Loans for Borrowers with 500 Credit Scores?

If the Great Recession has damaged your credit score like so many of us, getting a home mortgage has been nearly impossible.  But—Wells Fargo recently changed their policies to allow people with credit scores as low as 500 to get loans or home mortgages.

Although—to minimize risk—they’re requiring a higher down payment for those of us who are credit-challenged.

Will the other three big lenders (US Bank, Chase and Bank of America) follow suit?  While it’s too early to tell—my guess is yes.

 

Loosening credit: 1 down and 3 to go

 

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