Learn more about your options and what to expect with these helpful videos.
We're helping more people put their first or next home within reach, even without a large down payment or traditional credit.
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.
- Show your credit history from sources like rent, tuition, and utility payments.
- Qualify with income from rentals or from someone who lives with you but isn't a borrower.
- With a low down payment, mortgage insurance is required and increases loan cost and monthly payment.
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Other low down payment options
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.
Department of Veterans Affairs (VA) loans provide fixed-rate and adjustable-rate financing for veterans and other borrowers who meet the eligibility requirements of the VA program. Please see 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.
- You can get VA financing for your primary residence only.
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 30-year fixed-rate terms, helping to keep payments predictable over the life of the loan.
- Lets you 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.