Chase Bank is making it easier for buyers to purchase larger, more expensive homes.
CNN Money reports that the bank now requires potential buyers to have a 680 credit score and a 15 percent down payment for loans up to $3 million. Before, borrowers needed a 740 score and had to put 20 percent down.
Chase says it’s the only bank that allows a 680 credit score for primary and second home jumbo mortgages. Jumbo loans have increased in California, Chicago, and the Northeast.