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Originally Posted by Oblivian
The bankruptcy wasn't any of those I mentioned. It was a fly by night. Wells Fargo and National City are doing 95%. I believe they may still be doing 97%, I'll check at the office tomorrow. We've paid off judgments multiple times with Wells Fargo (both Wells Fargo Bank and Wells Fargo Home Mortgage). I can definitely give you details on unpaid judgments approved for financing. We've also not paid off judgments with Wells Fargo since purchase money mortgages take precedent as far as being first lien over existing judgments.
Wells Fargo has VERY lax standards. As a matter of fact, a local credit union and Salin Bank send people directly to Wells Fargo if they deny someone in this town. Here's my email to our underwriter for the only proof I can give you from home. The first message is the reply from the underwriter.:
Again, I can pull over 40 mortgages in the past month that are 97% mortgages.
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Sure man, 97% mortgages are nothing rare. It’s FHA. That’s basically the only show in town now. Furthermore, no one is saying 95% conventional loans have disappeared. Of course they’re still around. What’s changed is the ease of acquisition which explains increased down payment requirements in many cases.
The experiences you’re describing with Wells and their “lax” guidelines are completely opposite to the reality I face in Florida. Wells’ reputation here is totally rigid. I’m sure that it may have something to do with geography (Indiana vs. FL) but I can assure you that YOUR experience is NOT the norm on a national scale.