Frequently Asked Questions
DOES CHASE HAVE LOW DOWN PAYMENT OR LOW CREDIT SCORE MORTGAGE OPTIONS AVAILABLE?
Yes, we offer DreaMaker, Federal Housing Administration (FHA) and Veterans Affairs (VA) loans that offer low down payment options with flexible credit score requirements. In addition, you may qualify for a $2,500 or $5,000 Chase Homebuyer Grant and/or $500 Homebuyer Education Benefit (DreaMaker only) that can be used to lower your closing costs and/or down payment (dependent on product requirements). Qualifying housing and down payment assistance programs may be available in your area.
WHAT IS THE CHASE HOMEBUYER GRANT AND HOW CAN I FIND OUT IF I QUALIFY?
We offer a $2,500 or $5,000 grant available on DreaMaker, Standard Agency, Federal Housing Administration (FHA) and Veterans Affairs (VA) products when purchasing a primary residence where the property is located in an eligible census tract. The grant can be used toward points, closing costs, and/or down payment (dependent on product requirements).
HOW MUCH DO I NEED FOR A DOWN PAYMENT?
There's no set amount. Today, there are many loan products that can be tailored to fit your needs and financial resources. Keep in mind that for down payments of less than 20% on conventional loans, private mortgage insurance (PMI) will be required.
WHAT TYPE OF HOME LOAN OPTIONS ARE AVAILABLE IF I WANT LOWER MONTHLY PAYMENTS?
We offer competitive rates with lower monthly payment options on DreaMaker, Federal Housing Administration (FHA), Veteran Affairs (VA) and Standard Agency loans.
AM I REQUIRED TO TAKE HOMEBUYER EDUCATION?
We'll require homebuyer education on DreamMaker mortgages for any borrower who's a first-time homebuyer.
ARE THERE HOUSING ASSISTANCE PROGRAMS TO HELP WITH DOWN PAYMENTS OR CLOSING COSTS?
Yes, there are community-specific programs that may help with your down payment and closing costs. Ask a Home Lending Advisor about your options when they contact you!