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Wells Fargo and the 500 FICO Score

By
Real Estate Broker/Owner with The Jordon Wheeler Group GA License# 264359

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!

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Laurie C. Bailey-Gates
Robert Paul Properties - Barnstable, MA
ABR, SFR

It is hard to believe that a bank is willing to lend again especially to people with low FICO scores.  Hopefully, this is a good sign that the market is getting better and the banks are confident that things will be better.

Laurie

Mar 20, 2011 11:10 PM
Phil Leng
Retired - Kirkland, WA
Phil Leng - Retired

Hi Jordan,

That is amazing! Thanks for the post.

I am thinking, why would they do that? Did they not learn from the last 4 years?

Of course, if things go wrong, they can always foreclose!!!

Thanks

Phil

Mar 20, 2011 11:20 PM
Patrick White
Home Driven Realty, Inc - Baldwin, NY
Driven to bring New Yorkers home

Good Morning Jordon

Thanks for the post and information. Have a great day.

Mar 20, 2011 11:32 PM
Anonymous
Jeff Armbruster

Good news on paper.Hopefully they can close these deals.

Mar 21, 2011 04:05 AM
#4
Jordon Wheeler
The Jordon Wheeler Group - Fairburn, GA
J W Group Real Estate Sales and Service

Laurie - Wells figures the cashflow is there if the buyer has 10% for down payment per my Wells LO contact.  We shall see.  Thanks for commenting and best of success to you!

Phil - LOL! hopefully no repeat but history has a way of coming around again.  Thanks for commenting and best of success to you too sir!

Patrick - you are very welcome.  Best of success to you sir!

Jeff - that's what my other LO contacts said - LOL!  Best of success to you sir!

Mar 21, 2011 02:03 PM
Dave Sullivan
Real Estate One - Birmingham, MI
Michigan Realtor with an investor viewpoint

FICO Scores are important and knowing how to improve it has never been more important. Check out the website I found for free FICO help www.thecreditguy.tv

Jan 22, 2012 11:26 PM
Jordon Wheeler
The Jordon Wheeler Group - Fairburn, GA
J W Group Real Estate Sales and Service

Hey Dave,

Thanks for stopping by.  When I have  moment, I'll get over to the website.  Best of success to you this year!

Jan 23, 2012 06:08 AM