Good news for home buyers from Wells Fargo

Just read about some good news for home buyers (especially first-time home buyers)  in my latest Realtor magazine. Anyone who has bought a home recently knows how challenging it can be to secure that mortgage--even with a good credit score. Well finally, there is a new policy from Wells Fargo that they are now providing FHA mortgages to borrowers with credit as low as 500. Under the new policy, Wells Fargo will accept borrowers with credit scores of 500 to 599 if the buyers can make a down payment of at least 10 percent (note that gifted funds or other down payment assistance is not allowed). If, as a buyer, your credit score is between 580 and 599, you must put down 5 percent (same gifted funds/down payment assistance restriction as above applies). And, if your credit score is 600 or higher, you can make a 3.5 percent down payment. For more, just contact Wells Fargo directly. all4now