JPMorgan Chase Tightens Home Borrowing Standards
The country's largest bank is raising borrowing standards on home loans in order to reduce future exposure to an economic downturn brought on by the coronavirus pandemic.
JPMorgan Chase (NYSE: JPM) said customers applying for a mortgage will now need to have a credit score of 700 or above and make a 20% downpayment to qualify for a home loan, according to Reuters.
The change in lending criteria does not apply to existing mortgage customers, or to low- and moderate-income borrowers that may qualify for a mortgage with a lower credit score and much smaller downpayment.
Source Fool.com
