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JPMorgan Chase to raise mortgage borrowing standards as economic outlook darkens
https://www.cnbc.com/2020/04/11/jpmorgan-chase-to-raise-mortgage-borrowing-standards-as-economic-outlook-darkens.html ^

Posted on 04/12/2020 6:42:48 AM PDT by BusterDog

From Tuesday, customers applying for a new mortgage will need a credit score of at least 700, and will be required to make a down payment equal to 20% of the home’s value.

(Excerpt) Read more at cnbc.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: banking; economy; housing; mortgage
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To: grey_whiskers

I am with you on this one. I’ll never shed a tear for the banker, though they have an important role in a market economy. Unfortunately, they need to be put in their place which they have escaped from quite a while ago.


41 posted on 04/12/2020 8:42:45 AM PDT by Susquehanna Patriot
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To: BusterDog

I’m in the middle/tail end of a refi with a well known bank that I have been a loyal customer and mortgagee of for 30 years or so. Never missed a payment. Refi’d multiple times in the past with no problems. Credit score impeccable. My wife and I are financially secure. Without going into detail the process has been the most obnoxious and insulting experience I have ever endured. It is yet to be decided whether we get the refi and I am so pissed I’m liable to tell them to shove it one way or another.


42 posted on 04/12/2020 9:02:16 AM PDT by Bonemaker (invictus maneo)
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To: BusterDog

will need a credit score of at least 700, and will be required to make a down payment equal to 20% of the home’s value.

As far as I know this has been the case for many years now.


43 posted on 04/12/2020 9:06:44 AM PDT by TalBlack
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To: MeneMeneTekelUpharsin
"What about credit cards? Any leniency? Hmmm???"

I have a Jeep credit card through First National Bank of Omaha. They offered suspension of April and May payments without penalty at the customer's request with the caveat that interest would still accrue on any outstanding balance.

44 posted on 04/12/2020 9:08:29 AM PDT by Joe 6-pack (Qui me amat, amat et canem meum.)
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To: Susquehanna Patriot

My point was that its a myth you used to have to put 20% down to purchase a home. millions of Americans bought homes with low or no down payments through FHA and VA. Higher LTV’s carry higher risk hence PMI requirements. Thats just part of the deal.


45 posted on 04/12/2020 9:20:45 AM PDT by Georgia Girl 2 (The only purpose of a pistol is to fight your way back to the rifle you should never have dropped)
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To: BusterDog

Every one who ever created, charged, advocated or agreed to the PMI scam should rot in hell!


46 posted on 04/12/2020 10:01:47 AM PDT by raybbr (The left is a poison on society. There is no antidote. Running its course will be painful. You)
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To: billyboy15
It is their choice and it is not unreasonable.

Because it is logical and sound business practice........the democrats will attack the decision as racist, mean spirited and unfairly targets the poor. Gosh they will no doubt demand the same practices that lead to the housing market meltdown in the past. Democrats don't give a damn about what happens to poor people when they can't make their payments and lose their homes as long as in the short term they can buy peoples votes.

47 posted on 04/12/2020 10:38:58 AM PDT by Mastador1 (I'll take a bad dog over a good politician any day!)
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To: ActresponsiblyinVA

True, but most people are ignorant of economics. You know what causes shortages and hoarding? Price gouging laws do. Prices are just a signal of value and the only way to balance supply and demand in times of scarcity. If prices were allowed to increase in times of shortage, then people would not hoard as much, demand would decrease, and supply would catch up. Instead, self-righteous politicians make the situation worse with price gouging laws rather than letting the market work its magic and improving the situation much faster.


48 posted on 04/12/2020 10:44:50 AM PDT by Pining_4_TX (The Nazis were socialists, and all socialists turn into Nazis.)
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To: where's_the_Outrage?

I am refinancing my VA loan going from 4.375 to 3.125. I began it just before all the Corona hooplah. Still waiting for it to close.


49 posted on 04/12/2020 1:05:25 PM PDT by Dogbert41 (Jerusalem is the city of the Great King!!!)
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To: where's_the_Outrage?

Oh, and since we just bought the place last May, we needed no documents. Easiest loan I ever made, so long as it still goes through on their end. They were completely slammed in January/February when rates dropped.


50 posted on 04/12/2020 1:13:44 PM PDT by Dogbert41 (Jerusalem is the city of the Great King!!!)
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To: Georgia Girl 2

I acknowledged and supported your position by my own experience about 30 years ago, closer in time to the other poster.

I also made the point for the other FPer that California may have had different lending standards (30 years ago) at the time of his mortgage.


51 posted on 04/12/2020 1:31:30 PM PDT by Susquehanna Patriot
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To: Susquehanna Patriot

I was a mortgage loan underwriter for several large national lenders. I underwrote FHA, Va and conventional loans. California had weird closings but their loan programs were pretty much the same as everywhere else.


52 posted on 04/13/2020 5:47:04 AM PDT by Georgia Girl 2 (The only purpose of a pistol is to fight your way back to the rifle you should never have dropped)
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To: Georgia Girl 2

Apparently you have above average experience/expertise in this area to which I shall defer.


53 posted on 04/13/2020 3:14:07 PM PDT by Susquehanna Patriot
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