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Chase FHA Loans Review


ConsumersAdvocate.org Rating: 3.9 / 5 (Very good)
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Founded in 1877, Chase Bank, the commercial banking arm of J.P. Morgan Chase & Co., serves nearly half of U.S. households with a broad range of financial products. Headquartered in Manhattan, New York, its services include personal banking, credit cards, mortgages, auto financing, investment advice, small business loans, and payment processing. Chase makes available more than 5,000 branches and 16,000 ATMs nationwide.
 
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How is Chase rated?

Breakdown

0.0/5
Geographic Availability
3.9/5
Customer Experience
4.5/5
Lender Reputation

Overall Rating: 3.9 / 5 (Very good)

Chase Federal Housing Administration (FHA) mortgage is a loan insured by the government, and it aligns with multiple budgets. FHA loans can be used to purchase or refinance 1– to 4–unit properties. Customers can choose a fixed 15–, 20–, 25– or 30–year term. Monthly mortgage insurance is required, as well as a mortgage insurance premium paid at closing. The bank offers various tools, including an online application, and serves as lending advisor to potential customers. It is a member of FDIC, FINRA and SIPC.

Chase Loan Specifics

Types of FHA Loans Offered

FHA Fixed-Rate 15-Year
FHA Fixed-Rate 25-Year
FHA Fixed-Rate 30 Year
FHA Fixed Rate 15 Year
FHA Fixed-Rate 30 Year
FHA Adjustable Rate Mortgage (ARM)
FHA Jumbo Fixed Rate
FHA Hybrid
FHA Bridge/Relocation Loan
FHA Home Improvement 203(k)
FHA Self Employed

Key FHA Loan Facts

Minimum FHA Loan Amount
$313,760
Maximum FHA Loan Amount
$765,600
Minimum FICO Score
620
Non-Traditional Credit History Considered
No

Loan Specifics - 4 / 5

Chase FHA loans offer low down payment options with flexible credit score requirements. The banks down payment options are as low as 3.5%, and its credit score requirements are as low as 620 FICO. For 640 FICO and higher, Chase may require as little as a 3% down payment for a 1-unit single family residence or condominium. Customers may qualify for a $2,500 Chase Homebuyer Grant and $500 Homebuyer Education Benefit that can be used to lower closing costs and down payment. The terms range from fixed 15–, 20–, 25– or 30–year. Chase FHA loan is a great option for people interested in flexible credit score options and do not want to spend a lot of money on down payments.

Chase Customer Experience

Customer Experience - 3.9 / 5

Chase’s website and its various tools, including an online application, that serve as lending advisor to potential consumers. From multiple online calculators that personalize their estimates to step-by-step guides, the bank provides resources for clients to make educated decisions on their financial needs. If people prefer to conduct business on-site, there are branches in 22 states. Chase’s online application offers a tracking system for customers to know the status of their online application at all times.

Online Features

Online Application
Yes
FHA Mortgage Calculator
Yes
Online Quote
Yes

Chase Lender Reputation

Lender Reputation - 4.5 / 5

Chase was ranked top ten on Fortune magazine’s World’s Most Admired Companies list in 2018. For a bank its size, Chase has standard mixed reviews about its different services. Although Chase does not actively participate in Better Business Bureau and Trustpilot, the company has policies to address individually any potential complaints from consumers to guarantee satisfaction. It is a member of FDIC, FINRA and SIPC.

Key Reputational Facts

Company Type
Underwriter
Year Founded
1877
Date Collected
2019-11-07

Company Profile

Full Name
Chase FHA Loans
Company Website
https://www.chase.com/personal/mortgage/home-mortgage/financing-home/types-of-mortgages
Headquarters
New York, NY

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