Under Wells Fargo new policy, they will accept borrowers with credit scores of 500-579 if those borrowers can make a down payment of at least 10% - and gifted funds or down payment assistance is not allowed. For borrowers with credit scores of 580-599, borrowers must put down 5% with the same restrictions on gifts or assistance funds. Borrowers with credit scores of 600 or higher can make a 3.5% down payment.
This new policy actually took effect on January 15, 2011.
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