Wells Fargo to Accept FHA Mortgages with Credit Scores Under 600

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Real Estate Agent with Re/Max - The Real Estate Leaders



Wells Fargo announced that effective January 15, 2011, they now accept Federal Housing Administration (FHA) mortgages for borrowers with credit scores as low as 500. For borrowers with credit scores 500-579 a 10 percent down payment is required and the down payment may not be a gift or be part of a down payment assistance program. For borrowers with credit scores 580-599 a 5 percent down payment is required and the down payment may not be a gift or be part of a down payment assistance program. Borrowers with a credit score of 600 or higher are required to have a 3.5 percent down payment and a gift is acceptable. For all borrowers, seller concessions are limited to 3 percent.

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Anthony J. Gonzalez

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Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Christina Cavins 01/29/2011 12:20 AM
  2. Tagrid Shunia 01/29/2011 12:26 AM
Topic:
Home Buying

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Rainmaker
789,349
Carol Zingone
Berkshire Hathaway Home Services Florida Network Realty - Jacksonville Beach, FL
Global Realtor in Jax Beach, FL - ABR, CRS, CIPS

I just heard about this earlier this week, and think it is FABULOUS! This loan will require manual underwriting, so the scrutiny will be a bit higher than other loans.

Jan 29, 2011 12:17 AM #1
Rainmaker
535,149
Gay E. Rosen
Julia B. Fee Sotheby's International Realty - Larchmont, NY
As Real as Real Estate Gets!

Hi Anthony: I hope it wont gwet us back into deeper trouble but definitely good news to some nice people who lost their jobs or had other unpleasant happenings and lsot some of their credit, and are getting back on their feet and have the money. Best, Gay

Jan 29, 2011 12:20 AM #2
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Anthony J. Gonzalez

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