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Get help with your down payment and closing costs

Home is closer than you think

Wells Fargo is committed to bringing homeownership to more families in more neighborhoods. Find out how our low down payment programs can help you buy a home and start building for the future.

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Get there sooner with affordable homebuying options

We may be able to help with your down payment and closing costs, so you can get more with what you've saved. These programs can often be combined if you qualify for more than one, so let us help you find what works best for you.

$10,000 for a down payment

The Homebuyer AccessSM grant provides $10,000 in down payment assistance.

  • Intended for borrowers who earn up to 120% of the area median income
  • Available only in select locations
  • Can be combined with other select assistance programs

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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.

  • Intended for borrowers who earn up to 80% of the area median income
  • Available only in select locations
  • Can be combined with other assistance programs

Learn more

3% down payment mortgage

You may be able to put as little as 3% down with our fixed-rate Dream. Plan. Home. Mortgage.

  • Intended for borrowers who earn up to 80% of the area median income
  • Can be combined with other assistance programs
  • Requires mortgage insurance, which increases the cost of the loan and will increase your monthly payments

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What to know about low down payments:

With a low down payment, mortgage insurance will be required, which increases the cost of the loan and will increase your monthly payment. Talk with a home mortgage consultant about the loan amount, type of loan, property type, income, first-time homebuyer, and homebuyer education requirements to ensure eligibility.

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More ways to put homeownership within reach

These are just a few of the options that could make buying a home more affordable, even if you have limited savings. Talk to a home mortgage consultant to find out how Wells Fargo can help.

Down payment help

  • Down payment assistance programs offer gift funds or loans at below-market rates for borrowers who need help with a down payment and sometimes closing costs, as well.
  • Mortgage revenue bond programs are first-mortgage financing plans offered by state, county, city, and governmental authorities. These often include additional down payment and closing cost assistance exclusively for use with bond programs.
  • Gift funds can be used for a down payment with many loan programs, as long as the funds are not expected to be repaid and come from an acceptable source.

Low-down payment government loans

  • FHA loans provide options with down payments as low as 3.5%. They typically require an FHA mortgage insurance premium, so 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.
  • VA loans offer up to 100% financing for qualified buyers who are VA-eligible. They don't require mortgage insurance, but you'll have to pay a one-time funding fee at closing or rolled into your loan amount.
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FAQs

Down payment assistance programs,  or DAPs, provide gift funds or supplementary loans or liens at below-market interest rates to eligible borrowers who need help coming up with a down payment and, in some cases, closing costs. These programs are typically administered by state or local government agencies or private charitable organizations.

Guidelines vary but typically depend on your current income and credit score, the sale price of the property, how much you have available for a down payment, and how much of your monthly income is spent on debt.

Eligibility is determined by the agency or organization that administers the specific down payment assistance program you are interested in.

For example, programs offered by state or local governments may be available only if you are buying a home within that state or locality. Many programs are also limited to first-time homebuyers, which typically means you cannot have owned a home in the past three years.

Down payment assistance programs can also be targeted based on financial need, so you may have to show that your income is below a certain level in order to qualify.

Different programs have different rules for how the funds can be used. Some programs allow borrowers to use the funds for closing costs, while others can be applied only to the down payment.

Review all program guidelines carefully to make sure you understand any conditions or limitations.

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DAP programs are subject to fund availability and income or geographic restrictions. Some DAP programs are gifts with no repayment required. Some DAP programs are second mortgages which can be forgivable over time, or have deferred payments until refinance or payoff, or have monthly payments. Check the specific DAP program for requirements.

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, and conventional adjustable-rate mortgages 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 Homebuyer Access grant may be combined with Dream. Plan. Home.SM closing cost credit, Corporate Mortgage Benefit Program, Union Plus® Mortgage program, non-Wells Fargo funded down payment assistance programs (DAPs), Builder Credits, and the Employee Mortgage Program. Standard Agency underwriting guidelines apply.

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.

Customers must meet all eligibility requirements for the VA program. Please discuss current VA eligibility requirements with a home mortgage consultant.

‍ Equal Housing Lender

Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A.

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