COVID-19: Credit Market Shrinks for Home Loans, HELOCs

A recent change in lending could impact real estate investors, especially if more lenders follow suit. Over the weekend, JPMorgan Chase stopped accepting HELOC applications. The bank posted the notice on its website saying it's a temporary suspension due to the current economic uncertainty created by COVID-19. Lenders have also been tightening loan standards.   Chase says it will continue to review already-submitted applications for home equity lines of credit, and HELOCs that have already been issued are not affected. But investors who might want to jump on a real estate buying opportunity by tapping into their home equity, face a shrinking pool of funding options.   www.NewsForInvestors.com