In a recent Wall Street article, J.P. Morgan, the largest mortgage lender in the United States, announced new loan underwriting requirements. A borrower will now have to provide a 20% down payment and have a minimum credit score of 700. These new rules are a response to the Coronavirus Pandemic and the economic shutdown.
As a result, many otherwise qualified borrowers will turn to the seller to provide the financing. This will present a great opportunity for both parties and will help stabilize the housing market.
Feel free to call me to discuss your situation before you agree to any terms.
