Compare Listings

Requirements on Jumbo Loans Just Got Tighter From Wells Fargo

New HouseTom WraggWells Fargo is tightening the guidelines on a regular basis.

You may not be in a distressed area but the guidelines are much tighter then 6 months ago and far tighter versus a year ago.
Wells Fargo has increased the FICO requirement on jumbo loans from 620 to now a minimum score of 680.  The max DTI went from 50% down to 45%.  I know Wells Fargo is usually the front runner in jumbo pricing so if you are quoting a rate to your borrower please make sure this announcement does not eliminate your borrower from going to Wells.  They also have changes to the Limited Doc/VOA program.   
Wells Fargo appraisal guidelines are as follows:

  1. At least three sales closed within the previous six months
  2. Comps should be within one mile/12 blocks of the subject (urban/surban)
  3. Rural areas comps must be within 10 miles

Wells is also watching the Soft and Distressed Markets. 


Perri K Feldman

Related posts

112 Battle Hill Ave, Springfield, NJ 07081

OPEN HOUSE 112 Battle Hill Ave Springfield, NJ 07081 Saturday (1/22) & Sunday...

Continue reading
by Perri K Feldman

118 Henshaw Ave, Springfield, NJ 07081

Just in Time for Fall... Open House this Weekend Saturday (7/24) & Sunday (7/25) 2-4p 118...

Continue reading
by Perri K Feldman

17 South Mountain Road, Millburn, NJ 07041

Just in time for Mother's Day!!! Open House Saturday (5/8) & Sunday (5/9) 2-4p 17 South...

Continue reading
by Perri K Feldman