If you're planning to purchase a home or simply need to get a loan, then J.P. Morgan is the answer.

J.P. Morgan Chase & Co. which is the nation's largest bank by assets, has become less strict with its criteria when it comes to large mortgages, as numbers of lenders build up to get a bigger portion of the high-end housing market.

The company plans to launch on Wednesday its proposal to decrease the minimum credit score and down payment required for mortgages that could reach up to $3 million.

The minimum Fair Isaac Co. (FICO) credit score requirement by J.P Morgan is now down to 680 from 740 for loans on second homes, primary single-family purchase or certain refinances on properties.  

For primary residence home, required down payment is at 15%, while second home purchase is at 20%.  from a high of 30% to 50% before easing the bank loan standards.

Chase  will also implement the same steps facilitated by large banks and firms such as Wells Fargo & Co. and Bank of America with regard to requirements for very large mortgages. 

These requirements will be applicable with mortgages that will exceed $417,000 in most parts of the country or $625,500 in pricier markets.  Simultaneously, some big banks started to decline smaller loans as this will cause them higher regulatory costs and risks for litigation.

J.P Morgan is being more assertive and is determined to surpass its peers.  For loans that could reach up to $3 million, it allows 15% down payment.  Bank of America's allowable down payment for loans reaching $1 million is 15%.

According to the J.P. Morgan head of retail mortgage lending Sean Grzebin, there are some instances that their customers got helped by other banks because of differences in rules.  Due to the firm's restrictions, they were not able to retain their customers.

Steve Hemperly, JPMorgan Chase & Co. head of mortgage originations seems to be happy about the performance they had on jumbo loans.  He said it had been fantastic and thought that they're able to create high-quality loans for their high-quality customers.