Got a low FICO score?

by Cory Maguire on January 19, 2011

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.

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