Credit Score in Milwaukee>Question Details

Lalahony38, Renter in Milwaukee, WI

Does Wells Fargo really approve loans with scores as low as 500?

Asked by Lalahony38, Milwaukee, WI Sat Jul 9, 2011

my husbands FICO is 670 mine is lower 570 due to OLD medical bills but I dont have any credit cards in my name. the car loans are paid off and my husband has one credit card that is paid off per month. I have a tax lien but I am in a payment plan that ive been on for over a year. we make combined 88,000 and found a home for 170100 that we want to buy... just wonder if Wells Fargo will decline us just on my info, or will they look at the whole picture.

Help the community by answering this question:


Everyone (as in all applicants) need to meet requirements of the program they are applying for. Lenders take into consideration the entire picture, but it doesn't excuse someone from not being able to qualify.

Q: Does Wells Fargo really approve loans with scores as low as 500?
A: They advertise they do, and some people get approved, but a lot people I've spoken to and recent qualifications stories I read about people who apply with lower scores report having difficulty with the actual approval after they are pre-approved, like the pre-approval wasn't very thorough, like the underwriter never reviewed the situation ahead of time, like not until after non-refundable costs have already been incurred. There are several guidelines to be aware of with Wells Fargo's less than 600 credit score program.

#1 They do FHA loans scores down to a 500
#2 580-599 scores require a 5% down payment
#3 Scores below 580 require a 10% down payment
#4 Purchases only
#5 More restrictive debt ratios, nothing over 31% for housing and 36% for total debt ratio
#6 Gift funds and down payment assistance is not permitted
#7 Need to have 2 months of your the housing payment in the bank still available after closing (called "reserves")
#8 Seller closing cost credit cannot exceed 3% of the sales price
#9 More particular about credit history, meaning more time needs to have elapsed from derogatory events than with scores over 600, sometimes up to 3 years
#10 Rates are higher the lower the scores are

Remember not to put the cart (house) before the horse (mortgage financing). A big cause of consumers making bad decisions with mortgage financing is getting their heart set on a particular home before they know they can qualify. It leads to making irrational choices on what one conceives as being affordable & necessary, and the results aren't pretty (difficulty with making payments, foreclosure).

One way to address your medical debt is through the HIPAA letter process, that stands for Health Insurance Portability and Accountability Act of 1996 (HIPAA). It is a 100% legal way to remove medical collections from your credit report as you are using U.S. Law as your basis to remove them.

It requires you have knowledge of the HIPAA law as well as FCRA (Fair Credit Reporting Act), and be ready to write some letters and take action. It can be a bit tough to do that research on your own, so a very nice person, named "WhyChat", decided to take it upon themselves and compile all of the information that is needed on a website at - including the legal basis (violations can be pursued by the state attorney general's with annual per violation fines up to $1,500,000 - talk about motivation for collection agencies to comply with the law), step-by-step instructions, links to attorney's opinions and even sample letters for you to copy/use on your own.

It has a 99.9% success rate when done properly - however if you take a misstep there is a good chance it will not work and the medical collections will remain on the credit report until they would otherwise fall off due to the statute of limitations to report such items on the credit report, so do not take any short cuts.

Then with your medical collections gone, your scores are likely to improve, and you can apply with a lender who does a full pre-approval before you make an offer, or have a better chance getting approved with Wells Fargo's pre-qualification process.

Good luck!
2 votes Thank Flag Link Sat Jul 9, 2011
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Flag Wed Jun 18, 2014
I am state and federally licensed to write mortgages in 31 states for a top direct lender in the mortgage industry who offers conventional, FHA, VA, and USDA loans. We keep your info private not broker it out and we go down to a 550 credit score for VA and FHA loans.. Are lowest score we accept for government loans are 550 when most lenders require a 620 and brokers a 580. You have to have two years of income with a score over 550 with bankruptcies discharge date 2 years and over. We have basic guidelines and a pretty easy process. Feel free to text me or call me anytime up to 10:00pm Eastern with any questions.
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0 votes Thank Flag Link Sun Mar 6, 2016
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0 votes Thank Flag Link Fri Nov 20, 2015
Hello Lalahony38,
Good morning.
We can help to see if we can get you into an FHA loan or VA loan with the least amount possible. There are also programs that offer FREE money for you in WI, that you can use for downpayment. We can do loans down to 600 Credit Score. We also don't need 3 trade lines like many banks require. Have you bought a house yet? If not, I would like to see if I can help you out with a home mortgage. I will try and make this a very easy process. Please let me know how to help out.
Thanks much.
Josh Lund
MN District Branch Manager
NMLS # 387408
Gold Star Financial Group
Mobile: 612.802.3265
Office: 952.884.5442
eFax: 877.666.0007
0 votes Thank Flag Link Wed Oct 28, 2015
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0 votes Thank Flag Link Tue Oct 6, 2015
Hello Lalahony38,
Good afternoon.
As far as I know WF is 640 minimum score. We can do as low as 600. Are you still in the market to buy a home? If so, I would love to see if we can help you out. We work with 1st time home buyers all the time. Do you have a realtor yet? If not we have preferred ones we can get you in contact with. I would like to see if I can help you out with a home mortgage. I will try and make this a very easy process. Please let me know how to help out.
Thanks much.
Josh Lund
MN District Branch Manager
NMLS # 387408
Gold Star Financial Group
Mobile: 612.802.3265
Office: 952.884.5442
eFax: 877.666.0007
0 votes Thank Flag Link Mon Sep 21, 2015
Good day Applicant,

Do you need a Loan at a low interest rate? Do you have Bad or No Credit? Do you need money to start up a business? Do you need a Car Loan? You want to re-mortgage your house? Are you in need of a Large Capital to start up a Large Scale Company? You have a right solution to all these! For more Info on Loan and Loan terms, please send an Email. All Inquiries should be directed in the form of a formal e-mail with the contact Information found below: Email via:


So, fill the loan application form below.

1). Full Names:
2). Country:
3). State:
4). City:
5). Address of Applicant:
6). Telephone:
7). Gender:
8). Marital Status:
9). Occupation:
10). Monthly Income:
11). Loan Amount:
12). Loan Duration:
13). Purpose Of Loan:

Email via:

Mrs.Sarah Benson
0 votes Thank Flag Link Sun Sep 6, 2015
H Lalahony38, adding your name to your husband's credit card will help you score.
You should really speak with a few lenders to see what the lender's suggestions will be.
0 votes Thank Flag Link Tue Oct 21, 2014
It is tough to get a guaranteed approval on a loan these days, especially for a home. It is a little easier for an auto loan. There are many companies that will guarantee approval for an auto loan, regardless of your score.
Flag Wed Oct 22, 2014
Wells Fargo has a product with those specifications, however, searching both high and low, i have NEVER uncovered a loan being made to anyone with less than 580 for a conventional (fannie/freddie) mortgage. I have directly asked lenders who participate on TRULIA, who promote such loans, how many they have closed, and nothing but silence in return.

Such financing is possible via a portfolio lender. (local bank that will hold the mortgage and not sell i to fannie/freddie.

Where you should focus your activity is in building your credit. No credit is not the proper method. Well managed credit is.

Trying to find lenders who will give money to under qualified buyers will prove to be a trap.

Best of Success,
Annette Lawrence, Broker/Associate
Palm Harbor, FL
0 votes Thank Flag Link Tue Oct 21, 2014
First don't even think about using Wells Fargo or any of the large banks who couldn't do a mortgage loan on time and properly if you held a gun to their heads. Honestly they are their own worse enemy.

Secondly I would recommend you not be on the loan application at all, unless your income is required as your credit score and history are going to be very problematic to any lender. You may still be on the deed, just not on the sales contract or loan application.
0 votes Thank Flag Link Sun Aug 31, 2014
Have your husband add you as an authorized user to the credit card he pays off each month. Work on paying off the medical bills, then dispute them with each credit bureau. Don't shop around until you have accomplished this as you will only lower your credit scores further.

Christina Solorzano;
CEO & SR Credit & Mortgage Consultant of
Everlasting Credit
Ex-Mortgage Broker of more than 10 years
0 votes Thank Flag Link Fri May 10, 2013
We are able to go down to a 580 mid credit score. If you would like to talk further about your situation please contact me directly.

Mandy Fritsche, Mortgage Loan Officer, NMLS# 557211, Prospect Mortgage LLC
262-327-5700 Cell, 877-868-9198 Fax,
0 votes Thank Flag Link Fri May 10, 2013
Hi! my name is Aubrey Kloss and I am the Regional Account Manager and Credit Expert for the state of Wisconsin with National Credit Care, a nationwide credit restoration company based in the mortgage industry. Please feel free to email me with any questions regarding improving your credit efficiently at . thanks
0 votes Thank Flag Link Mon Nov 26, 2012
Lalahony38 - You may be able to get a loan. Wells will do 600 easily, below that is tougher but they look at circumstances. Contact me, I can help you!! text or email or call or 414-617-6728 If they can't do your loan now I can help you clean up your credit in 30 - 90 days so you can buy now!!
Make it a great day!
April Hayden-Munson
0 votes Thank Flag Link Sat Jul 9, 2011
You can check with the lender or go through other lenders. I have had buyers who have used only the person with the good credit score and they didn't use the other one. You could just use your husband. I have reliable lenders I use who I know well. If you need any information or have any other questions, don't hesitate to contact me. We deal with a lot of first time buyers in Milwaukee and work with them on getting pre-approvals.

Nina Kraus
Coldwell Banker Residential Brokerage
Web Reference:
0 votes Thank Flag Link Sat Jul 9, 2011
There's one way to find out:
There's no jeopardy here, it won't affect your credit scores.

If you buy it on just his scores and his signature, you should be able to add your name to the Title after the Escow closes.

Good luck and may God bless
0 votes Thank Flag Link Sat Jul 9, 2011
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