borrower: Mortgage Loan with a 500 Credit Score? It's Possible!
- 01/18/11 02:49 PM
According to a number of Wells Fargo Home Mortgage originators, Wells Fargo will now allow an FHA borrower to get a mortgage with a credit score of less than 600. In exchange for a larger down payment and a lower overall debt load (lower Debt-To-Income ratios), Wells Fargo Home Mortgage currently allows borrowers to take out an FHA loan on a purchase transaction with a minimum credit score as low as 500. Here are the details as I understand them: The credit policy change was posted to Wells Fargo Home Mortgage originators on January 14, 2011 and takes effect for purchase transactions … (10 comments)
borrower: The New Good Faith Estimate (GFE) Form, Page 1 (Part 1)
- 11/11/09 05:00 PM
Let's examine the top half of Page 1 of the new Good Faith Estimate (GFE) form. One of the first changes you will notice about the Good Faith Estimate form is that it now asks for the Loan Originator's email address. It also asks for a Property Address. Remember, without a property address (the one the borrower intends to get the loan for), the Good Faith Estimate is non-binding, meaning the lender (or loan originator) is not able to be held to fees and rates quoted. However, prior to closing, a Good Faith Estimate will all the required information on it … (1 comments)
According to a number of Wells Fargo Home Mortgage originators, Wells Fargo will now allow an FHA borrower to get a mortgage with a credit score of less than 600.
;)
;)
;)
