7th May, 2014

Charlotte NC Mortgages Might be Easier to Get as Wells Fargo Lowers Credit Requirements

Charlotte NC Mortgages Might be Easier to Get as Wells Fargo Lowers Credit Requirements

 

If Wells Fargo Bank is any indication, it appears that lenders in Charlotte NC as well as in most other parts of the country are beginning to ease up on their credit requirements, at least for those loan packages to be sold to Freddie and sister, Fannie Mae. The bank is now allowing credit scores of 620, down from the 660 the score that had been in force.

mortgage-rate

This is a departure from last year’s position, when John Stumpf, the CEO of WF told investors that Washington was not clear as to the direction lenders should take with the public.

Wells Fargo played their mortgage rate game very cautiously ever since the 2008 crisis dampened the feelings of big banking, when they followed trends and tightened their credit standards rather drastically. Back then, a person needed only to have a pulse, a faint one at that, to qualify for a Charlotte NC mortgage loan.

Rivals of Wells Fargo were quick to follow suit when they almost immediately lowered their requirements. One bank in particular, the U.S division of

the Bank of Toronto lowered their down payment minimums to a market low, 3 percent down, without mortgage insurance.

The experts are still concerned about the return of easy money. However, at this stage of the game, the industry is a long way from the dangerous lending tactics of the recent past. When Dick Kovacevich remarked that it would have been a lot easier if lenders would have simply opened their vaults and let the people help themselves.

Call Wendy with any questions at 704.604.6115. Thanks!

 

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