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Learn more about your options and what to expect with these helpful videos.
We're helping more people buy a home, even without a large down payment.
Down payments as low as 3%
With Wells Fargo, you may be eligible for a conventional fixed-rate mortgage with a down payment as low as 3%. These home loans may also be layered with gift funds and down payment assistance programs. With a low down payment, mortgage insurance will be required, which increases the cost of the loan and will increase your monthly payment. We’ll explain the options available, so you can choose what works for you.
- At least one borrower must be a first-time homebuyer
- No area median income requirement
- Designed for eligible borrowers at or below 80% of area median income (AMI)
- Flexible credit standards if you have a limited credit history or a less-than-perfect credit score
- Available to buy your first or your next home
Federal Housing Administration (FHA) loans provide fixed-rate and adjustable-rate financing with down payment options as low as 3.5%. 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.
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Here to help
Reach out to a home mortgage consultant today to discuss loan amount, loan type, property type, income, first-time homebuyer, and homebuyer education requirements to ensure eligibility.
Other low down payment options
FHA Loans
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.
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.
Tip
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.
- Offers low- and no-down payment options, and do not require monthly mortgage insurance.
- Allows closing costs to come from a gift or grant.
- Requires a one-time VA funding fee that can be financed into your loan or paid in cash at closing.
- May provide up to 100% financing with a maximum loan amount of $484,350 (higher amounts possible in high cost areas). Customers must meet all eligibility requirements for the VA program. Please discuss with your Wells Fargo Home Mortgage consultant to review current VA eligibility requirements.
Military members and Veterans
Dedicated team and specialized services exclusively for eligible service members. Learn more
