fha: Lenders are starting to loosen up!
- 02/12/11 07:10 AM
Good news for some buyers! Wells Fargo, the largest originator of FHA mortgages has loosened up a bit & recently revised credit & down payment requirements. Wells will now lend to applicants with FICO scores as low as 600 and 3.5% down payments ( can be gift funds). Previously, if your score came in even slightly lower, they wouldn't even look at your application. How big a news is this for buyers AND sellers who need qualified buyers in the market? An estimated 1/3 of Americans now have FICO scores below 620, according to one consumer group's estimate. What about borrowers … (2 comments)
Good news for some buyers! Wells Fargo, the largest originator of FHA mortgages has loosened up a bit & recently revised credit & down payment requirements. Wells will now lend to applicants with FICO scores as low as 600 and 3.5% down payments ( can be gift funds).
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