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
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
Learn more about your options and what to expect with these helpful videos.
Still have questions?
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The Dream. Plan. Home. closing cost credit may help eligible consumers purchasing their primary residence. The closing cost credit is designed for consumers with income at or below 80% of the area median income (AMI) of the property location. The closing cost credit is available in certain areas and is not available with all loan types. Please speak with a home mortgage consultant for details.
Equal Housing Lender
Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A.
QSR-04232025-6043127.1.1
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FAQs
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 insuranceOpens Dialog premiums.
Does Wells Fargo offer a float down option? ›
The float-down option is available within the earlier of 60 days of loan closing or lock expiration date. The float-down option allows a change to any lender product or program or re-lock to the current available interest rate.
What is the minimum mortgage amount for Wells Fargo? ›
Wells Fargo doesn't have a minimum loan amount, which is good news if you're seeking a small-dollar mortgage. Some lenders don't offer small mortgage loans, which can make it harder for people to purchase less expensive homes.
What is the lowest downpayment you can do? ›
Guide to down payments
- If the purchase price is less than $500,000, the minimum down payment is 5%.
- If the purchase price is between $500,000 and $999,999, the minimum down payment is 5% of the first $500,000, and 10% of any amount over $500,000.
For most Wells Fargo mortgage programs, you need a FICO score of 620 or higher to qualify.
Which type of mortgage does not require a down payment? ›
Two types of government-sponsored loans – VA loans and USDA loans – allow you to buy a home without a down payment. Each of the two loans has a very specific set of criteria you must meet to qualify for a zero-down mortgage.
Is Wells Fargo a good bank for mortgages? ›
Affordability: The mortgage rates Wells Fargo advertises on its website are overall competitive compared to Bankrate's averages (as of this review), but you might find lower-rate offers elsewhere. As with many lenders, the bank offers the option to buy down your rate at closing.
Is Wells Fargo getting rid of mortgages? ›
People walk past a Wells Fargo Bank on June 10, 2022 in New York City. Wells Fargo, long one of the biggest players in the mortgage business, is taking a big step back.
Is Wells Fargo a value trap? ›
The intrinsic value of one WFC stock under the Base Case scenario is 79.33 USD. Compared to the current market price of 60.21 USD, Wells Fargo & Co is Undervalued by 24%. What is intrinsic value? The backtest indicates that WFC could be a value trap.
What is the minimum income for a 250k mortgage? ›
If you follow the 2.5 times your income rule, you divide the cost of the home by 2.5 to determine how much money you need to earn annually to afford it. Based on this rule, you would need to earn $100,000 per year to comfortably purchase a $250,000 home.
To be approved for a $200,000 mortgage with a minimum down payment of 3.5 percent, you will need an approximate income of $62,000 annually.
What is the minimum income for Wells Fargo? ›
Wells Fargo doesn't have a specific minimum income requirement, but it will only approve you if you have a form of income. Social Security number: If you don't have one, an Individual Taxpayer Identification Number (ITIN) also works.
What is the lowest mortgage down payment? ›
Minimum down payment requirements
| Loan Type | Down Payment Minimum |
|---|
| FHA loan | 3.5 percent |
| VA loan | Zero percent |
| USDA loan | Zero percent |
| Second homes and investment properties | 10 – 25 percent |
2 more rowsApr 9, 2024
The down payment needed for a $300,000 house can range from 3% to 20% of the purchase price, which means you'd need to save between $9,000 and $60,000. If you get a conventional loan, that is. You'll need $10,500, or 3.5% of the home price, with a FHA loan.
Is 3% enough for a down payment? ›
Conventional loan: Conventional loan requirements for primary residences depend on the lender. Some lenders may require a 5% down payment. Other lenders may require a 3% down payment. If your credit score is 620 or above, your lender may provide lower down payment loan options.
What type of mortgage has the lowest rate? ›
What type of home loan has the lowest interest rate? VA loans typically have the lowest interest rates. However, the VA program is only available to eligible service members and veterans. For non-VA buyers with strong credit, a conventional loan will typically offer the lowest rates.
What is the easiest type of mortgage to get? ›
FHA, VA, and USDA loans are often more accessible for individuals with lower credit scores or smaller down payments. However, other factors such as your income stability, employment history, and debt-to-income ratio also play a crucial role in the approval process.
Can you get a mortgage with 10% down? ›
Yes, you can buy a house with 10% down or less in California. According to the National Association of Realtors, first-time buyers often pay an average of 6% as a down payment for a house or condo.
What is the lowest amount I can get a mortgage for? ›
Most major mortgage lenders won't offer loans under the $50,000 mark. Lenders are used to people asking for the maximum amount they can borrow (the average maximum mortgage loan amount is $ 300,000), so some might not even have an official minimum threshold.
If you’re ready to apply online, let’s go
