Under its new policy, Wells Fargo will accept borrowers with credit scores of 500 to 579 if those borrowers can make a down payment of at least 10 percent; gifted funds or other down payment assistance is not allowed. For borrowers with credit scores of 580 to 599, borrowers must put down 5 percent, with the same restriction on gifts and assistance funds. Borrowers with credit scores of 600 or higher can make a 3.5 percent down payment. The new policy took effect January 15.
DEBORAH BRACCO- LICENSED REAL ESTATE SALESPERSON
APPLESEED HOMES
718-619-5701; deborahbracco@live.com; deborahbracco.com
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