topic Re: How come no one is talking about Yourfirst Mortgage with Wells Fargo? in Mortgage Loans

How come no one is talking about Yourfirst Mortgage with Wells Fargo?

Anonymous — Mon, 25 Jul 2016 18:02:36 GMT

I just spoke with my loan consultant at Wells and he was telling me about the Yourfirst Mortgage with them that just launched in May.

yourFirst MortgageSM

Put homebuying within reach with a down payment as low as 3%

We want to help more people buy a home of their own, even without a large down payment or traditional credit. Reach out to a home mortgage consultant to discuss loan amount, loan type, and property to ensure eligibility.

Low down payment and out-of-pocket costs

Get a conventional fixed-rate mortgage with a down payment as low as 3%.
Use down payment and closing cost sources like gift funds and down payment assistance programs.

Flexible income and credit guidelines

Qualify with income from rentals or from someone who lives with you but isn't a borrower.
Show your credit history from sources like rent, tuition, and utility payments.
Qualify with no area median income requirements.

How come no one is talking about this? im not a huge fan of wells fargo mortgage among other things but this sounds like something good....opinions

the income part is what got me.

Re: How come no one is talking about Yourfirst Mortgage with Wells Fargo?

Anonymous — Tue, 26 Jul 2016 00:27:25 GMT

Its nice not having to put 20% when you dont have it! Nowdays is not easy to save that much money, especially first time homes buyers

Re: How come no one is talking about Yourfirst Mortgage with Wells Fargo?

Anonymous — Tue, 26 Jul 2016 00:37:15 GMT

Hopefully this does not start another chain of people defaulting on their mortgages in the future.. Although it is a fantastic opportunity, people need to be responible and only purchase what they can afford..

Re: How come no one is talking about Yourfirst Mortgage with Wells Fargo?

Anonymous — Tue, 26 Jul 2016 10:56:04 GMT

Do anyone have more details on this program such as how collections/charge offs are treated?

Re: How come no one is talking about Yourfirst Mortgage with Wells Fargo?

Anonymous — Tue, 26 Jul 2016 12:16:00 GMT

Unfortunately, I don't but I do know that you need at least a 620 credit score to qualify. I'll ask my consultant and get back with you on that

Re: How come no one is talking about Yourfirst Mortgage with Wells Fargo?

Anonymous — Tue, 02 Aug 2016 23:37:35 GMT

Any updates??

Re: How come no one is talking about Yourfirst Mortgage with Wells Fargo?

ezdriver — Wed, 03 Aug 2016 00:36:37 GMT

Maybe when someone here has successfully closed a loan with the program we'll see some posts about it.

To OP: Let us know when you have applied and do post your experience with the program. The "devil" is in the details ... do share the details of your experience with the program.

Re: How come no one is talking about Yourfirst Mortgage with Wells Fargo?

MontegoMack — Thu, 04 Aug 2016 02:36:30 GMT

I'll definitely follow this thread...I'm hoping to app for a mortgage in about a year and I really want to make sure I take a look at all viable options. I'm even hoping to get a membership at NFCU (sent in my app yestreday) to see if they'll be competitive.

This sounds like a good one! I think Chase may have something similar.

Anyone know for certain?

Re: How come no one is talking about Yourfirst Mortgage with Wells Fargo?

MontegoMack — Thu, 04 Aug 2016 02:55:28 GMT

I did the research myself in a few short minutes. Guess I should've considered that before my last post.

Here's an article on the new mortgage program from Bank of America, Chase and Wells Fargo. Hoep you can click on the link and read what HousingWire.com has to report on the programs from these three big lenders. For the record, Chase's program is called Standard Agency 97%.

I'm keeping my eyes open for anyone's first hand experience.

...following....

Re: How come no one is talking about Yourfirst Mortgage with Wells Fargo?

StartingOver10 — Thu, 04 Aug 2016 10:06:25 GMT

This program is also available through other non-bank mortgage lenders.

Re: How come no one is talking about Yourfirst Mortgage with Wells Fargo?

DallasLoanGuy — Thu, 04 Aug 2016 14:10:25 GMT

@StartingOver10 wrote:
This program is also available through other non-bank mortgage lenders.

yep. it is just a 3% down conventional backed by fannie mae.

i believe there are income limits.

but i read somewhere that they are easing up on some of the overlays on this program.

i havent gotten a white paper on the changes yet

Re: How come no one is talking about Yourfirst Mortgage with Wells Fargo?

Anonymous — Thu, 04 Aug 2016 14:53:41 GMT

NWFCU (Northwest Federal Credit Uniion) also offers 3% down payment for first time home buyers and 0% down payment.

Just checked their website for rates and thats what I found out:

97% Financing - First Time Homebuyer

30 Year Fixed First-Time Homebuyer
Rate APR Points
3.500% 4.015% 0.000%

100% Financing
30 Year 100% Fixed Rate
Rate APR Points
4.000% 4.532% 0.000%

Re: How come no one is talking about Yourfirst Mortgage with Wells Fargo?

Anonymous — Wed, 10 Aug 2016 14:03:18 GMT

I have applied for this program and posted my experiance so far here:

http://ficoforums.myfico.com/t5/Mortgage-Loans/Wells-Fargo-yourFirst-Mortgage/td-p/4710081

Re: How come no one is talking about Yourfirst Mortgage with Wells Fargo?

onstar — Wed, 10 Aug 2016 16:46:27 GMT

As many already mentioned, there are many lenders who offer 3% down payment.

Bank of America, Chase, and hundreds of non-bank direct lenders offer 3% down payments. They all have their cute names for these loan programs. Great marketing tactics.

Re: How come no one is talking about Yourfirst Mortgage with Wells Fargo?

MattInBham1979 — Mon, 15 Aug 2016 03:36:19 GMT

Re: How come no one is talking about Yourfirst Mortgage with Wells Fargo?

pifhluk — Thu, 18 Aug 2016 12:27:01 GMT

These are all just part of the "Home Ready" program I think:

https://www.fanniemae.com/singlefamily/homeready

Re: How come no one is talking about Yourfirst Mortgage with Wells Fargo?

Anonymous — Thu, 18 Aug 2016 16:22:34 GMT

NWFCU offers these both mortages with 3% down

30 Year Fixed First-Time Homebuyer Conventional ( I chose this one)

3.500%

4.026%

0.000%

HomeReady Mortgage 30yr

3.500%

3.948%

0.000%

Re: How come no one is talking about Yourfirst Mortgage with Wells Fargo?

Anonymous — Sat, 20 Aug 2016 19:20:00 GMT

@MontegoMack wrote:
I'll definitely follow this thread...I'm hoping to app for a mortgage in about a year and I really want to make sure I take a look at all viable options. I'm even hoping to get a membership at NFCU (sent in my app yestreday) to see if they'll be competitive.

This sounds like a good one! I think Chase may have something similar.

Anyone know for certain?

Have you considers a NACA mortgage?

That's really the best program if you are willing to put in the time and woirk.

Re: How come no one is talking about Yourfirst Mortgage with Wells Fargo?

MontegoMack — Sat, 20 Aug 2016 19:23:14 GMT

I looked at NACA, but I think my price range and income may be disqualifying.