Top perks
Low down payment jumbo loans
Chase Mortgage makes jumbo loans more affordable with a relatively low down payment. While other mortgage lenders sometimes require 20% or more, at Chase you can borrow up to 85% of the home's value for the purchase of a residence or investment property, or on a mortgage refinance with no cash back. This loan has private mortgage insurance (PMI), enhanced credit score requirements, and geographic restrictions.
Low down payment mortgages
Chase offers a good variety of loans with low or very low down payment requirements.
- The DreaMaker mortgage: This loan is for a primary residence and requires 3% down, which can come from a gift or grant. It has reduced mortgage insurance requirements compared to other low down payment options, which brings the monthly cost down. In some areas, there is an income limit to qualify, however Chase says that there is no income limit in more than 15,000 communities across the U.S.
- The Standard Agency mortgage: This option has a 3% down payment requirement with no income limits.
- VA loan: VA loans under conforming loan limits don't require a down payment. (Conforming loan limits are the maximum amounts allowed under some mortgage programs. A loan above those limits is considered a jumbo loan.)
- FHA loan: This loan type requires 3.5% down and has more flexible credit guidelines.
Chase home buyer grant
DreaMaker, Standard Agency, FHA, and VA borrowers purchasing a primary residence may be eligible for a $2,500, $5,000, or $7,500 grant from Chase. The home must be in an eligible census tract. The funds will be applied to points, Chase fees, non-Chase fees, and the down payment, in that order. DreaMaker and Standard Agency borrowers may also use the grant funds toward the down payment once those other costs are satisfied. Eligible borrowers who complete a home buyer education course can get an additional $500.
Home buyer education
Chase offers comprehensive and accessible home buyer education resources on its website. Several short videos help new home buyers get familiar with the process and begin to prepare for a mortgage. Chase also offers a credit score service called Credit Journey that anyone can use to check their VantageScore for free. The score you see may be different from the score your mortgage lender sees, but it will give you an idea of your standing and what you can work on to improve your score.
Housing assistance resources
Chase partners with various agencies and programs nationwide to help consumers get access to loans and grants that can make homeownership more achievable. A list of Chase eligible housing assistance programs is available online.
Flexible automatic payment options
Borrowers can visit the Chase website to enroll in the payment schedule of their choice or to choose a new option.
You can choose to pay:
- Once a month on the day you pick (12 payments a year)
- Twice a month on the dates of your choice (24 half-payments a year)
- Every two weeks (26 half-payments a year for faster payoff)
Transparent rates
Chase publishes its mortgage rates on its website. That's great for hopeful borrowers who are in the research phase. It's nice to be able to gather information without giving out your phone number or email address.
90-day rate lock
Chase offers a Homebuyer Advantage program that includes pre-approval and a rate lock, with no upfront fees. If rates go down, there is a one-time opportunity to lower your rate. The rate lock is good for 90 days and you need to find a home within 60 days. If your loan doesn't close before the rate expires, you might need to pay for an extension.
