JPMorgan Chase & Co Chase Announces Enhancements to Jumbo Loan Program
August 05 2015 - 8:30AM
UK Regulatory
TIDMJPM
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.
About Chase
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.
ChaseAmy Bonitatibus, 212-270-5398
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