Lender review
Chase review: what Michigan borrowers should know
Best for: branch access and existing-customer relationships in michigan
- Headquarters
- New York, NY
- Founded
- 1799
- NMLS
- #399798
- Min. credit score
- 620
- Min. down payment
- 3% (DreaMaker)
One of the largest mortgage lenders in the country, Chase has retail branches across Michigan and pairs its DreaMaker 3%-down program with homebuyer grants in eligible areas. A natural fit if you already bank with Chase and want everything under one roof.
Chase traces its lineage back to 1799, and today it ranks among the largest mortgage lenders anywhere, with retail branches scattered across Michigan. For buyers who already run their checking, credit cards, and savings through Chase, folding a mortgage into that same account can feel like the path of least resistance.
Its standout for first-timers is the DreaMaker program, a 3%-down loan that in eligible areas can pair with homebuyer grants to shrink the cash needed at the table. Private Client customers get relationship discounts layered on top, so the more of your financial life sits with Chase, the more the pricing tends to bend your way.
The flip side is the machinery of a very large bank. The process runs slower than the online lenders, the best pricing is usually tethered to that banking relationship, and you won't find a rate without contacting a home lending advisor first. For a straightforward buyer chasing the lowest posted number, the gated quotes can be a nuisance.
What works
- Retail branches across Michigan for in-person help
- DreaMaker low-down loan plus homebuyer grants in eligible areas
- Relationship discounts for Chase Private Client customers
What to watch
- Big-bank process is slower than online lenders
- Best pricing is often tied to a banking relationship
- Rate quotes require contacting a home lending advisor
Loan programs at Chase
Which core Michigan loan types Chase offers, with the typical minimum down payment for each program. Program floors are industry standards — Chase's own minimums or credit overlays may run higher.
| Loan program | Offered | Typical min. down |
|---|---|---|
| Conventional | ✓ Yes | 3% |
| FHA | ✓ Yes | 3.5% |
| VA | ✓ Yes | 0% |
| USDA | — No | — |
| Jumbo | ✓ Yes | 10–20% |
| Construction | — No | — |
Also offers: HELOC.
Where Chase's credit bar sits
Chase's roughly 620 minimum sits in the good credit range. Below, that 620 floor is plotted against the four broad credit tiers and the 620 median for the 55 Michigan lenders we track.
| Chase | Michigan median* | |
|---|---|---|
| Editorial score | 4.0 / 5 | 4.0 / 5 |
| Min. credit score | 620 | 620 |
| Loan programs offered | 5 | 5 |
| Michigan-headquartered | No | — |
*Median across the 55 Michigan lenders in our catalog.
How Chase's rates and offers compare
Before committing, pull a same-day quote from at least two competitors — pricing gaps of 0.25% are common for identical borrowers. Start with Wells Fargo, loanDepot or Rate (Guaranteed Rate), then compare Loan Estimates line by line. See where rates sit this week in our Michigan rate table.
Chase: frequently asked questions
What are Chase's mortgage rates in Michigan?
Chase doesn't post one rate — like every lender, its pricing turns on your credit score, down payment, loan size and the day you lock. Ask for a personalized quote to see the number you'd actually get. The reliable move: pull a written Loan Estimate from Chase and set it beside this week's Michigan averages in our rate table, comparing on the same day.
Is Chase a legitimate mortgage lender?
Yes. Chase is a licensed mortgage lender registered under NMLS #399798 and lending since 1799. Its license — and any past enforcement actions — take seconds to check at NMLS Consumer Access. Our unpaid editorial review rates it 4.0/5 for Michigan buyers — no lender pays for placement.
What credit score do you need for a Chase mortgage?
Chase generally looks for a credit score around 620 on its most common loans. Its FHA loans can go lower — often to 580, or 500 with a larger down payment — while conventional and jumbo loans usually want higher scores. Because overlays vary lender to lender, treat 620 as a starting point rather than a guarantee.
Does Chase offer FHA, VA and USDA loans?
Chase offers FHA and VA loans to Michigan borrowers. It does not currently offer USDA loans — buyers who need that should compare a lender that does. Its complete Michigan lineup is Conventional, FHA, VA, Jumbo, HELOC.
Does Chase lend in Michigan?
Yes. Although Chase is headquartered in New York, NY, it is licensed to lend in Michigan and actively originates purchase and refinance loans across the state, from metro Detroit to the Upper Peninsula.
Will Chase sell my mortgage after closing?
It may. Many lenders sell the servicing rights to a loan after closing, so ask Chase directly whether it retains servicing or transfers it — your rate and terms won't change either way.
Independent and unpaid — Chase did not pay for placement. How we score every lender (and where our rate data comes from) is set out in our editorial policy. Figures reflect public information as of 2026-07-01 and can change; the only rate that binds a lender is a written Loan Estimate. Verify the license at NMLS Consumer Access (#399798).