It is a Wells Fargo grant and simply added into the application by the underwriter and does not slow down the approval process
• Only used with conventional loans, not FHA or VA, minimum credit score 620
• Applicant’s max gross income to be eligible for the grant is $136,800/year in most counties (120% of area median income)
• If the departure residence is eligible (renting or owning), the selling or departing client may also be eligible on any new property they are purchasing as long as it is not a Wells Fargo-owned foreclosure
• Can be combined with Wells Fargo other 30 year fixed rate conventional loan program called Dream Plan Home with an up-to $5,000 closing cost credit (max gross income to qualify for this is $91,200/year in most counties, 80% of area median income)
Per Loan Officer Carol Wilson - Wells Fargo
Northwest Atlanta Properties.
