Learn more about your options and what to expect with these helpful videos.
Down payments as low as 3%
With Wells Fargo, you can get a conventional fixed-rate mortgage with a down payment as low as 3%. There are no area median income requirements and you can use gift funds and down payment assistance programs.
- With a low down payment, mortgage insurance is required and increases loan cost and monthly payment.
- The home you're buying is where you'll live - it's your primary residence. And the property must be a single family dwelling.
- Ask us about loan amount, type of loan, and property type requirements to ensure eligibility.
Other low down payment options
FHA Loans
Federal Housing Administration (FHA) loans provide fixed-rate and adjustable-rate financing with down payment options as low as 3.5%.
- May allow you to use a gift or grant for all or a portion of down payment and closing costs.
- Require less cash upfront, but you typically have to pay FHA mortgage insurance premiums.
- Let you qualify with a co-applicant, even if the person doesn't live in the home.
- You can typically only have one FHA mortgage at a time.
FHA loans have the benefit of a low down payment, but consider all costs involved, including up-front and long-term mortgage insurance and all fees. Ask your home mortgage consultant to help you compare the overall costs of all your home financing options.
VA Loans
Department of Veterans Affairs (VA) loans provide fixed-rate and adjustable-rate financing on primary residences for veterans and other borrowers who meet the eligibility requirements of the VA program. Talk to us for details.
- Offers low- and no-down payment options, and do not require monthly mortgage insurance.
- Allows closing costs to come from a gift or grant.
- Requires a one-time VA funding fee that can be financed into your loan or paid in cash at closing.
- May provide up to 100% financing up to the conforming loan limit in most areas (higher amounts possible in high cost areas). Customers must meet all eligibility requirements for the VA program. Please discuss with your Wells Fargo Home Mortgage consultant to review current VA eligibility requirements.