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FHA and VA Home Loan Programs

Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) loans are common homebuyer choices, but these loans must meet certain requirements.

FHA Loans

Federal Housing Administration (FHA) loans provide fixed-rate and adjustable-rate financing with down payment options as low as 3.5%. You can typically only have one FHA mortgage at a time.

  • 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. 
Ask a home mortgage consultant to help you compare the monthly and long-term costs of all loans. Mortgage insurance requirements may cause you to pay more over the life of the loan.


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 a home mortgage consultant for details. 

  • Offer low- and no-down payment options, and do not require monthly mortgage insurance.
  • Allow closing costs to come from a gift or grant.
  • Require a one-time VA funding fee that can be financed into your loan or paid in cash at closing.
  • May provide 100% financing up to the conforming loan limit in most areas. Higher loan amounts may be available in certain areas.

Wells Fargo provides a dedicated team and specialized services exclusively for eligible service members. Learn more.

 Important 

As we update our processes to meet recent VA refinance changes, effective 2/15/2019, we are temporarily not accepting new VA refinance applications, except for eligible VA IRRRLs.

Easy to OwnSM Guaranteed Rural Housing Program 

The Guaranteed Rural Housing Program, provided by the U.S. Department of Agriculture (USDA), helps low-to-moderate income buyers in rural areas become homeowners.  

  • Provides financing of up to 100% with no required down payment.
  • Offers long-term fixed-rate terms, helping to keep payments predictable over the life of the loan.
  • You may be able to finance closing costs, legal fees, and other prepaid fees.
  • You’ll pay a one-time guarantee fee and an annual fee to the USDA’s Rural Development program.

Note that your monthly mortgage payment will factor in the annual fee, and may include the guarantee fee. These fees will increase the cost of the loan and monthly payments.


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

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

FHA mortgage insurance 

Insurance provided by the FHA that protects approved lenders against loss if a borrower defaults on an FHA loan. The cost is typically paid by the borrower as upfront and monthly premiums. Amount and terms of insurance paid vary.

VA funding fee 

You are typically required to pay a one-time funding fee on VA loans. The amount of the funding fee depends on the type of service, prior use of VA eligibility, and type of loan transaction.

VA Interest Rate Reduction Refinance Loan (IRRRL) 

A VA loan that lowers your interest rate by refinancing your existing VA loan. An IRRRL can only refinance a property that already uses your VA loan eligibility.