Wells Fargo Home Loan Requirements

For a wells fargo mortgage you ll need a minimum credit score of 600 with a down payment of 3 or more to qualify for a conventional loan under the yourfirst mortgage program.

Wells fargo home loan requirements.

Plus compared to a prequalification it will give you a more accurate idea of your potential loan amount monthly payment and interest rate. The program allows those without large down payments and who have poor to fair credit scores a chance at qualifying for a conventional mortgage. The minimum line of credit amount is 25 000. Currently the minimum heloc limit at wells fargo is 10 000 for a fixed rate and 25 000 minimum with a variable rate.

A preapproval from wells fargo shows sellers you re a serious and prepared buyer. Your variable rate won t increase more than 2 per year based on your anniversary date and will never be more than 7 higher than where you started maximum of 18. There is no maximum but it will obviously be determined by your credit score and equity in your home. Your minimum apr including discounts can t go below the 1 floor rate.