Wells Fargo Home Mortgage and Colorado Mortgage Alliance (an affiliate of Well Fargo Home Mortgage) have made a policy change for FHA PURCHASE LOANS!!!
Effective January 15th, 2011, (purchase money only) credit scores down to 500!!
Their minimum credit score prior to January 15th was 600! This could open up financing options to many buyers that were previously denied due to credit scores.
The down payment requirements are increased.
500-579 == 10% down payment
580-600 == 5% down payment
600 and higher == 3.5% down payment
NO gift funds for required down payment
NO down payment assistance programs
Call me NOW so we can get you connected with the right mortgage professionals!
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