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Tighter Mortgage Lending Has Arrived

Friday, May 1st, 2020

According to a recent Philadelphia Inquirer article, mortgage lenders have recently begun raising minimum credit scores, requiring higher down payments, triple-checking employment status, and even eliminating certain loan types altogether. As job loss reaches staggering heights due to the coronavirus pandemic, lenders are worried that high unemployment numbers will translate into mortgage defaults and late payments down the road. Chase recently announced that it would raise its minimum credit score requirement to 700 and hike the minimum down payment up to 20 percent, from 3.5 percent. Lenders large and small across the country are following suit. Wells Fargo and US […]