FHA loan
More accessible financing
FHA loans offer flexible credit and income guidelines, with down payments as low as 3.5%.
Contact us to get startedWhat is an FHA loan?
FHA loan basics
- FHA loans are insured by the U.S. Federal Housing Administration (FHA), which allows lenders to offer them to borrowers who might not qualify for other loan types.
- FHA loans require you to pay mortgage insurance premiums (MIP). These include an upfront fee as well as ongoing premiums that are added to your monthly payments.
- You can use an FHA loan to refinance, as long as your existing mortgage is also an FHA loan.
FHA loan benefits
- FHA loans offer down payments as low as 3.5%, which makes them a great choice for first time homebuyers, or anyone who is buying a home on a budget.
- You can use funds from gifts or grants toward your down payment and closing costs.
- Flexible guidelines may help you qualify even with a lower income or credit score.
- You can refinance your FHA loan through a streamlined process, with no appraisal, credit check, or income verification.
More affordable homebuying programs
Need help with a down payment and closing costs? Find out how our low down payment options can help make homeownership more affordable.
Other mortgage loan types to consider
Adjustable-rate mortgage
Lower introductory rate, which changes periodically in the future
Get a customized rate and payment
See how much you could qualify to borrow and what your estimated rate and payment would be. It takes just a few minutes and won’t affect your credit score.
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If you extend your loan term, you may pay more interest over the life of your loan.
If you are a service member on active duty, an eligible spouse, partner, or dependent, or currently receiving SCRA benefits, please consult with your legal advisor prior to seeking a refinance of your existing mortgage loan. In some cases, a refinance may impact your eligibility for benefits under the Servicemembers Civil Relief Act or applicable state law.
Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A.
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