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Getting a Home Loan With a Low Down Payment

There are many ways home — let's find yours

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. Keep in mind 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. Talk with a home mortgage consultant about loan amount, type of loan, property type, income, first-time homebuyer, and homebuyer education eligibility requirements.

  • At least one borrower must be a first-time homebuyer
  • No area median income requirement

Dream. Plan. Home.SM mortgage

  • 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

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

Apply Now

Call 1-877-510-2079 or find a mortgage consultant in your area

Other low down payment options

FHA Loans

Federal Housing Administration (FHA) loans provide 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.


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 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
More homebuying resources

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New Loans

Mon – Fri: 7 am – 8 pm
Sat: 8 am – 6 pm
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Existing Loans

Mon – Fri: 7 am – 10 pm 
Sat: 8 am – 2 pm 
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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.

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.

Area median income

Area median income (AMI) is the middle income in the range of incomes across a specific population, half the population with income above AMI and the other half having income below that amount. 

Mortgage Insurance Premium

A financial obligation a borrower pays to either the FHA or a private insurer to insure the mortgage lender against loss from a borrower’s default. Upfront and monthly mortgage insurance is required on FHA and monthly mortgage insurance is typically required on conforming loans when the down payment is less than 20%.

Conventional conforming mortgage 

A mortgage that is not obtained under a government program (FHA or VA) and satisfies the underwriting guidelines and loan limits set by Fannie Mae or Freddie Mac.