Wells Fargo deems Fairfield County ‘distressed,’ raises down payment requirement

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Wells Fargo has designated Fairfield County as “distressed” and increased its required down payment for prospective homebuyers from 20 percent to 25 percent as a result, Bloomberg reported. Fairfield County was the only county in Connecticut and the New York City metropolitan area that saw an increased down payment requirement. Jennifer Leahy, a sales agent at Douglas Elliman in Fairfield County, told the outlet that the news came as a shock to brokers. “The brokerage community was not pleased because that really affects deals,” she said. Miller Samuel president Jonathan Miller told Bloomberg that there didn’t seem to be any “rhyme or reason” for singling out Fairfield County. “The only thing I can think of is they’re worried about what’s happening in Hartford more than what’s happening at the specific property level,” he said. [Bloomberg]