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Affordable homebuying options

Home is closer than you think

Put as little as 3% down on a fixed-rate mortgage,  and get help with your down payment and closing costs.

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Buy with as little as 3% down

Conventional fixed-rate mortgage

You may be able to put as little as 3% down on a fixed-rate conventional mortgage with a rate that’s locked for the life of your loan. Your low down payment can also be layered with gift funds and down payment assistance programs with no area median income requirements. Speak with a home mortgage consultant to learn more.
Dream. Plan. Home.® mortgage
If you make at or below 80% of your area’s median income and have a limited credit history, you may be able to put as little as 3% down and receive a lower rate with Wells Fargo’s Dream. Plan. Home.® mortgage. Lower mortgage insurance premiums may also be available to help keep your monthly mortgage payments low.
Talk with a home mortgage consultant about loan amount, loan type, property type, income, first-time homebuyer, and homebuyer education requirements to discuss eligibility.
Get prequalified
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Get $10,000 for your down payment, and up to $5,000 for closing costs

Homebuyer Access® grant

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.

Eligibility is based on location and income, so use the lookup tool below to see if you could qualify.

Dream. Plan. Home.® closing cost credit

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.

Eligibility is based on location and income, so use the lookup tool below to see if you could qualify.

Eligibility lookup

Just answer a few quick questions to see if you may qualify for the following programs.

Homebuyer Access® grant,

Get $10,000 toward your down payment

Dream. Plan. Home.® closing cost credit

Get up to $5,000 toward closing costs

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Search for eligible properties

Current Wells Fargo customers have exclusive access to a one-stop real estate shopping tool. You can search for homes in your area and see which ones are eligible for the Homebuyer Access Grant®.

Start your search

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More ways to put homeownership within reach

These are just a few of the options that could make buying a home more affordable, even if you have limited savings. Talk to a home mortgage consultant to find out how Wells Fargo can help.

  • FHA loans are insured by the U.S. Federal Housing Administration (FHA) and offer down payments as low as 3.5%.
  • You can use funds from gifts or grants toward your down payment and closing costs.
  • Flexible guidelines may help you qualify even with a lower income or credit score.

FHA loans have the benefit of a low down payment, but consider all costs involved, including upfront 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.

Learn more about FHA loans

  • Up to 100% financing may be available on VA loans for qualified borrowers, including veterans and active-duty service members. That means you could buy a home with little or no down payment.
  • If you do have a down payment, you can use funds from gifts or grants toward that amount, as well as any closing costs.
  • Flexible guidelines may help you qualify even with a lower income or credit score.

Learn more about VA loans

  • Down payment assistance programs offer gift funds or loans at below-market rates for borrowers who need help with a down payment and sometimes closing costs, as well.
  • Mortgage revenue bond programs are first-mortgage financing plans offered by state or local authorities, which often include additional down payment and closing cost assistance.
  • Gift funds can be used for a down payment with many loan programs, as long as the funds are not expected to be repaid and come from an acceptable source.

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

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Customers must meet all eligibility requirements for the VA program. Please discuss current VA eligibility requirements with a home mortgage consultant.

DAP programs are subject to fund availability and income or geographic restrictions. Some DAP programs are gifts with no repayment required. Some DAP programs are second mortgages which can be forgivable over time, or have deferred payments until refinance or payoff, or have monthly payments. Check the specific DAP program for requirements.
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.

The Dream. Plan. Home.® closing cost credit may help eligible consumers purchasing their primary residence. The closing cost credit is designed for consumers with income at or below 80% of the area median income (AMI) of the property location. The closing cost credit is available in certain areas and is not available with all loan types. Please speak with a home mortgage consultant for details.

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 Homebuyer Access® grant may help customers purchase a home by providing a $10,000 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 $10,000 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: The total qualifying income of all borrowers must be less than or equal to 120% of the area median income in the county 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.

Contact a home mortgage consultant to discuss eligibility requirements.

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. 

‍ Equal Housing Lender

Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A.

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