(CBS DETROIT) – If you’re looking to buy a home it might be a little harder to get approved. New JP Morgan Chase customers will have to come with better credit and more cash.

A 700 credit score is the starting point, plus a 20 percent down payment of the home’s value is what the bank is looking for in an applicant.

Industry experts say as the economy’s future remains unknown lenders are shying away from high risk borrowers.

“Meaning they’re going to have to have some money to put into the transaction. Their credit scores are going to have to be at certain levels, they’re job will hopefully be restored or they never were laid off,” said Diversified Members Credit Union Lending VP J.R. Smith.

Lenders say the shift can be attributed to widespread unemployment and a slump in the housing market.

“When the governor’s order came into place — the stay home stay safe — the real estate market basically shutdown and so people kind of naturally took themselves off of thinking and looking at homes,” said Smith.

But for the buyers with their foot still in the game some financial institutions are not tightening up requirements.

Advisors at Diversified Members Credit Union say many co-ops are managing home loans under the same guidelines as before the pandemic.

“We have not changed our lending criteria. We’re a financial cooperative. We are owned by our members so our responsibility is to take the best care of our members that we can. If they’ve planned, they have their credit in order, they’ve got a little bit of money to put into transactions to purchase a home, I think that they would and should be ready and they should get the opportunity,” said Smith.

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