THis is about the Wells Fargo 203K renovation home loans. It is for home buyers wanting to use FHA (3 1/2% down) financing to buy short sales, foreclosures, or outdated homes and fix them up.
http://leafgardenpress.com/ Wells Fargo 203K Renovation Loan
July 14--Wells Fargo & Co.'s 17% jump in second-quarter profit reflects its emphasis on Main Street lending, with commercial and consumer loans edging higher and the lowest mortgage rates in history stuffing its pipeline of pending home loans to near ... Wells Fargo profit up 17% as lending increases [Los Angeles Times]
The Wells Fargo loan modification program decides on borrowers based on their current budget. In order to be considered for their loan modification program you will have to set a goal for your target payment.
Your next step in the process and an important one is to complete all forms for the mortgage modification process. Completing all the necessary form will show the lender that you are ready for the new terms and that you have created a budget and it will be enough to repay the loan. A great and simple way to increase your chances of approval is to completely and correctly complete the application for the loan modification.
Remember there are many people in similar situations. Hundreds of people are filling out applications for the Wells Fargo mortgage refinancing or modification and those without errors are much more likely to get approved.
Don't give the lenders any reason to push your application aside, be honest and clear. Give the lender all the information that they asked for the first time so you can save time and you won't have to worry.It is always recommended to do some homework if you are applying for a loan refinancing or modification for the first time. There is tons of information about Wells Fargo online, you can find an application guide that can help you complete the forms you will need and anything else regarding Wells Fargo or their loan modification process. The guide will come in handy when completing the application, writing your hardship letter and also calculating your debt. It comes in handy when thinking about loan modification.
Since there are many homeowners that are facing foreclosure, Wells Fargo came up with there loan modification program.
The program will help those that have defaulted on their mortgages and help keep them in their homes. Wells Fargo does have a program that would stop foreclosure for a period of one month. In that time the homeowner is able to look for a solution that works for everyone. Many will already be excluded including those already in bankruptcy and those with a second home.There is a second type of home loan modification from Wells Fargo; it deals with those loans that have an adjustable rate. This type proposes a five year period where the introductory rate would not be considered. There are other criteria that one must meet in order to qualify for their loan modification program, for example the loan must have been taken before or on January 1st 2009. There's a lot more information online, look up any other information that may be able to help you along with the process.
Recommend Wells Fargo Home Loan Modification Programs ArticlesQuestion by MAMA: Wells Fargo home loans?? Please Read!!!? Ok so my SO and I got preapproved, found a home. We are at the point where we have 5 days to get our loan officer in touch with our realtor. My question is.. Will Wells fargo give us a hard time with out loan if the home we are purchasing is considered an investor home?> we have told them upfront. im really confused. the person that we are buying the house from is the one that bought it for really cheap and he invested money into it and now he is selling it to us.??? we are buying the house as a primary residence!!! Best answer for Wells Fargo home loans?? Please Read!!!?:
Answer by knowitall
If you did not tell them this upfront, you could be in a lot of trouble. You must sign an affidavit that this is for your personal residence and if you lie, you can be charged with mortgage fraud. Prison usually is the result. An investor loan is a different situation altogether.
Answer by Net Advisor
You MUST disclose on the loan app what the purpose for the loan is. The loan is for: (1) to purchase a primary residence A. Qualified 1st Time home buyer. B. Sold or in processing (escrow) of selling existing home and moving into new home and need additional capital, etc. (2) investment property. If you fail to disclose your intent of the loan you are committing a crime - mortgage fraud. They will easily find out when they run your credit and do a property records search on you. Mortgage Fraud - How to Avoid Mortgage Fraud http://homebuying.about.com/od/financingadvice/qt/120407_mrgfraud.htm July 28, 2009 Guilty plea in $ 2.7 million mortgage fraud http://blogs.kansascity.com/crime_scene/2009/07/guilty-plea-in-27-million-mortgage-fraud.html The people you need to disclose this to is the LENDER. On the LOAN APPLICATION. If you have properly disclosed that this is going to be a loan for investment property, not a primary residence, and that is clear, then I don't understand why you are asking this question. edit: ok, so the person who currently owns the house has it as investment property? yes? If so, and you are buying the house as your primary residence. yes? If so, it does not matter how the previous owner had it titled or what their loan terms were. As long as it appraises correctly, and there are no issues (house sits on a sink hole, flood plane, seller facing current litigation, etc), and as long as the bank approves of the loan, I don't see any issue. Make sure you have a home inspection and independent appraisal done. Good Luck!
