Wells Fargo Lowers Their Minimum Credit Score to 500

By
Real Estate Agent with Prudential California

That's right Wells Fargo has lowered their minimum credit score for FHA insured mortgages to 500. 

Here is the low down.

 

  • 500-579- Minimum 10% down. Down payment can notbe a gift or come from a down payment assistance program
  • 580-599- Minimum 5% down.  Down payment can notbe a gift or come from a down payment assistance program.
  • 600+- Minimum 3.5% down.  Down payment can be a gift
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Rainer
157,551
Michael Kitsch
Coldwell Banker - Katy, TX

That may be an opportunity to pick up buyers.  OF course, the file still has to make sense, and compensating factors will help it.  So...thumbs up!

Feb 16, 2011 05:41 PM #1
Rainmaker
1,105,659
Robert (Bob) Gilbert
Berkshire Hathaway HomeServices Anderson Properties - Katy, TX
Your Katy TX Real Estate Expert

Thanks for the info as I had a young first time buyer call me today and ask the same question...

Feb 16, 2011 05:42 PM #2
Rainer
209,256
James L. Katz
Katz Realty Group - Aventura, FL

500!!  that is kindog ridiculous!  good for us realtors, but that person with 500 should not be allowed to buy a pack of gum on credit, let alone a house!

Feb 16, 2011 05:56 PM #3
Anonymous
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Rainer
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Christa Borellini

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