JP Morgan (4th largest mort lender) restricted its lending to require applicants to have a min 700 credit score and have 20% cash down. There goes the goes the housing market.

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Could you imagine buying a home and not having these things? LOL

likefunnysmart

Hell I only put 15% down 4 years ago — not because I didn’t have cash, but the rate was the same between 15 and 20 so why not?

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Good. Hopefully house prices go down.

likesmart

Would it be better to give people mortgages with subprime credit and no money down? Because that’s how the last housing crisis started...

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There is definitely a middle ground between subprime lending and mandatory 20% down/700+ credit. Just saying.

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I’m ready. $300k in cash for a down payment. Hoping I can buy a house! 🤞 🤞 But I don’t think anyone in my neighborhood could buy a house generally without meeting these standards; I think everyone who buys in my area meets and exceeds these standards at all times.

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Could by a palatial home outright in some of the best neighborhoods in Cleveland for that money.

JPMC focus on jumbo loans and use their mortgages as a gateway product for the rest of their offerings. They might be mass market when it comes to checking accounts but really they want upwardly mobile, future wealth and high net worth clients. I bet this change in criteria doesn’t really do much to change the blend of their portfolio.

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yay! Refi here I come!

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Wouldn’t the impact depend on the value of the home? I can’t imagine people who are trying to buy $1M+ homes not having a 700 credit score or a larger down payment?

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Well you can’t get a jumbo loan without at least 720 score (for the past 10 years at least) and many people who are in that market are getting jumbo loans.

People can still get FHA money at 3.5% down, right? Outside of HCL areas, will this have any impact on starter homes?

Not saying the market won’t soften, but big private lenders tightening standards won’t really affect young, working class people buying $100k-$200k homes because all those people are going FHA anyways.

Sofi is great for jumbo loans.

Good.

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