04/18/2020
Dm Us For More info 📬Chase now requires 700 FICO score, 20% down payment to buy a home - Megabank raises lending standards amid economic struggles. ...
if a borrower doesn’t have a 20% down payment and a FICO score of 700 or above, they will likely not be able get a loan from Chase to buy a home. According to Chase, those lending standards also apply to refinances on non-Chase mortgages....
The bank will still move forward with refis under its previous lending standards if the loan is either serviced by Chase or in Chase’s portfolio, but for all other refis, it’s 700 FICO or look somewhere else.....
It should be noted that the changes do not apply to Chase’s DreaMaker mortgage program, which makes loans available for low-to-moderate income borrowers with as little as 3% down and reduced mortgage insurance requirements...
According to Chase, the changes will allow the bank to spend more time on the loans it is working on and do the appropriate verifications to ensure the loan is the right move for all involved.....
“Due to the economic uncertainty, we are making temporary changes that will allow us to more closely focus on serving our existing customers,” Chase Home Lending Chief Marketing Officer Amy Bonitatibus said in a statement.