Credit Scores Under 600? Check Out Wells Fargo FHA Loans.
Wells Fargo is now accepting FHA mortgages with credit scores under 600.
Effective Jan. 15, 2011, Wells Fargo will accept Federal Housing Administration (FHA) mortgages for borrowers with credit scores as low as 500.
If you'd like to take advantage of the great prices for a home right now and the low mortgage rates, but you're wondering if you can buy a home with your credit score ... check this out from www.realtor.org:
"Housing Report: Wells Fargo to Accept FHA Mortgages with Credit Scores Under 600.
Wells Fargo announced that effective January 15, 2011, they will accept Federal Housing Administration (FHA) mortgages for borrowers with credit scores as low as 500. For borrowers with credit scores 500-579 a 10 percent downpayment is required and the downpayment may not be a gift or be part of a downpayment assistance program. For borrowers with credit scores 580-599 a 5 percent downpayment is required and the downpayment may not be a gift or be part of a downpayment assistance program. Borrowers with a credit score of 600 or higher are required to have a 3.5 percent downpayment and a gift is acceptable. For all borrowers, seller concessions are limited to 3 percent. Jerome Nagy 202-383-1233, Megan Booth 202-383-1222"
To see your credit report and score, visit FreeCreditReport.com.
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