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CHASE RURAL ADVANTAGE (CRA) PRODUCT MATRIX
PROGRAM BENEFITS
Financing 100% financing based on lower of sales price or appraised value with the option
to include a one-time charge for MI financed into the loan amount
Term 10/1 LIBOR ARM, 2.25 margin, 5/2/5 Caps. 25 and 30 year terms available
with monthly or financed MI
Refinance Option Yes, any Chase serviced 1st mortgage is eligible.
Mortgage insurance 35% MI coverage from PMI paid monthly at .96 annually on a 30 year term,
.85 on a 25 year term or a one-time MI (refundable) premium of 3% on a 25
year term or 4.65% on a 30 year term
Payment reserves No reserve required for borrowers with 12 mo. previous housing pmt. history
Downpayment Not Required
First-time homebuyer No First-time homebuyer requirement
Seller concessions 3% seller concessions permitted
Gifts 100% gifting permitted: family, defined relationship, or non-profit
INCOME AND RATIOS
Ratios - 29/41%
- 35/43% w/ 12 months verified housing payment with no more than 50%
payment shock.
- 45/45% w/ 12 months verified housing payment with no more than a 50%
payment shock & 660 middle credit scores.
- 40/40% when using undocumented income to qualify.
Non-occupant Co-borrower Non-occupant co-borrowers allowed at 95% LTV
Installment debt Include all installment debt greater than 10 months
Primary income Two-year history
Self-employment Two-years 1040s and P&L
Alimony/child support 12-month history, with proof of 3 years continuance
Part-time, Over-time & Bonus 12-month history
Disability benefits Benefits letter, 3 years continuance and gross up 125%
SSI benefits Awards letter or 2 months bank stmts., 3 years continuance and gross up 125%
Salary increases Salary increases with 30 days of the first payment due date are acceptable
Maximum income 150% of RD Moderate Income Limits (click here for link to RD income limits)
Undocumented Income Allowed up to 25% of total qualifying income and not to exceed $1,000 per
month. Undocumented income must be reasonable and have a 12-month
(more guidelines apply, please history. Borrow must complete Chase’s Undocumented Income Products Work
contact your AE for details) Summary and Residual Income and Savings Analysis Form. Borrowers may not
have more than 50% “payment shock”.
CREDIT
Credit score 620 Minimum middle credit scores
Bankruptcy/Foreclosure Foreclosures & Ch.7 BK’s must be discharged for 2 years with extenuating
circumstances, 4 years without extenuating circumstances. Ch.13 BK’s must be
discharged for 2 years. (All borrowers with a prior BK or foreclosure must have
a 660 middle credit score, re-establish 4 lines of credit, 2 lines must be at least
24 months old and must have a 12-month verified housing payment.
Verification of Rent 12-month rating, no late payments. Applicants with no history must
demonstrate a savings pattern to show a minimum of 3 months PITI (bank
statements require)
Credit report RMCR or Tri-Bureau merged
Homebuyer education Required on all applicants through CCCS (800-632-7663) , PMI homebuyer
education workbook website:
http://www.pmigroup.com/emerging_markets/pmi_successhomeownerbk.pdf
CHASE RURAL ADVANTAGE (CRA) PRODUCT MATRIX (Cont.)
FUNDS FOR CLOSING
Closing costs No closing costs may be financed
Seller concessions 3% seller concessions to pay closing cost and prepaids
Gifting 100% gifting permitted: Family, defined relationship or non-profit
Cash contribution No minimum cash contribution from borrowers
Unsecured funds Borrowing of unsecured funds allowed with 660 credit score
REFINANCE
nd
No Cash-out 100% LTV. 2 liens seasoned 12 months or more may be rolled into new loan
Limited cash-back 85% LTV - $5,000 cash back
Debt Consolidation 85% LTV - $10,000 applied to payoff consumer debt
PROPERTY REQUIREMENTS
Ineligible areas Only in counties that are 100% ineligible for the GRH program. Call for details
Other Real Estate Owned Borrowers must not own adequate housing after closing
Occupancy Primary residence only
Property Type Single family or Chase eligible condo/PUD
Manufactured homes Not Permitted
Home Inspections Not applicable
Termite inspection All areas as required by RD
Well/Septic inspections Not required unless issues raised by appraiser or any other third party
Repairs 100% of repairs may be financed based on as-improved value. If work is not
complete prior to closing an escrow hold back may be established at 150% of
repair cost. (more rules apply, please contact your AE for more details)
REGISTRATION AND LOAN LOCKS
Fax registration/lock form to: 954-422-1249
Product codes: CRA 580
LOAN SUBMISSION
Send credit package to: Send the original credit package to:
JPMorgan Chase Bank, N.A.
Attn: Rural Housing Program
1400 East Newport Center Dr.
Deerfield Beach, FL 33442
HAVE QUESTIONS ON A FILE IN PROCESS?
Underwriting Manager Closing Manager Sr. Lock Specialist Operations Manager
Tammy Van Heusen Linda Benfante Joy Taylor Jackie Young
954-725-6632 954-698-1137 954-698-1161 954-422-1204
FOR FURTHER INFORMATION CONTACT YOU RURAL HOUSING ACCOUNT EXECUTIVE:
Bill Scammell
954-422-1230 Fax – (954) 422-1249
Email – William.f.scammell@chase.com
For real estate and lending professionals only and not for distribution to consumers. All mortgage loans offered through JPMorgan Chase
Bank, N.A. or Chase Bank USA, N.A. depending on product type and property location ("Chase"). All loans subject to credit and property
approval. Not all products are available in all states or for all loan amounts. Other restrictions and limitations apply. Chase only originates
mortgage loans within the United States of America and services loans in the United States and the US Virgin Islands. Loans are
subserviced by Chase Home Finance LLC.
