Wells Fargo to Accept FHA Mortages with Credit Scores Under 600

Wells Fargo announced that effective January 15, 2011, they will 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 downpayment is required and the downpayment may not be a gift or be part of a downpayment assistance program. For borrowers with credit scores 580-599 a 5 percent downpayment is required and the downpayment may not be a gift or be part of a downpayment assistance program. Borrowers with a credit score of 600 or higher are required to have a 3.5 percent downpayment and a gift is acceptable. For all borrowers, seller concessions are limited to 3 percent.

Call Marty Sievers at Mountain West Financial for a Pre-Qualification for an FHA Loan 909-337-7884

About Lake Arrowhead Real Estate

Hello ~ My name is Voni and I am a Real Estate Agent with Coldwell Banker Sky Ridge Realty in Lake Arrowhead. I am a Realtor with Rim O the World Association of Realtors. Twice past president of the Board of Directors and the 2010 Realtor of the Year. I've been actively Listing and Selling Real Estate since May of 1980. It is my passion to help people find the home of their dreams or sell their home to move into a new neighborhood. I have lived in Lake Arrowhead most of my life and find it's the Best Kept Secret in So. Cal.
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