JPMorgan Chase has changed its policy on jumbo mortgages to accept smaller down payments and lower credit scores from applicants.
Prospective borrowers for single-family homes will be required to make a
JPMorgan also said it has made its guidelines easier for consumers to understand; the New York lender did not provide details about the improved guidelines.
"We want to make sure homebuyers can easily understand the benefits of financing with Chase," Steve Hemperly, head of mortgage loan originations, said in a press release.
The easier-to-understand guidelines apply to primary-residence and second-home loans, investment properties and cash-out refinance loans. The new guidelines reflect "Chase's thorough analysis of market and borrower risk," the company said.
