Daily Archives: May 30, 2016

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Happy Memorial Day!

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Following Wells Fargo, JP Morgan Chase quietly launches its own 3% down mortgage lending program

Housingwire:

Prospective homebuyers, especially first-time homebuyers who are struggling to save up for a down payment, have a new, and significant, outlet that they can now turn to when seeking a low down payment mortgage — JPMorgan Chase.

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Chase’s 3% down mortgage program was actually spotted by mortgage industry insiderRob Chrisman, who revealed details of the program on Thursday.

HousingWire contacted Chase which confirmed the details of Chrisman’s report.

According to Chrisman and Chase, the megabank recently rolled out a loan program it calls the “Standard Agency 97%” program, which offers customers the opportunity to put down 3%.

The loan is designed for first-time homebuyers who have limited cash for a down payment and closing costs. A representative from Chase confirmed to HousingWire that this new program is done with Fannie Mae backing.

As Chrisman noted, Chase’s new loan program requires only a 3% down payment from a customer’s own funds. 

For loans with loan-to-value ratio greater than 95% to 97%, the remainder of the down payment and closing costs can come in the form of a gift, Chase confirmed.

WEST LA DEMS CLUB FEATURING DAVID DAYEN ON CHAIN OF TITLE

West LA Dem Club’s monthly General Meeting featured national author David Dayen discussing his new book “Chain Of Title”, an investigative explanation of the fraud committed by banks millions of times as they foreclosed on American homeowners.