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Hi Tray,
DH and I are not dealing with "Wells Fargo", but our LO is from Express Financial and Mortgage Services, which is a division of Wells Fargo(Their website even has all the WF info there)...he has told me the following...
They(including WF) are looking for a midscore of at least 600 for FHA.
Any CO's that have not been updated within the last 12-24 mos. would not be a problem for them. Its just the new or updated ones that they want to see being taken care of.
Medical Collections would not be of any concern for them.
If you have any judgements, you must be at least in repayment, and you must show proof of such.
I don't know the area that you are in, but unless you live in the Raleigh, NC area, I'm not sure if there would be a Express Financial and Mortgage near you, but I am sure that WF has these kinds of offices all over.
Good Luck!!! I hope I was able to help....
If you have collections, count on the lender wanting you to pay them at closing. Don't pay them before closing, because the collection agencies will update the "last activity date" on your CR, making them look like new collections. That will look bad to the lender and it will lower your credit score.
On another note, the only discount we were offered from Wells, was $160 for being a Wells customer already...wohoo. A $160 on a $200,000 loan really doesn't help.
We ended up going to a broker, instead of Wells. The interest rate increased for an FHA loan recently (flat 5.5% with Wells), and our broker can shop around with multiple lenders for the best interest rate before we lock. Not something a bank can do for you.
Hope that helps.
I wish I'd been on these boards last year when we were trying to buy a home. We were using Wells Fargo and the folks we were working with had me pay off a couple of old very small charge-offs BEFORE closing. That brought the last activity date forward and it negatively impacted the credit score AND we went from "pre-approved" to needing more underwriting to...no longer approved. Nice of them to tell us to do something that hurt us AND drop us like hot potatoes for having followed their advice to the letter. When we spoke to another mortgage guy a month or so later he told us they should have had us pay those charge-offs at closing.
Live and learn, eh?
I just closed a FHA loan with WF on Monday... Not a bad experience. My LO was great... Preapproval process quick and easy. Once we got into underwriting, it got frustrating... The processor who was working on my file did not like to be called for a status. It was obvious they were very busy and even though my LO kept assuring me all was well, until we got a final clearance from UW, I was very nervous. Seemed very last minute. Our closing was always scheduled for Monday 6/1 and even with 45+ days notice, we didn't get a final clearance until Thursday May 28th and my closing attorney did not get the documents from WF until late in the day on Friday. Fortunately, the closing went offf on time on Monday and as they say, the rest is history