Two separate issues here. A 107 engined jet will confortably hover at 3500-4000ft AMSL. However it's only easy to do this when you are close to the ground so you have some visual references to look at. (though physical interaction with the ground is of no relevance). So if you are at a high altitude airfield then no problem. Try decelling to the hover at 3500ft AGL and things are more tricky - no visual reference for position or drift and substantially stronger winds to consider - bearing in mind the IMD issues between 90-30kts - normally a recipe for a departure.
I have seen a jet VTO'd straight to circuit height before - but that was a calm day!
JF will be able to give you all the detail.