cancel
Showing results for 
Search instead for 
Did you mean: 

Wells Fargo and FHA qualifications--Interesting article

New Contributor

Wells Fargo and FHA qualifications--Interesting article

Interesting article about Wells Fargo lowering FHA qualification requirements to mirror FHA guidelines. 

 

http://www.structuredfinancenews.com/news/-216381-1.html

 

 

 


Starting Score: 479 (TU) 481 (EQ) 508 (EX FAKO) November 2011
Current Score: 687 (TU 3/26/2012 Lender pull) 658 (EQ 3/15/12 Score Watch) 640 (EX FAKO)
Goal Score: 740+


Take the FICO Fitness Challenge

Message 1 of 3
2 REPLIES
Established Contributor

Re: Wells Fargo and FHA qualifications--Interesting article


RecoveringShopaholic wrote:

Interesting article about Wells Fargo lowering FHA qualification requirements to mirror FHA guidelines. 

 

http://www.structuredfinancenews.com/news/-216381-1.html

 

 

 


Great! More people who should be receiving mortgages defaulting on them.

 

Haven't we learned from our mistakes already?

Message 2 of 3
Regular Contributor

Re: Wells Fargo and FHA qualifications--Interesting article


RecoveringShopaholic wrote:

Interesting article about Wells Fargo lowering FHA qualification requirements to mirror FHA guidelines. 

 

http://www.structuredfinancenews.com/news/-216381-1.html

 

 

 



This is a gimmic by Wells Fargo.  They just dangle a carrot in front of you and decline your application later.  This has happen to many people on the forums.

Closed on my 1st home on: 11/30/2011
First Guaranty Mortgage Corporation (FGMC)
Starting Score:Equifax: 490 (01/14/2011)Transunion: 498 (01/14/2011)
Current Score: Equifax: 609(07/09/2012) Transunion: 644 (10/14/2011) Experian: 593 Lender Pull (08/22/2011)

Goal Score: 700

Take the FICO Fitness Challenge


Message 3 of 3