Stay away from the big banks. They generally don’t have the best terms and are more difficult to work with. Talk to small local banks and credit unions. They will have the best rates and terms and want to lend in your local area.
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
6y
@Andrew Galeano I'll say that is incorrect/misleading. The majority of Chase's, or any other bank's, mortgages loans are Fannie, Freddie or FHA....and the banks don't set the terms for those.
I stand corrected....seems like they just want to step back, focus on record refi an even apps too.
@Andrew Galeano I'll say that is incorrect/misleading. The majority of Chase's, or any other bank's, mortgages loans are Fannie, Freddie or FHA....and the banks don't set the terms for those.
I stand corrected....seems like they just want to step back, focus on record refi an even apps too.
Yep..if a bank wants to put an overlay on top of Fannie, Freddie, FHA guidelines, they most certainly can. That is what it looks like they are doing. I assume more "big banks" will follow.
Ridgewood, NY · Member since 2015 · 50 posts · 14 votes
6y
@Andrew Narsi
Man thanks after posting that I wondered if I jumped the gun in my assumption. From what I read its still a little unclear - I dont see them saying it would effect first time home buyers it just says “any new customer”. I had people who work at Chase told me I was incorrect in assuming they mean 20% for first time homebuyers so if that is a mistake on my end I apologize
Lender · Turlock, CA · Member since 2015 · 46 posts · 33 votes
6y
@ANDREW GALEANO
No need to apologize! The article is contradicting though because it says they will be requiring a 700+ score and 20% down payment, yet it also says:
“The new credit standards do not apply to JPMorgan's roughly four million existing mortgage customers, or to low and moderate income borrowers who qualify for its "DreaMaker" product, which requires a minimum 3% down payment and 620 credit score.”
Ridgewood, NY · Member since 2015 · 50 posts · 14 votes
6y
@Andrew Narsi
Exactly and I read about the Drea and they say its different then Gov backed mortgages. So are they excluded also orrr .. lol crazy times we are living in