Wells Fargo & Co. will soon premiere a new low downpayment program. Wells Fargo promises to make the process better and easier for prospective buyers who are applying for a low downpayment residential loan. The program is called yourFirst Mortgage, and will affect the world of real estate.
“There are a lot of conventional loan products with low down payment options, but the criteria are so complex that it creates barriers for many qualified borrowers,” said Brad Blackwell, Executive Vice President, Wells Fargo Home Lending. “With yourFirst MortgageSM, we wanted to provide access to credit and simplify the experience while maintaining responsible lending practices. We partnered with credit experts such as Fannie Mae and Self-Help, an affiliate of the Center for Responsible Lending, to develop an easy-to-understand affordable loan option that gives homebuyers the best offering in the market.”
Their announcement also said that homebuyers can purchase a home with a downpayment as low as 3 percent. It also outlined four goals for the program:
- Lowers downpayment and out-of-pocket costs
- Encourages buyers to make informed decisions
- Offers additional income and credit guidelines
- Builds on Wells Fargo’s history of responsible lending
“Wells Fargo’s yourFirst MortgageSM will provide fair mortgages to qualified working families and that’s good for families and neighborhoods,” said Martin Eakes, Self-Help CEO and co-founder. “For people of modest means, homeownership is the most effective path to building wealth and stability. We are eager to partner with Wells Fargo and Fannie Mae to spur more homeownership opportunities for deserving borrowers.”
As stated by Eakes, homeownership can improve your financial stability. Having a home offers other types of family stability as well. At RE/MAX Paradise, we are excited to help you buy a home in Miami. Please contact us today to discuss purchasing and financing a home, possibly using this new low downpayment program!