Wells Fargo Launches yourFirst Mortgage℠
May 26 2016 - 6:30AM
Business Wire
New home loan will help more qualified
first-time homebuyers and low- to moderate-income consumers become
homeowners
Wells Fargo & Company (NYSE:WFC) today announced
yourFirstMortgage℠, a new home loan program that
offers a down payment of as little as 3 percent for fixed-rate
mortgages, lower out-of-pocket costs, expanded credit criteria and
incentives for homebuyer education to help more first-time
homebuyers and low- to moderate-income families achieve sustainable
homeownership.
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yourFirst Mortgage℠ includes some of the best
features of previous affordable homebuying programs while reducing
the loan application complexity that made such programs less
attractive for borrowers. Building on Wells Fargo’s history of
responsible lending, yourFirst Mortgage℠ is a
conventional loan program that requires full documentation and
underwriting to verify a borrower’s ability to repay.
“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 Mortgage℠, 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.”
With the goal of expanding sustainable homeownership,
yourFirst Mortgage℠ specifically:
- Lowers down payment and
out-of-pocket costs:
- Customers can get a conventional
fixed-rate mortgage with as little as 3 percent down.
- Down payments and closing costs can
come from gifts and down payment assistance programs.
- Encourages buyers to make informed
choices:
- Customers who have a down payment of
less than 10 percent may earn a 1/8-percent interest rate reduction
when they complete a homebuyer education course.*
- Working with Wells Fargo’s Home
Mortgage Consultants throughout the process helps customers make
choices that lead to sustainable homeownership.
- Offers additional income and credit
guidelines:
- Credit history is expanded to include
nontraditional sources, like tuition, rent or utility bill
payments.
- Income of others who will live in the
home, such as family members or renters, can be considered.
- Builds on Wells Fargo’s history of
responsible lending:
- Applicants must demonstrate their
ability to repay.
- Loan is fully documented and
underwritten.
“Wells Fargo’s yourFirst Mortgage℠ 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.”
“We are pleased that Wells Fargo chose Fannie Mae as its partner
on this important program. Fannie Mae is proud to support our
customers’ efforts to make sustainable affordable housing a
reality. Together with Self -Help, we will expand homeownership
opportunities for qualified homebuyers,” said Andrew Bon Salle,
executive vice president of Single-Family Business at Fannie Mae.
“We are a leader in serving this market and we are committed to
responsible lending practices that allow our customers to lend with
more certainty and less risk. The yourFirst Mortgage℠
product gives creditworthy borrowers access to affordable mortgage
financing and guidance to help them succeed for the long term.”
yourFirst Mortgage℠ joins Wells Fargo’s existing
suite of homebuyer services such as yourLoanTracker℠, yourHome
Matters℠ and My FirstHome® , an interactive online program designed
to help first-time homebuyers prepare to purchase a home and become
responsible homeowners.
“With the industry’s largest team of mortgage experts,
yourFirst Mortgage℠ responsibly expands access
to credit with trusted guidance from America’s largest home
lender,” said Franklin Codel, head of Wells Fargo Home Lending. “We
developed yourFirst Mortgage℠ to serve the broad
population of qualified first-time homebuyers, including the low-
to moderate-income customers and the diverse Millennial population
– which is more than 2/3 of first-time homebuyers today. 1 This is
good for our customers and benefits the economy by building
stronger communities through sustainable homeownership.”
To learn more about yourFirst Mortgage℠ with
details on requirements and guidelines, please visit
yourFirstMortgage℠ or one of our Wells Fargo
Mortgage Stores.
*Homebuyer education must be provided by a certified U.S.
Department of Housing and Urban Development-approved counselor.
About Wells Fargo
Wells Fargo & Company (NYSE:WFC) is a diversified,
community-based financial services company with $1.8 trillion in
assets. Founded in 1852 and headquartered in San Francisco, Wells
Fargo provides banking, insurance, investments, mortgage, and
consumer and commercial finance through 8,800 locations, 13,000
ATMs, the internet (wellsfargo.com) and mobile banking, and has
offices in 36 countries to support customers who conduct business
in the global economy. With approximately 269,000 team members,
Wells Fargo serves one in three households in the United States.
Wells Fargo & Company was ranked No. 30 on Fortune’s 2015
rankings of America’s largest corporations. Wells Fargo’s vision is
to satisfy our customers’ financial needs and help them succeed
financially. Wells Fargo perspectives are also available at Wells
Fargo Blogs and Wells Fargo Stories.
1 According to the National Association of Realtors 2015 Profile
of Home Buyers and Sellers, 66 percent of first-time homebuyers
were age 18-34.
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Wells Fargo & CompanyMediaVickee Adams,
515-213-4610Cell:
515-537-3276vickee.j.adams@wellsfargo.com@vickeeadamsWForInvestorsJim
Rowe, 415-396-8216jim.rowe@wellsfargo.com
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