Chase is charging 1% (1 point) and limiting DTI (debt to income) for anyone that is stupid enough to be "self-employed" to 35%. It was 43% until today. That's right, if you are a self made, self employed individual, you are deemed to be to risky, too complicated, too time consuming, and not worth the effort. Unless of course you cough up an extra point for your loan. So, on one hand Chase says they are lowering the hammer on self employed customers because of "risk" but then they have the AUDACITY to say they will consider your loan if you pay an extra point. So you will have 1% Less to pay back the loan, but it will make things less risky. These freaking id–ts in Chase Mortgage Risk are 100% mo–ns. Hoping a self employed person will file the first law suit quickly.
10 replies (most recent on top)
Self employed is a risk in a pandemic. Owning a business is a risk in a pandemic. Working for a Fortune 500 is a risk in a pandemic. Working in the financial industry is a risk in the pandemic. It is a risk to be an American in a pandemic. It is a risk to be a an average non influential human in the pandemic. But if you are Jeff Bezos, Warren Buffett, Mark Zuckerberg, Jamie Dimon, Bill Gates, Bernard Arnault, Alice Walton, Qin Yinglin, Michael Bloomberg,, Gerard Wertheimer, Mitch McConnell, or an Amazon, Bloomberg LP, Facebook, Zoom, Apple you are not a credit risk 8n a pandemic.
Jaime demon wont pay bonuses to staff who made him millions but he can buy his worthless stock by 30 billion and make more money off that
You won't find sympathy in a pandemic. Did you try other lending institutions? Report here what they are offering you so we can compare to offer informed responses.
jamie demon and cronies need a new vacation home... specially sweet when you pay for it, LOL
Just remember if you dont want to pay the extra point dont use Chase and dont buy right now. Why not wait 6 months or so to purchase hopefully when there is less uncertainty??
Charging an extra point is protecting the bank? Give me a freaking break. They are ripping people off. And some of you fools go along with it.
Other lenders chose not to lend to self employed customers at all during the pandemic because of the risk of self employed. So if chase wants to set a max dti and charge an extra point for a riskier profile, they are able to do so. It's called due diligence to protect the bank.
Sounds like chase is doing its proper diligence. Let's not forget there's a pandemic and businesses have been closed for months depending where you live. What kind if income have they had? Keeping the business afloat should be priority a d not house buying in my opinion. Peace.
It's more that being scrutinized more. They are charging more in price for no other reason than self-employment. They are also holding self employed borrowers to a lower debt to income threshold simply because they are self employed.
At the same time they can't shut up about how great they treat their customers and how they want to be your business banker. Hypocritical to high heaven.
Self employed borrowers are always scrutinized more. Sounds like Chase is acting as a loan broker instead of a direct lender.