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 minimum down payment of 15% of the purchase price, down from 20%. The borrower must have a minimum FICO score of 680, down from 740.
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.