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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Topic:
Home Buying
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wells fargo lowers their minimum credit score to 500

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Rainer
157,547
Michael Kitsch
Coldwell Banker

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!

February 16, 2011 05:41 PM
Rainmaker
979,343
Robert (Bob) Gilbert
Your Katy TX Real Estate Expert
Berkshire Hathaway HomeServices Anderson Properties

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

February 16, 2011 05:42 PM
Rainer
207,162
James L. Katz
Katz Realty Group

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!

February 16, 2011 05:56 PM
Anonymous
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Rainer
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Christa Borellini

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