Even with historically low interest rates, buying a house or refinancing a mortgage is getting tougher, and some consumer advocates worry that the pandemic fallout could hurt the homeowners with the most to lose.

Some of the nation’s biggest mortgage lenders are making changes that raise the bar for borrowers. As of Tuesday, JPMorgan Chase is raising its borrowing standards for mortgages, requiring a credit score of at least 700 and a 20 percent down payment for most new mortgage originations. Last week, Wells Fargo raised the minimum credit score requirement for home equity lines to 720.

April 1, 202003:18

“The large banks, including JPMorgan Chase, are moving significantly to looking at credit

Read More At:  Article Source