using this link and looking next to the row for your household size and MOD-INC-GUAR. LOAN: https://www.rd.usda.gov/files/RD-GRHLimitMap.pdf This loan also is only available in specific areas which are deemed “rural” areas.
You can find the eligible areas using this link https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do (You must click SINGLE FAMILY HOUSING GUARANTEED. If the home you wish to purchase or area you wish to purchase in is NOT eligible on the site, YOU DO NOT QUALIFY FOR THIS LOAN! This loan is best used by someone who would like the option to not have a down payment and OK with living in certain restricted areas. Standard DTI allowed up to 41%, but you may go up to 44% in some cases with compensating factors.
FHA loans- These loans are for anyone and can be used anywhere. These loans require a 3.5% down payment plus you are also responsible for closing costs. This type of loan also has MIP (Mortgage Insurance Premium) which is included in your mortgage payment. This insurance is to protect against default of the loan and is in addition to homeowners insurance which you must have as well. These loans are regulated by the FHA and may have stricter guidelines regarding the condition of the home you purchase. This loan is best used if you do not qualify for a no money down loan, but want a low down payment. Standard DTI allowed up to 43% but you may go up to 57% in some cases with compensating factors.
Conventional loans- These loans are for anyone and can be used anywhere. These loans require a 5% down payment plus you are also responsible for closing costs. This type of loan also has PMI (Private Mortgage Insurance) which is included in your mortgage payment. This insurance is to protect against default of the loan and is in addition to homeowners insurance which you must have as well. (You can avoid PMI by putting down 20% or once your Mortgage balance is below 80%. This loan is best used if you do not qualify for a no money down loan, but have some money saved and do not want strict guidelines on the type of home you purchase. Standard DTI allowed up to 45% but you may go up to 50% in some cases with compensating factors.
We offer loans that rely on bank statements as income instead of the traditional method of tax returns. You will need 12-24 months of bank statements to prove monthly income received. You will also need to provide business documents showing proof of ownership and a drivers license or state issued ID.
Each different loan has different requirements for waiting periods and it is important to note that the waiting period starts from the DISMISSAL/DISCHARGE OR COMPLETION DATE and NOT the date filed and you want to have no late payments after the dismissal date for best chance of approval.
USDA: Chapter 7 or 13 Bankruptcy: 3 years from discharge or dismissal date
Foreclosure: 3 years from completion date
VA: Chapter 7: 2 years from discharge or dismissal date
Chapter 13: 12 months of satisfactory payments and Trustee or Bankruptcy Judge approves the new credit
Foreclosure: 2 years from completion date
FHA: Chapter 7 or 13: 2 years from discharge or dismissal date ***Chapter 13 may be allowed after 1 year of pay-out period, satisfactory payment history and permission from bankruptcy court for the transaction.
Foreclosure: 3 years from completion date
CONVENTIONAL: Chapter 7 or 11 Bankruptcy: 4 years from discharge or dismissal date
Chapter 13 Bankruptcy: 2 years from the discharge date, 4 years from the dismissal date.
Foreclosure: 7 years from completion date
If foreclosure and bankruptcy on the same mortgage, the bankruptcy waiting period may be applied instead of foreclosure period as long as there have been no late payments since discharge.
Louisiana Residents: Coming Soon
Colorado Residents: Coming Soon
EQUAL HOUSING LENDER
Copyright © 2022 Mortgages with Jaleesa - All Rights Reserved.
LOAN OFFICER JALEESA CAUSEY
1.908.514.8183 NMLS ID 2263334.
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