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JPMorgan Chase Raises Home Borrowing Standards

The nation’s largest lender by assets is tightening borrowing standards on home loans to reduce spending risk stemming from the COVID-19 outbreak.

JPMorgan Chase announced Monday that customers applying for a new mortgage will now need a credit score of at least 700, and will be required to make a down payment equal to 20% of the home’s value.

Additionally, the company says it will free up staff to handle a surge in mortgage refinances activity, delayed processes from working from home and the closing of non-essential businesses.

It should be noted that the changes do not apply to Chase’s DreaMaker mortgage program or existing mortgage customers.

 

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