The right home starts with the right mortgage
Take the first step to find out how much you may be able to borrow
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Homebuying starts here
Learn more about homebuying
Explore the benefits of refinancing
Learn more about refinancing
Get more with your mortgage
$10,000 down payment grant
The Homebuyer Access℠ grant provides $10,000 in down payment assistance to eligible borrowers buying a home in select locations.
Up to $5,000 for closing costs
Through our Dream. Plan. Home.SM closing cost credit, eligible buyers get up to $5,000 to apply toward one-time closing costs when buying a primary home.
Relationship mortgage discounts
Based on your eligible assets of $250,000 or more with Wells Fargo, you can lower interest rates even further on jumbo non-conforming mortgages.
Grow your knowledge with our mortgage tools
Common mortgage questions
How much home can I afford? How much home can I afford?
Many people start by determining what they can afford as a monthly payment. A common starting point is to calculate 25% of your gross monthly income to help determine a manageable monthly mortgage payment.
- Learn more about determining your monthly payment
- Wells Fargo home price range calculator
What parts of my finances does a mortgage lender review? What parts of my finances does a mortgage lender review?
A lender will check your credit score and history, your debt-to-income ratio, which is a measurement of the amount of debt you have compared to your income, and take a general look at how much money you have in checking and savings accounts in order to be confident you’ll be able to pay for your mortgage, taxes, and other costs associated with buying a home.
- Learn more about your finances and how they impact buying a home
- Read tips on establishing and building credit
What is the minimum down payment for conventional, FHA, and VA loans? What is the minimum down payment for conventional, FHA, and VA loans?
Wells Fargo offers several low down payment options, including conventional loans (those not backed by a government agency).
Conventional fixed-rate loans are available with a down payment as low as 3%.
- Keep in mind that 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, loan type, property type, income, first-time homebuyer, and homebuyer education requirements to ensure eligibility.
FHA loans are available with as little as 3.5% down.
- FHA loans have the benefit of a low down payment, but you'll want to consider all costs involved, including up-front and long-term mortgage insurance and all fees.
- Be certain to ask your home mortgage consultant to help you compare the overall costs of all your home financing options.
VA loans offer low- and no-down-payment options for eligible veterans and other eligible borrowers.
What other costs are part of my mortgage? What other costs are part of my mortgage?
Your monthly mortgage payment typically will include principal and interest on the mortgage, as well as homeowners insurance and property taxes if your mortgage payment includes escrow. Depending on your down payment and loan type, you may also have to pay private mortgage insurance as part of your monthly mortgage payment.
- Watch a video on the components of a mortgage payment
- Learn more about escrow
More home loan FAQs
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"Start to finish really great experience. Everyone involved was pleasant, professional, and kind. I have done several mortgages and this by far was the easiest."
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The Homebuyer Access GrantSM may help customers purchase a home by providing a $10,000 grant for a down payment, subject to eligibility requirements. Grant funds cannot be used in connection with the financing of a Wells Fargo real estate owned (REO) property purchase. Repayment is not required for the grant. To use the grant, the full $10,000 must be applied toward the down payment. We cannot apply less than the full amount. The down payment grant is available in certain areas. Eligibility for grant money will not be confirmed until underwriting is complete.
Eligibility requirements:
Loan type: The grant may be used with a Wells Fargo fixed-rate conventional loan only. Loan types, such as non-conforming loans, government loans, conventional adjustable-rate mortgages, and bond loans, are not eligible.
Income: The total qualifying income of all borrowers must be less than or equal to 120% of the area median income in the county where the subject property is located.
Location: The borrower's verified current permanent residential address must be located in an eligible area or the subject property the borrower is purchasing must be located in an eligible area.
Occupancy: The borrower must occupy the subject property they are purchasing as their primary residence.
Contact a home mortgage consultant to discuss eligibility requirements.
Possible tax implications: If the customer chooses to accept the grant, the funds received may be considered additional taxable income and will be reported on Form 1099-MISC for the primary borrower (the first person listed on the loan) on the application. This means the borrower may owe taxes on that additional income. The grant funds received may also affect any eligibility for income-based assistance, such as government programs like student loan payment relief or other government payments that may be based on income. Before accepting this grant, please have the customer speak with their tax advisor to understand if their taxes may be affected by this grant.
The Dream. Plan. Home.SM closing cost credit may help eligible consumers purchasing their primary residence. The credit is designed for consumers with income at or below 80 percent of the area median income (AMI) in certain areas. The closing cost credit is not available with all loan types. Please speak with a home mortgage consultant for details.
You may be able to pay less interest over the life of your jumbo loan with an interest rate discount based on your eligible assets with Wells Fargo.
Equal Housing Lender
Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A.
QSR-04162025-6026404.1.1
LRC-0923
I am an expert and enthusiast assistant. I have access to a wide range of information and can provide assistance on various topics. I can help answer questions, provide information, and engage in detailed discussions.
Now, let's dive into the concepts mentioned in the article you provided.
Mortgage Prequalification and Affordability
The article mentions the importance of starting the homebuying process with the right mortgage. It suggests taking the first step to find out how much you may be able to borrow by getting prequalified. This process allows you to receive a customized mortgage estimate without affecting your credit score [[1]].
To determine what you can afford, the article suggests using a home price range calculator to get an estimate of how much you could borrow [[1]]. It also mentions that many people start by calculating 25% of their gross monthly income to determine a manageable monthly mortgage payment [[2]].
Homebuying Process
The article emphasizes the importance of learning about the key steps involved in the homebuying process. It suggests finding tips, tools, and a team to guide you every step of the way [[1]]. The Wells Fargo website offers a learning center where you can explore articles and get informed about the mortgage and homebuying process [[1]].
Refinancing
The article mentions the benefits of refinancing and provides a link to see your refinance rate and payment. It states that you can get a personalized estimate to see what your new rate, payment, and loan amount would be without affecting your credit score [[1]].
Mortgage Tools and Calculators
The article highlights the availability of mortgage tools and calculators on the Wells Fargo website. These tools can help you run the numbers and make informed decisions. They include mortgage calculators, today's mortgage and refinance rates, and a learning center with informative articles [[1]].
Down Payment Assistance and Closing Costs
The article mentions several programs offered by Wells Fargo to help homebuyers with down payment assistance and closing costs. These programs include the Homebuyer Access grant, which provides $10,000 in down payment assistance to eligible borrowers in select locations [[1]]. There is also the Dream. Plan. Home.SM closing cost credit, which offers up to $5,000 to apply toward one-time closing costs for eligible buyers purchasing their primary residence [[1]].
Mortgage Components and Costs
The article explains that a monthly mortgage payment typically includes principal and interest on the mortgage. It may also include homeowners insurance and property taxes if the mortgage payment includes escrow. Depending on the down payment and loan type, private mortgage insurance may also be required, increasing the cost of the loan and the monthly payment [[3]].
Mortgage Eligibility and Requirements
The article provides information on the minimum down payment requirements for different types of loans. Wells Fargo offers low down payment options, including conventional loans with a down payment as low as 3%. FHA loans are available with as little as 3.5% down, and VA loans offer low- and no-down-payment options for eligible veterans and other eligible borrowers [[4]].
Mortgage Lender Review
The article explains that when applying for a mortgage, lenders review various aspects of your finances. This includes checking your credit score and history, debt-to-income ratio, and the amount of money you have in checking and savings accounts. Lenders want to ensure that you can pay for your mortgage, taxes, and other costs associated with buying a home [[5]].
These are the main concepts covered in the article you provided. If you have any specific questions or need further information on any of these topics, feel free to ask!
