by Greg Diodati
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by Greg Diodati
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Wells Fargo Offering Low Down Payment Mortgages without FHA backing.
LOS ANGELES
Wells Fargo & Co. has started offering a new type of mortgage that requires a tiny down payment and could appeal to customers who might otherwise get loans backed by the Federal Housing Administration.
Most big banks have pulled back from offering FHA loans after dealing with lawsuits and billion-dollar settlements connected with underwriting problems. Wells Fargo had been the exception, but with its new loan program, called Your First Mortgage, the San Francisco bank could soon be making fewer FHA loans.
“We think this will be a very attractive alternative,” said Brad Blackwell, executive vice president of Wells Fargo Home Mortgage.
Your First Mortgage requires a down payment of just 3 percent of a home’s purchase price, smaller than the minimum 3.5 percent down required for FHA loans.
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