Wells Fargo targets first-time buyers with affordable mortgage program

  • Wells Fargo announced a new home loan option this week for first-time and low-income homebuyers, "yourFirst Mortgage."
  • Offering down payments as low as 3 percent and expanded credit scoring, the product is intended to reduce the number of barriers preventing qualified buyers and working families from purchasing a home.
  • As a conventional loan program, "your FirstMortgage" requires attention to the full documentation and underwriting process to confirm a borrower's ability to make payments.

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Wells Fargo, the nation’s largest mortgage lender, is introducing a new home loan program that emulates those offered by the Federal Housing Administration with a couple of buyer-friendly twists. The bank is simplifying some of the extensive loan application hoops, a disadvantage of the other Fannie Mae and Freddie Mac programs such as HomeReady, to reduce the number of barriers preventing qualified buyers and working families from purchasing a home.