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Mortgage Loan with a 500 Credit Score? It's Possible!
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 using an FHA loan on or after January 15. The new policy will allow minimum loan scores and loan to value ratios as follows:
A score of = not allowed 500 to 579 = 10% minimum down payment (90% Max LTV) PLUS "additional requirements" 580 to 599 = 5% minimum down payment (95% Max LTV) PLUS "additional requirements" 600+ = 3.5% minimum down payment The "additional requirements" for all borrowers with FICO scores
Lower Debt to Income Ratios. These could be as low as 31% for housing debt and 36% for TOTAL debt. 2 full months of "reserves" are required (cash ... more

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