Chase FHA Mortgage
Chase FHA Mortgage
What we like:
You can apply online or in-branch
|Minimum Credit Score||Not disclosed|
|Minimum Down Payment||3.5%|
|Loan Terms||15, 20, 25, or 30 years|
|Other Loan Types||(Adjustable, Refinance, Jumbo, FHA, etc.) *credit requirements & terms may differ|
- Chase offers several mortgage programs, including low-income and zero-down-payment options.
- Both adjustable- and fixed-rate loans are available.
- You can apply online, over the phone, or in-person at a Chase Bank branch.
When it comes to choosing your mortgage lender, you have dozens of options, from local banks and credit unions to tech-savvy online mortgage lenders.
But if you’d feel most comfortable getting your home loan from an established, national lender, a mortgage loan from Chase Bank—a subsidiary of JPMorgan Chase & Co. of New York—could be the right move.
Need help deciding? This Chase mortgage review will cover everything you need to know.
In this review:
- Chase mortgage: by the numbers
- Chase Bank home loan options
- Chase mortgage rates
- Pros & cons of a Chase mortgage loan
- Eligibility & application requirements
- Chase home loan alternatives
Chase mortgage: by the numbers
|Minimum credit score||Minimum down payment||Loan terms||Fees|
|Fixed-rate||Not disclosed||Not disclosed||chase-mortg-970-termlengthrange_y||Not disclosed|
|ARM||Not disclosed||Not disclosed||chase-mortg-1629-armrange||Not disclosed|
|Jumbo||chase-mortg-1615-mincreditscore||10.1%||Not disclosed||Not disclosed|
|FHA||Not disclosed||chase-mortg-1518-downpaymentlow||chase-mortg-1518-termlengthrange_y||Upfront FHA mortgage insurance premium of 1.75%|
|VA||Not disclosed||Not disclosed||10, 15, 20, 25, or 30 years||Not disclosed|
|DreaMaker||Not disclosed||chase-mortg-1616-downpaymentlow||30 years||Not disclosed|
|Refinance||Not disclosed||Not disclosed||chase-mortg-1617-termlengthrange_y||Not disclosed|
Chase Bank home loan options
Chase offers mortgage loan options for both new home buyers and existing homeowners. Here are the types of loans available:
Fixed-rate mortgage loans are the most common type of home loan. These offer consistent, predictable mortgage payments for the entirety of the loan term which, with Chase, may be chase-mortg-970-termlengthrange_y.
Credit score requirements vary for Chase’s fixed-rate mortgage loans.
Adjustable-rate mortgage loans, often called ARMs, can be a good option if you want a low interest rate and low upfront monthly payments. ARMs offer low interest rates at the beginning of the loan (with Chase, the terms are 5/1, 7/1, or 10/1), and your rate fluctuates annually after that.
These loans are a smart move if you don’t plan to be in your home long or you expect to refinance before the fixed-rate period is up. They’re probably not the best option if your income fluctuates or you intend to stay in the home for many years.
Credit score requirements vary depending on the type of Chase loan you apply for.
Jumbo loans are mortgages that go beyond the conforming loan limit set for your county. They’re a good option if you live in a high-cost market or if you’re buying a more expensive property.
At Chase, the minimum credit score for a jumbo loan is chase-mortg-1615-mincreditscore, and you’ll need at least a chase-mortg-1615-downpaymentlow down payment. If you can make a 15% down payment, you’ll avoid mortgage insurance and qualify for a lower interest rate.
Chase jumbo loans go up to chase-mortg-1615-amounthigh and may require cash reserves.
Chase is one of many mortgage lenders that offer FHA loans—mortgage loans backed by the U.S. Federal Housing Administration. These loans have low credit score requirements and are great for first-time home buyers.
Though you’ll need just a chase-mortg-1518-downpaymentlow down payment for a Chase FHA loan, you will also need to pay a mortgage insurance premium. This comes with an upfront fee (1.75% of your loan amount) and an annual premium you’ll pay with your monthly mortgage payment.
VA loans are mortgages for veterans, military members, and their spouses. They are guaranteed by the U.S. Department of Veterans Affairs and are only available through approved VA lenders, including Chase.
One of the biggest benefits of a VA loan is that it requires a low or no down payment. You can also finance your closing costs, which allows you to pay them off over time, rather than in one large, upfront payment.
Chase’s DreaMaker mortgage loan program is designed for low- to moderate-income earners. It requires only a chase-mortg-1616-downpaymentlow down payment and offers reduced private mortgage insurance (PMI) premiums.
If you complete a home buyer education course before applying for your DreaMaker mortgage, you’ll also receive a rebate of up to $500.
DreaMaker mortgages are only available in terms of chase-mortg-1616-termlengthhigh_y. You also must be purchasing a primary residence to qualify.
If you already own a home, Chase also offers mortgage refinancing. Refinancing can help you lower your monthly payments or cash in on your home equity.
Chase refinance loans come in terms of chase-mortg-1617-termlengthrange_y. Equity requirements aren’t disclosed, but at least 20% equity in your home (no more than 80% loan-to-value ratio) is recommended for refinancing.
>> Read more: Best Mortgage Refinance Companies
Chase mortgage rates
Mortgage rates fluctuate based on the Federal Funds rate (a.k.a. Fed rate), as well as the overall investment market and economy. Your interest rate will also depend heavily on your credit history, down payment, property, and other details.
Chase offers an online prequalification application that can help you gauge what your mortgage rate may be. You can use this quote to compare Chase with other mortgage lenders you’re considering.
>> Read more: Best Mortgage Rates of the Month
Pros & cons of a Chase mortgage loan
- Nationally recognized bank.
- Online application process.
- Thousands of branch locations for in-person service.
- Offers many online mortgage resources.
- Offers FHA and VA loans, as well as its own loan for low-income buyers.
- Does not offer USDA loans.
- Not available in all states.
Eligibility & application requirements
Chase’s qualifying requirements vary based on the mortgage program you apply for. Use the information above to see the standards you might need to meet for the loan you’re considering.
In general, you’ll need to:
- Buy a home in a state where Chase mortgages are offered.
- Agree to a credit check.
- Meet any credit, down payment, and income requirements for the specific loan program you’re applying for.
How to apply for a Chase mortgage loan
You can begin the mortgage process online at Chase.com, or work with a Chase Home Lending Advisor over the phone or in person, then fill out an application to get prequalified quotes.
Once you’ve completed the short application, you’ll learn your maximum loan amount and the interest rate you’ll likely qualify for. You can use this information to guide your home search.
After you’ve found a property, fill out the full mortgage application, and provide the financial documents noted below. A loan officer may request additional documentation based on your financial situation. They’ll also verify your employment.
Once your application and documentation have been processed, you’ll be assigned a closing appointment. This is when you’ll sign the sales paperwork, pay your closing costs and down payment, and receive your keys.
Other info you’ll need to apply
- 30 days worth of pay stubs.
- Your last two W-2s and tax returns.
- Your last two bank statements.
- Proof of pension, Social Security, and disability payments (if applicable).
- Recent statements for any assets (401(k), IRA, stocks, bonds, etc.)
Chase home loan alternatives
Taking on a mortgage is a big financial decision, so it’s not one you should take lightly. Most experts recommend getting quotes from a few lenders before choosing your mortgage company, as rates, fees, and terms can vary greatly.
In fact, getting five mortgage quotes can save you as much as $3,000, according to data from Freddie Mac.
Check out our list of the best mortgage lenders to compare quotes. If you’re interested in brick-and-mortar lenders like Chase, a Wells Fargo mortgage is also an option. For a smaller, online mortgage company, consider a mortgage from Better.com.
How we rated Chase mortgage loans
Chase earned a 4.06 / 5.00 for its mortgage loans. LendEDU ranks mortgage lenders based on the weighted average of 12 data points, including:
- Customer Support (20%)
- BBB Rating (10%)
- Zillow Rating (10%)
- Other Rewards and Extra benefits (10%)
- Lender Fees (10%)
- Application Fees (10%)
- Trustpilot Rating (5%)
- States Available (5%)
- Number of Branches (5%)
- Number of Licenses and Registrations (5%)
- Number of Regulatory Actions (5%)
- Number of Mortgage Loan Originators (5%)