Last month, Wells Fargo launched a new product called “YourFirstMortgage” which was created for first-time buyers and low-to moderate-income buyers. The premise behind the product is to assist first time buyers or buyers with limited available funds to purchase a home through a 3% conventional loan with a mortgage of up to $417,000. The difference between this program and other 3% conventional loans are as follow:
- Buyers can utilize gifts and community-assistance programs for the down payment
- Minimum FICO score is 620
- Homebuyer education courses are NOT required but if taken may help reduce the interest rate
- No income limit
- Simple and streamlined
If you are interested in learning more about this program please feel free to contact us. We will be more than happy to put you into contact with a Wells Fargo lender.