Wells Fargo has certain credit score requirements for home loans, and a credit score of 500 is generally considered very low for a mortgage loan.
While it’s not impossible to get a loan from Wells Fargo with a credit score of 500, it’s unlikely that you would be approved for a conventional loan.
However, Wells Fargo may offer some government-backed loan programs that could be available to borrowers with lower credit scores. For example:
Backed by the Federal Housing Administration. The minimum credit score requirement for an FHA loan is generally 580, but some lenders may accept a credit score as low as 500 with a 10% down payment.
Wells Fargo also offers VA loans, which are available to eligible veterans and active-duty service members. While there is no official credit score requirement for a VA loan, most lenders will have a minimum credit score requirement of 620 or higher.
Which are backed by the U.S. Department of Agriculture. The minimum credit score requirement for a USDA loan is generally 640, but some lenders may accept lower scores in certain situations.
Keep in mind that even if you do qualify for a loan with a lower credit score, you may face higher interest rates and fees.
It’s important to carefully review the terms and conditions of any loan offer before accepting it and to only borrow what you can afford to repay.