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Buyers will now be able to obtain a jumbo loan with an even lower credit score and down payment at Chase. According to an announcement from the bank on Wednesday, Chase is simplifying its jumbo loan product offerings by lowering FICO and down payment requirements on loans as much as $3 million.
According to the announcement, single-family homebuyers can now obtain jumbo loan with a FICO of 680 or higher and can put as little as 15 percent down. The previous requirements required single-family buyers to have a minimum FICO of 740 with a 20 percent down payment.
Borrowers that close their mortgage using an electronic platform are typically feel a greater understanding toward the process, efficient, and empowered, compared to those that take the paper route. The Consumer Financial Protection Bureau published a report Wednesday on its Know Before You Owe electronic closing project. The report determined that borrowers can benefit from electronic closings when wrapping up their mortgage closing process, the last step before consumers are contractually obligated to their loan.
