Denver CO Mortgages Might be Easier to Get as Wells Fargo Lowers Credit Requirements
Good news for Denver Realtors from Wells Fargo Bank in Denver CO. The Bank has announced a lowering of the minimum credit score required to secure a mortgage. The minimum score stood at 660 but has now been dropped to 620, a reduction of nearly 7 percent. Rivals have followed suit and in one instance, ha
ve dropped their down payment requirement to 3 percent.
Denver CO Real Estate is expected to benefit from the new requirements as the demand for housing in this fast growing segment of the county continues to expand. Mortgage lending had reached a practically dormant stage, as the economy was not expanding as anticipated.
A new wave of competition is expected in both real estate and banking, as both elements are expected to hit their full stride in the coming months.