Wells Fargo Lowers Credit Limits for Home Mortgages

Wells Fargo Home Mortgage just announced today that they WILL IN FACT GO DOWN TO 500 CREDIT SCORES ON FHA PURCHASES ONLY!!!

This is one of the reasons I have always recommended Wells Fargo for my clients home mortgage needs. They lead the way! These financing changes will open up the door to many people who would love to take advantage of today’s great real estate prices. I have contacts with some of the best loan officers in our area for Wells Fargo.

Please note the following particulars as Wells begins to source up and process these transactions:

If 500-579 – MUST HAVE 10% DOWN
If 580-600- MUST HAVE 5% DOWN
NO GIFT FUND OR DPA (Down Payment Assistance) CAN BE USED FOR DOWN PAYMENT
DTI: (Debt to Income Ratio 31/43
Refer – 31/ 36 AND 2 MONTHS PITI RESERVES
ALL LOANS HAVE TO GO TO EXCEPTION DEPARTMENT! And reminder this is for ONLY PURCHASES, no refi’s!

Contact me today if you would like to get in touch with one of the loan officers I’ve been working with over the past 5 years. Their track record is proven.

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