A few days ago, I read an article. Wells Fargo now offering FHA Home Loans with a credit score of just 500!!!!
WOW! This caught my eye. Yes, in this economy we have all suffered. With that being said, alot of our credit has suffered as well. Nothing to be ashamed or embarrassed about, it is reality.
I was floored when I read the logistics of the Wells Fargo FHA 500 Credit Score Loan Plan
Here are the Details
All funds must come from the buyers own monies. (no gifts)
Down Payment: For a credit score of 580-599, 5% is needed, and for a credit score between 500-579, 10% down is necessary.
Seller Contributions are limited to 3%.
Debt to income Ratio: 31%/36%
Interest Rates are still low! If you were previously turned down on the purchase of a home because of credit score, NOW IS THE TIME TO SPRING INTO ACTION!
This is also a great tool for sellers to use to attract buyers with this, they may have thought they would not qualify for a home!
Take advantage of this wonderful program.
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