Mortgage Programs & Home Loan Types | Wells Fargo

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Home Loan Types

Trying to find the right home loan?
Let us help.

You can choose a fixed-rate or adjustable-rate for conventional or government home loans. A home equity line of credit offers a variable interest rate. Whatever your home financing goals, knowing your options is a good first step.

Mortgage loan programs What you need to know
Fixed-rate mortgage    
  • Monthly principal and interest (P&I) payments stay the same over the life of the loan, so you can budget accordingly.
  • Protection from rising interest rates for the life of the loan, no matter how high interest rates go.
Adjustable-rate mortgage (ARM)
  • Lower initial interest rate and monthly P&I payments than on a fixed-rate mortgage with a comparable term.
  • Rates and monthly payments can change after the initial fixed-rate period.
Jumbo loans    
NOTE: Due to the current environment, some loans including jumbo refinances may be temporarily unavailable.

For customers who need financing for higher loan amounts:
yourFirst Mortgage®

For first-time and repeat homebuyers with limited cash for a down payment:

  • 3% down on a conventional conforming fixed-rate mortgage
  • Allows the use of gift funds and down payment assistance programs
  • Requires mortgage insurance
  • Talk with a home mortgage consultant about loan amount, type of loan, property type, and homebuyer education requirements to ensure eligibility.
Government mortgage loan options

For eligible customers, options like FHA, VA, and the Guaranteed Rural Housing programs may:

  • Offer low down payment programs
  • Allow the use of gift funds and down payment assistance programs
  • Provide options for customers with credit challenges
  • Require mortgage insurance
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.
Loans for newly built homes

For those buying a newly constructed home:

  • Builder Best® Extended Rate Lock program
  • Dedicated team that specializes in financing for newly constructed homes
Cash-out refinance
NOTE: Due to the current environment, some loans including cash-out refinances may be temporarily unavailable.

For homeowners who want to access available equity in their home:

  • Replaces your existing mortgage with a new loan that’s larger than the original loan’s balance.
  • When you close your new loan, you’ll have access to the additional money you borrowed to pay for major expenses.
Home equity line of credit (HELOC)

For homeowners who want ongoing access to available equity in their home:

  • Since a HELOC is secured by the equity in your home, your interest rate may be lower than many unsecured forms of credit.
  • During the draw period, you can borrow money as you need it — up to your available credit limit.
  • Relationship discounts may be available for qualifying customers.


If you’re ready to apply online, let’s go

Apply Now

Call 1-877-937-9357 or find a mortgage consultant in your area

If you are a service member on active duty, prior to seeking a refinance of your existing mortgage loan, please consult with your legal advisor regarding the relief you may be eligible for under the Servicemembers Civil Relief Act or applicable state law.

Conventional conforming mortgage 

A mortgage that is not obtained under a government program (such as FHA or VA). It also satisfies the standard underwriting guidelines and loan amount limits set by the quasi-government agencies, Fannie Mae and Freddie Mac. These loans, therefore, can be sold to either of these two agencies in the secondary market.

Variable interest rate 

An interest rate that may fluctuate or change periodically, often in relation to an index, such as the prime rate or other criteria. Payments may increase or decrease accordingly.

Principal and interest (P&I) 

The 2 main components of your monthly payment. The principal portion reduces your loan balance, while the interest is your cost for borrowing the principal. Your monthly payments may include taxes and insurance in addition to P&I.

Initial fixed-rate period 

The time period until the first interest rate adjustment of an adjustable rate mortgage (ARM).

Fannie Mae and Freddie Mac 

Congressionally chartered, shareholder-owned corporations that were created to help support a reliable and affordable supply of mortgage funds. They buy mortgages from lenders for their portfolios or to sell as packaged securities.

Draw period 

The length of time during which you can access funds from your account.