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Wells Fargo Wants a Bigger Down Payment on That House in Greenwich

  • Bank’s jumbo borrowers in Fairfield County need 25% upfront
  • Connecticut county singled out for ‘distress’ designation
USA - Connecticut - Greenwich - Aerial
Photographer: Brooks Kraft/Corbis Historical

Wells Fargo & Co. raised its required down payment for homebuyers in Connecticut’s Fairfield County to 25 percent from the standard 20 percent after it categorized the area as distressed.

The new standard, applying to loans above $601,450, would affect a healthy share of buyers in the county, where the median home price in some towns easily tops $1 million.