Wells Fargo Home Mortgage Announces New Programs
Minimum Loan Scores for FHA Purchase Transactions
As of Jan. 15
1. Loan score lower than 500 = Not allowed
2. Loan Score 500 – 579 allowed with maximum 90% Loan To Value and additional requirements
3. Loan Score 580 – 599 allowed with maximum 95% Loan To Value and Additional requirements
4. Loan Score 600 and higher allowed with maximum 96.5% Loan To Value
Before entering into an FHA Purchase Transaction, all loans with FICO scores below 600 must be submitted to underwriting for an approved exception.
