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Wells Fargo to Accept FHA Mortgages with Credit Scores Under 600

In the Dayton, Ohio area Real Living Mortgage (a division of Wells Fargo Bank) is offering loans with a minimum 500 credit score! Contact Christina today for more details at Christina.Asad@RealLiving.com or by cell or text message at 937-205-4741.

Great info provided by a NJ based Realtor!



Wells Fargo announced that effective January 15, 2011, they now accept Federal Housing Administration (FHA) mortgages for borrowers with credit scores as low as 500. For borrowers with credit scores 500-579 a 10 percent down payment is required and the down payment may not be a gift or be part of a down payment assistance program. For borrowers with credit scores 580-599 a 5 percent down payment is required and the down payment may not be a gift or be part of a down payment assistance program. Borrowers with a credit score of 600 or higher are required to have a 3.5 percent down payment and a gift is acceptable. For all borrowers, seller concessions are limited to 3 percent.

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Blog article provided by Christina Cavins, a Nationally recognized Realtor with Irongate Inc. Realtors. Christina can be reached via email at ChristinaCavins@aol.com or by cell phone or text message at 1-937-205-4741. For Ohio real estate and homes see Ohio Real Estate.

 

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Servicing the following towns and counties in Southwest OHBeavercreek, BellbrookCenterville, Cincinnati, Dayton, Fairborn, Greene County, Huber Heights, Kettering, Miamisburg, Montgomery County, OakwoodSpringboro, Springfield, Warren County, Washington Township, West Carrollton, Wright Patterson Air Force Base (WPAFB), Xenia, and Yellow Springs.


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Comment balloon 2 commentsChristina Cavins • January 29 2011 08:20AM
Wells Fargo to Accept FHA Mortgages with Credit Scores Under 600
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