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Loriann M. Harrison's Blog

By Loriann M. Harrison | Agent in Pembroke Pines, FL

500 Credit Score OK with Wells Fargo


500 Credit Score OK with Wells Fargo

The long awaited shift in mortgage approval for those who have suffered bruising to thieir credit scores has finally arrived.  Wells fargo announced that they will begin providing FHA mortgages for borrowers with credit scores as low as 500; this became effective January 15th. This move comes in response to criticism that major financial institution requirements of scores in the 600's is out of sync with current economic climate, and has negatively effected home sales. The new police requires these lower score buyers to provide a 10% down payment if their scores are between 500-579, and 5% down with scores of 580-599. There are restrictions on gift and assistance funds; please consult with your lender for specific details.
 
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