The Real Estate VOICE
Linda Wieczorek 602.391.8246 Blogging Classic Old Homes Great Neighborhoods Up and Coming Neighborhoods Phoenix History Folklore and everything we can find about Phoenix AZ.
Wells Fargo has announced that it will accept lower credit scores for loans backed by the Federal Housing Administration. (That's GOOD NEWS)
Relaxes Home Loan Qualifications
A low credit score may no longer get in the way of buying a home. One
of the country's leading lenders is easing some of its mortgage loan
qualifications and getting back into the sub-prime market.
Wells Fargo will sign off on government-backed home loans if you have
a credit score of at least 600. The bank dropped its minimum credit
requirement by 40 points.
This is a big move for the corporate giant. Wells Fargo is trying to
make up for its overall revenue losses by getting back into the subprime
market.
“We have dropped our FICO minimum for FHA from 640 to 600,” says
Wells Fargo Executive Vice President Franklin Codel, adding that the
move is a way for the bank to start “opening up our credit box more.”
Codel says the bank is looking to expand mortgage-credit availability
now that it has significantly reduced its repurchase risk. Wells Fargo
was among several banks that had to pay millions to Fannie Mae and
Freddie Mac to resolve repurchase claims from loans that were bought by
the GSEs and then went sour during the housing bust.
Mortgage Giant Offers Closing Cost Help to
REO Buyers. Contact us to see if you can qualify for a home loan and get
your CC's paid for, at 602.391.8246
Fannie Mae is offering temporary closing cost assistance in 27 states and Arizona is one of them, to
owner occupants of REO homes. The offer applies to owner-occupant
buyers of its First Look homes, a program where buyers get 20 days to
purchase homes ahead of competition from investors. Buyers can view the
homes at http://www.azprideproperty.com/
It's back, Modern Phoenix Home Tour March thru April in Phoenix & Scottsdale
It’s the 10th year of award-winning tours, education and events for design professionals and do-it-yourselfers alike hosted by Modern Phoenix.
The annual tour gives attendees a inside look at mid-century Valley
homes and typically looks at a particular region or neighborhood. This year's tour will feature stops in the Camelback and Arcadia area. Leading up to the tour will be Modern Phoenix week, beginning Friday, March 28.
The Modern home tour is on Sunday April 6. The event sells out every
year so we recommend joining there mailing list for first notice, and
following our social media links above for special offers.
Sign up for news updates, special event announcements and info on our Home Tour + Expo in April 2014
Several EVENTS leading up to Home Tour and Expo Weekend.
Many are free, some are ticketed online. Expand each event description
for details and location.
