Stockton real Estate/ Lodi Real Estate: Wells Fargo Lowers Credit Score on FHA Loans
There is hope for buyers in Stockton, Lodi and throughout the united State with lower credit scores Wells Fargo Bank has announced an amazing program for potential home buyers and it came as a complete surprise reversing its policy announced in January regarding FHA loans. Many homebuyers were locked out of the market when competitive institutional lenders such as Chase, Bank of America and Citi Bank raised FICO limits from 580 to 620 and in many cases 640, Wells Fargo is lowering those limits to as low as 500 for a certain group of buyers with FICOs between 500 and 579, the down payment requirement is 10%, and the down payment cannot be a gift from a relative. Borrowers with FICO scores of 580 to 619 will need to put down a minimum of 5%.
Wells Fargo is taking a two tired approach for home buyers with FICOs above 620, the minimum down payment requirement remains at 3.5% and gift funds can be used. Seller concessions toward closing costs remain at a maximum of 3% of the purchase price.
This is the time for homebuyers to take advantage of the many opportunities in San Joaquin County and the Central Valley. Home prices are at some of their lowest level in years and interest rates remain stable and at low levels.
The Real Estate Team of Hugh Lilly and Maria Estrada with PMZ Real Estate have been helping buyers realize their real estate dreams with their fresh and comprehensive approach to real estate where the customer is number one. Call us at 209-479-9222 or visit our web-site at www.homes-in-stockton-forsale.com. E-mail us at hometeam@homes-in-stockton-forsale.com for your complete list of homes.
Stockton Neighborhoods: Brookside, Lincoln Village, Morada, Morada Ranch, Beck Ranch Spanos Park, West Spanos Park, Weston Ranch, Port of Stockton, UOP.
Stockton and Lodi Zip codes: 95208, 05204, 95205, 95206, 95207, 92209, 95210, 95212, 95215, 95219, 95242. 95240
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