Home Buyers in Georgia! News You Can Use!
I thought this was a joke, but I have spoken with a loan officer at Wells Fargo and she confirmed the reality of this information. Wells Fargo is prepared to underwrite mortgages for clients having a low FICO score. The general requirements are:
- For FICO scores between 500 and 579, borrowers are required to contribute 10% down of their own funds with no gifting.
- For FICO scores between 580 and 619, borrowers are required to contribute 5% down of their own funds with no gifting.
- For FICO scores of 620 or greater, borrowers are required to have at least 3.5% down and the funds can be gifted or received from a Down Payment Assistance Program.
Also note that Wells Fargo has no minimum loan amount. For information on buying a home in metro Atlanta, please call our office at 404 923 4210 or inquire here. Thank you!
Comments(7)