That's right! Just when you thought it wasn't safe to go back in the water, along comes a loan product that might calm some of the waves in an otherwise turbulent housing market.

If you think your only option is to rent someone else's home, or wait for your credit score to get better, think again. It is no secret that the past few years has been tough for both individuals and businesses to get a mortgage.

Financially responsible people have found themselves compromised by situations beyond their control. Coupled with the tightening of mortgage guidelines these compromises have taken away the ability for many people to obtain a new mortgage.

Wells Fargo Mortgage thinks home buyers deserve a chance and have adopted New FHA Guidelines intended to bring home financing options back to deserving people.

You can now get a loan if your credit score is as low as 500!  Here are some of the details:

  • Credit Scores from 580 to 599. 5% down (2 months PITI reserves may be required)
  • Credit Scores from 500 to 579. 10% down (2 months PITI reserves may be required)
  • Maximum seller concession is 3%
  • Down payment can not be a gift. However, Reserves can come from a gift.
  • Tightened Debt to Income Ratios for credit scores below 600.
  • All other Guidelines remain the same for FHA Purchase Customers.

 At DeHanas Real Estate Services, we have helped a number of buyers to make home ownership a reality, instead of something out of reach, using this loan program provided by Wells Fargo. If you are interested in knowing more, e-mail us at [email protected] or call us at 800-842-0190.