I want to get a wells fargo mortgage with a 500 credit score

Asked by jjacksoncom18, Miami Gardens, FL Mon May 27, 2013

My monthly income is about $5000

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Debra (Debbi…, Agent, Livingston, NJ
Mon May 27, 2013
we can't answer that, but Wells Fargo can

I can save you a call, however - the answer will be "no"....

You will need to work on improving your credit scores before you will be approved for a loan.

I suggest you sit down with a lender.....make a plan........and stick to it

Best wishes..........
1 vote
Ron Thomas, Agent, Fresno, CA
Mon May 27, 2013
Some long range planning is in order:
You should have started two years ago.
If you start now, you could be eligable in two years.
1 vote
Lance King, Agent, San Francisco, CA
Mon May 27, 2013
Reasonably sure you are out of luck. A quick call will let you know
1 vote
Robert Krop, Agent, Frederick, MD
Thu Mar 20, 2014
Wells Fargo is going to have to give the direct answer of course, but unfortunately I don't see them giving you a loan. I would encourage you to work with a local lender to start repairing your credit.

Best of luck!
0 votes
Kevin and Ju…, Agent, Wildomar, CA
Thu Jan 2, 2014
Pretty sure WF will require you to improve your credit standing before they will lend to you. Check with them directly.
0 votes
Christine Wa…, Home Buyer, Las Vegas, NV
Wed Jan 1, 2014

Refinance your Mortgage, close your accounts NOW while rates are low (only with a direct lender, not a Mega-Bank). (We recommend Dave Kooner at New American Funding - 800.450.2010 xtn 7837)

During our HARP refinance application, Wells Fargo Mortgage scammed us, causing us to lose more than $17,000. The only response to our complaint to Wells Fargo is a token, so-called "good will offer" of a meager $500! No apology, no accountability, no admission of wrongdoing, NADA!

Do your homework PRIOR to calling Wells Fargo, and I'm sure you'll agree with the 1000's of other victims, AVOID Hells Fargo at all costs! They are the "American Dream Killing Machine".

Wells Fargo Corporate Rap Sheet

Wells Fargo Complaints Board

Consumer Lawsuits against Wells Fargo

Better Business Bureau Wells Fargo Home Mortgage Complaints Summary

Better Business Bureau Wells Fargo & Company Complaints Summary

Wells Fargo Tops for number of bank complaints

Wells Fargo Sued for Non-Compliance with National Mortgage Settlement

Wells Fargo - Hells Fargo: Consumerist complaints

Wells Fargo Mortgage Fraud Report

Hold Wells Fargo Accountable - Justice for Wells Fargo HARP and HAMP Fraud Victims
0 votes
, ,
Sun Oct 27, 2013
Banks typically can't do under 640, we have done loans in the 500's. Call or email for a free pre-approval in less than 10 minutes. We lend our own money and can do loans that the banks turn down.

We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (855) 415-5626.

Brad Neumann
Sr. Loan Officer
Crosscountry Mortgage Inc.
Toll Free: (855) 415-5626 ext. 5734
Email: bneumann@myccmortgage.com
NMLS# 948036
0 votes
Randall Ortiz, Agent, Sacramento, CA
Wed May 29, 2013
You should work on raising your credit score first, as you will probably have a very hard time if not impossible time getting a loan with that score.
0 votes
Kawain Payne, Agent, Seal Beach, CA
Tue May 28, 2013
With a score less than 62-/640 you will have a major challenge getting a mortgage loan.

I suggest you work on improving your score before moving forward.

Some lenders may say they can approve, but you will pay high fees, and not to mention your interest rate will be sky high!


You will be able to find resources on credit and home buying counseling. Get informed. Do not get taken advantage of. Bad credit is serious, but not the end of the world. You can rebuild your credit, and get yourself in shape to buy a home some day.

Best of Luck to You!!!
Kawain Payne, Realtor
Prudential California Realty.
0 votes
, ,
Tue May 28, 2013
Good morning jjacksoncom18,

We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.

It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE.

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes
Samantha Juhn, Agent, San francisco, CA
Mon May 27, 2013
Have you thought about other lenders other than Wells Fargo? I would try Guarantee Mortgage and see what they say. Goodluck!
0 votes
Robert Chome…, , San Diego, CA
Mon May 27, 2013
I'm not sure if Wells Fargo will go down to a 500 score. Maybe 580. Give Wells Fargo a call and talk to a loan officer there and ask.
0 votes
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