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Low-down payment mortgage

Put as little as 3% down on a fixed-rate mortgage

Whether it’s your first home or your next, you don’t need a 20% down payment.

Get prequalified

Conventional fixed-rate mortgage

You may be able to put as little as 3% down on a fixed-rate conventional mortgage with a rate that’s locked for the life of your loan. Your low down payment can also be layered with gift funds and down payment assistance programs with no area median income requirements. Speak with a home mortgage consultant to learn more.
Dream. Plan. Home.SM mortgage
If you make at or below 80% of your area’s median income and have a limited credit history, you may be able to put as little as 3% down and receive a lower rate with Wells Fargo’s Dream.Plan.Home. mortgage. Lower mortgage insurance premiums may also be available to help keep your monthly mortgage payments low.

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.

Buying a home on a budget

Check out our mortgage learning center to learn more about the homebuying process, as well as the various grants and low-down-payment options that can help make your dream a reality.

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Top questions from first-time buyers

While many people think you can't buy a home without 20% down payment, many mortgage options allow for lower or even no down payment. A home mortgage consultant can help you determine what works best for your finances and what programs you may qualify for.

Mortgage insurance is required if you have less than 20% down payment or equity in your home. It protects the mortgage lender from losses if a customer is unable to make payments and defaults on the loan. There are two types of mortgage insurance: private mortgage insurance (PMI) and mortgage insurance premium (MIP), depending on your loan type.

Mortgage prequalification is a simple process that uses your income, debt, and credit information to let you know how much you may be able to borrow. Getting prequalified before you shop for homes can help you:

  • Focus your search — Establishing  your price range up front means you can target the right homes in your search.
  • Move forward confidently — When it's time to make an offer, you'll have the confidence of knowing you can back it up.
  • Know your options — Seeing the loan amount, interest rate, and monthly payment you could qualify for means you'll be able to make the mortgage decision that works best for you. 

Getting prequalified online is quick and simple. Just visit our secure mortgage prequalification calculator and provide the following information:

  • The city and state where you're looking to buy
  • The estimated purchase price and down payment
  • Your annual income
  • Your date of birth, current address, and contact information

We'll use that information, along with your credit rating and monthly debt, to calculate the loan amount, interest rate, and monthly payment you may be able to qualify for—all in just a few minutes and without affecting your credit score.

More home loan FAQs

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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.

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