NEW YORK--(BUSINESS WIRE)--Chase today announced it is simplifying its jumbo loan product and lowering FICO and downpayment requirements for those loans. A buyer with a FICO of 680 or higher looking to purchase a single-family property can now put as little as 15 percent down. Previously, single-family homebuyers were required to have a minimum FICO of 740 with 20 percent down payment.
“We want to make sure homebuyers can easily understand the benefits of financing with Chase,” said Steve Hemperly, head of mortgage loan originations.
Chase rolled out easy-to-understand guidelines for primary and second-home loans, investment properties and cash-out finance loans. Part of a firm-wide simplification process, the new loan guidelines reflect Chase’s thorough analysis of market and borrower risk.
“Everyone in the home-buying process – from consumers to real estate agents and mortgage bankers – can more easily understand how we can help them close on a loan fast,” said Sean Grzebin, head of Retail Lending.
For more information, contact a Chase Mortgage Banker today. Follow us @Chase on Twitter and Instagram, and like us on Facebook.
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE:JPM), a leading global financial services firm with assets of $2.4 trillion and operations worldwide. Chase serves nearly half of America’s households with a broad range of financial services, including mortgage and personal banking, auto financing, credit cards, investment advice, small business loans and payment processing. Customers can choose how and where they want to bank: 5,500 branches, 18,000 ATMs, mobile, online and by phone. Chase is the number two loan originator and servicer and ranks among the best in both for customer satisfaction by JDPower.