Large Home Loan Chase bank is easing the lending requirements for its jumbo mortgages, which tend to be loans in excess of $417,000 in many markets and $625,500 in more expensive areas. A potential buyer now only needs a credit score of 680 and a 15% down payment to qualify for a maximum loan amount of $3 million for a primary-residence home. Borrowers used to need a 740 score and put 20% down. By easing its standards, the bank is hoping to gain more customers. "The performance we had on … [Read more...]
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