Chase Home Finance has expanded its adjustable-rate mortgage products to allow borrowers to choose from a range of documentation programs for amortizing and interest-only ARMs, the company said Wednesday.
The mortgage lending industry has grown fiercely competitive in the wake of a shrinking refinance market. Many lenders have expanded mortgage product offerings to enable borrowers more flexibility as home prices continue to rise in most U.S. housing markets.
The new Chaseflex ARMs allow borrowers to choose documentation ranging from Full Documentation to No Documentation to purchase or refinance primary homes, condominiums and coops, vacation homes, and one- to four-unit investment properties, according to the company.
The Chaseflex documentation choices include:
- Full Doc, in which income and assets are verified for now larger loans and smaller down payments;
- No Income Verification, in which income is stated, but not verified; assets are verified;
- No Ratio, in which no income is stated or verified; assets are verified; and
- No Doc – Neither income nor assets are stated or verified.
“We’ve expanded our loan choices to meet the broader needs of today’s prime-credit home buyers, including those who have seasonal incomes,” said Tom Wind, co-CEO of Chase Home Finance, the home finance business of JPMorgan Chase & Co. “We use borrowers’ other financial qualifications, such as credit history, to help them get the mortgage they need with minimal paperwork.”
The Chaseflex array of documentation programs are available on 5/1, 7/1 and 10/1 ARMs, and interest-only ARMs, according to the company.
Chase Home Finance services more than $500 billion of mortgages. Its parent company, JPMorgan Chase & Co. (NYSE: JPM) was created by a 2004 merger of JPMorgan Chase and Bank One Corp.
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