JPMorgan Chase is tightening its mortgage lending standards just as the federal government has been pumping massive amounts of money into the crippled economy to create liquidity.
Borrowers will now need a credit score of at least 700 and a 20 percent down payment if they want to take out a home loan with the bank, according to Reuters. JPMorgan Chase is the fourth largest mortgage lender in the country.
Amy Bonitatibus, chief marketing officer for JPMorgan’s home lending service, called it a “temporary” change that would allow the bank to focus on existing customers. The bank also said it would free up employees to handle the wave of refinancing requests that have come in
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