Does anyone have any additional information regarding Wells Fargo Home Opportunities program other than what is available on their website? I'm specifically interested in hearing about the DTI ratios and what the consider public employees.
I believe its for people who have troubled credit histories. I don't think the plan is only limited to public employees (such as firemen, teachers, etc).
This is another program that is likely limited to 1 home limit. Almost across the board, these programs to help people buy homes are either for first time buyers, or for people looking to buy a home who do not already own one. I do not know the Wells Fargo program in particular, but the main purpose of these programs is not to allow people to upgrade from 1 home to another, but to purchase a home because they have not been successful in doing so. That is the first question I would ask any LO before I went any further. I would tell them your income, debts, FICOs and explain to the the home you are hoping to sell or rent down the road. That way you do not end up wasting too much time looking around. Again, unless you have sold the first home, you are likely looking at not getting into any special programs, just a plain jane home loan through FHA or some other program.
The answer from "grenes" is inaccurate. A single DTI ratio of up to 45% is acceptable and FICO scores as low as 620 are acceptable.