Wells Fargo Lowers Their Minimum Credit Score to 500

By
Real Estate Agent with Prudential California

That's right Wells Fargo has lowered their minimum credit score for FHA insured mortgages to 500. 

Here is the low down.

 

  • 500-579- Minimum 10% down. Down payment can notbe a gift or come from a down payment assistance program
  • 580-599- Minimum 5% down.  Down payment can notbe a gift or come from a down payment assistance program.
  • 600+- Minimum 3.5% down.  Down payment can be a gift
Posted by

                                  

      Do you have a client that is moving to San Diego?
Call me at 619.916.9058 to discuss your clients needs.
 
                                              

        

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Buying
Tags:
wells fargo lowers their minimum credit score to 500

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainer
157,651
Michael Kitsch
Coldwell Banker - Katy, TX

That may be an opportunity to pick up buyers.  OF course, the file still has to make sense, and compensating factors will help it.  So...thumbs up!

Feb 16, 2011 05:41 PM #1
Rainmaker
1,741,868
Robert (Bob) Gilbert
Berkshire Hathaway HomeServices Anderson Properties - Katy, TX
Your Katy TX ( West of Houston) Real Estate Expert

Thanks for the info as I had a young first time buyer call me today and ask the same question...

Feb 16, 2011 05:42 PM #2
Rainmaker
219,312
Jimmy Katz
Katz Realty Group - Parkland, FL
"REAL Solutions for Real Estate!"

500!!  that is kindog ridiculous!  good for us realtors, but that person with 500 should not be allowed to buy a pack of gum on credit, let alone a house!

Feb 16, 2011 05:56 PM #3
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
69,945

Christa Borellini

Ask me a question
*
*
*
*
Spam prevention

Additional Information