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First time homebuyer loans and programs

Your first home may be closer than you think

From loans and down payment assistance to resources to get you ready, we’re committed to making homeownership more affordable.

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It starts with affordability

For many first-time homebuyers, saving enough for a down payment and closing costs feels impossible, especially for those with modest incomes. These programs help put homeownership within reach.

Get $10,000 for your down payment

You could get $10,000 to use for your down payment with the Homebuyer Access® grant. The money never has to be repaid, and the grant can be combined with other select programs.

Get up to $5,000 for closing costs

You could get up to $5,000 for closing costs with the Dream. Plan. Home.® closing cost credit. You can use the credit for one-time closing costs like processing and appraisal fees, and it can be combined with other select programs.

Buy with as little as 3% down

Wells Fargo's fixed-rate Dream. Plan. Home.® mortgage loan  is available for as little as 3% down. We also offer FHA loans and VA loans for eligible buyers, with little or no down payment. Up to 100% financing may be available on VA loans for qualified borrowers.
See your buying options

FHA loans require only a 3.5% down payment, but be sure to consider all costs involved, including up-front and long-term mortgage insurance and fees. Talk with a home mortgage consultant to compare the overall costs of all your home financing options and discuss loan amount, loan type, property type, income, first-time homebuyer status, and homebuyer education requirement to discuss eligibility.

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First-time homebuyer resources

How much do you need for a down payment?
Worried about saving for a down payment? Discover different loan options, assistance programs, and even 3% down opportunities.

Learn more

The importance of credit, debt and savings when buying a home
Your credit, debt, and savings aren’t just numbers—they can shape your mortgage options and interest rate. Learn how these key factors work together and what you can do now to strengthen your homebuying position.

Learn more

Mortgage prequalification and preapproval
Prequalification and preapproval might sound similar—but they can make a big difference when you’re ready to buy. Learn which step gives you a real edge with sellers and how to know when you’re truly ready to make an offer.

Learn more

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The road to homeownership

No two homebuying journeys look exactly the same, and the path is rarely a straight line. But the whole process can feel simpler if you break it down, so start by understanding these key steps.

Make sure you're financially ready

As you get started on this journey, consider whether you need to strengthen your credit, save more for a down payment or closing costs, or budget for additional homeownership expenses, such as property taxes.

Preparing to buy

Get prequalified for a mortgage loan

Now's your time to get prequalified online so you can move forward confidently. Receive a customized mortgage rate to learn how much you may be able to borrow — all in just a few minutes without affecting your credit score.

Prequalification

Shop for homes and make an offer

When you're ready to shop, start your home search right here with customer-only features that let you save your searches, stay up to date as home purchase prices change, and get notified as new real estate listings pop up.

Home shopping

Finalize your loan and close the deal

After the seller accepts your offer, you’ll want to schedule a home inspection, get the property appraised, and secure homeowners insurance so that everything is ready for closing day.

Closing on a house

Explore the mortgage learning center

Tips and homebuyer education to help you make smart decisions at every step of the journey.

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First-time homebuyer FAQs

The best loan is the one that fits comfortably within your budget. For some first-time buyers, that may mean a conventional mortgage — the type of home loan backed by a private lender like Wells Fargo. Others may find that a government-backed mortgage, such as an FHA or VA loan, is the better option. Ultimately, the right mortgage depends on your financial situation and eligibility.

Down payment assistance programs typically provide help in the form of grants or loans, including deferred or forgivable loans. These programs are often offered by nonprofit organizations, government agencies, and state or local housing authorities. Each program has its own eligibility requirements, which may include a minimum credit score, income limits, and a specified debt-to-income ratio. Some programs also require completion of a homebuying education course.

While there’s no magic credit score that will guarantee you will be approved for a mortgage, generally speaking, first-time buyers need a score of at least 620 for a conventional mortgage. The higher your credit score, the more borrowing options you may have.

You can start by asking about their mortgage products, such as:

  • What loan products do you offer?
  • Do you offer programs for first-time homebuyers?
  • What are your credit requirements?
  • What are the interest rate and annual percentage rate (APR) for a loan?
  • How much will I need for a down payment?
  • What are the escrow requirements?
  • What will my estimated monthly payments be? 

It’s also important to ask about the lender’s services. For example, you may want to know how they prefer to communicate, how you can track the status of your loan, and whether they can provide references or customer reviews.

A lender will check your credit score and history, your debt-to-income ratio, which is a measurement of the amount of debt you have compared to your income, and take a general look at how much money you have in checking and savings accounts in order to be confident you’ll be able to pay for your mortgage, taxes, and other costs associated with buying a home.

To get pre-approved for a mortgage, lenders typically ask for documents that verify your income, assets, and financial history. These may include:

  • Recent pay stubs
  • W-2 forms and/or tax returns from the past two years
  • Bank statements and information about other assets
  • Employment verification or contact information for your employer
  • Identification, such as a driver’s license or Social Security number
  • Information about current debts, including credit cards, student loans, or auto loans 

Depending on your situation, you may need to provide additional documentation. Your lender can guide you through the specific requirements.

More home loan FAQs

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The Homebuyer Access® grant may help customers purchase a home by providing a grant for a down payment, subject to eligibility requirements. Grant funds cannot be used in connection with the financing of a Wells Fargo real estate owned (REO) property purchase. Repayment is not required for the grant. To use the grant, the full award amount must be applied toward the down payment. We cannot apply less than the full amount. The down payment grant is available in certain areas. Eligibility for grant money will not be confirmed until underwriting is complete.

Eligibility requirements:

Loan type: The grant may be used with a Wells Fargo fixed-rate conventional loan only. Loan types, such as non-conforming loans, government loans, and conventional adjustable-rate mortgages, are not eligible. 

Income: There will be income limitations based on where the subject property is located.

Location: The borrower's verified current permanent residential address must be located in an eligible area or the subject property the borrower is purchasing must be located in an eligible area. 

Occupancy: The borrower must occupy the subject property they are purchasing as their primary residence.

Possible tax implications: Accepting and using grant funds may be considered additional taxable income and will be reported on Form 1099-MISC for the primary borrower (the first person listed on the loan) on the application. This means the borrower may owe taxes on that additional income. The grant funds received may also affect any eligibility for income-based assistance, such as government programs like student loan payment relief or other government payments that may be based on income. Before accepting this grant, customers should consider speaking with a tax advisor to understand if their taxes may be affected by this grant. 

The Homebuyer Access® grant may be combined with Dream. Plan. Home.® closing cost credit, Corporate Mortgage Benefit Program, Union Plus® Mortgage program, non-Wells Fargo funded down payment assistance programs (DAPs), Builder Credits, and the Employee Mortgage Program. Standard Agency underwriting guidelines apply.

The Dream. Plan. Home.® closing cost credit may help eligible consumers purchasing their primary residence. Income limits may apply based on the property location. The closing cost credit is available in certain areas and is not available with all loan types.

With a low down payment, mortgage insurance will be required, which increases the cost of the loan and will increase the monthly payment.

The Dream. Plan. Home.® mortgage is designed for consumers with income at or below 80% of the area median income (AMI) where the property is located.

Customers must meet all eligibility requirements for the VA program. Contact Wells Fargo to discuss current VA eligibility requirements.

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