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Wells Fargo Conventional Purchase & Renovate
Wells Fargo Home Mortgage
www.wellsfargo.com/mortgage

Program Overview

Wells Fargo Conventional Purchase & Renovate is a financing option that enables homebuyers to invest in a reasonably priced fixer-upper house and make it the home they always wanted. All 50 states and the District of Columbia are eligible.

Who is eligible for this program?

No minimum credit score requirement (FICO). A 5% down payment is required. The minimum borrower investment required is 5%. Cash reserves are not required for 1-unit primary and second homes. Cash reserves of 6 months are required for 2-4 unit primary or 1-4 unit investment. There are no borrower income limits. Funds can be used for a home purchase including second home or investment, rate/term refinance, or cash-out refinance. Is this program for first time buyers only? No

Property Eligibility Requirements

All 50 states and the District of Columbia are eligible. Allowable property types: Single family home, 2-4 unit, Condo/PUD, Manufactured housing

Benefit Details

The Purchase & Renovate loan gives you the funds to purchase a home and renovate it, all in a single loan. Unlike first mortgages with a home equity loan to fund renovations, the amount of money you are permitted to borrow with the Purchase & Renovate loan is based on the home's value after improvements are made. Benefit: Homebuyers benefit from asset building by being able to invest in a reasonably priced fixer-upper house. This loan is best for people who are interested in buying a house that will need work, but want to avoid going through the hassle of getting two separate loans, and need extra financing to improve newly purchased property. Loan Term: 15, 20 and 30 years Homebuyer Counseling / Education Required: No Owner Occupancy Required: No Other Program Comments: Non-occupant co-borrowers are allowed with LTV restrictions.

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