Wells Fargo Home Mortgage overview
Wells Fargo Home Mortgage is a division of Wells Fargo, founded in 1952 with corporate headquarters in San Francisco, California. Wells Fargo Home Mortgage is available to borrowers in all 50 states, though it doesn’t operate brick-and-mortar locations in all of them. The lender also doesn’t operate in U.S. territories.
Although it’s one of the top mortgage lenders in the U.S., Wells Fargo Home Mortgage has a relatively basic online presence. However, with branch offices widely available, borrowers can meet in-person with a loan advisor to discuss their mortgage options.
For first-time homebuyers, Wells Fargo Home Mortgage offers a proprietary online educational program called My FirstHome, with information on how much house one can afford, the differences between preapproval and prequalification, the role credit history plays in the purchase and more. Through yourFirst Mortgage, a program for first-time and repeat customers, buyers can purchase a home with as little as 3 percent down with a fixed-rate mortgage with required mortgage insurance. Eligible buyers may receive a $750 closing cost credit for completing homebuyer education.
In addition to a Downpayment Assistance Program (DAP), Wells Fargo Home Mortgage offers programs through the NeighborhoodLIFT initiative, designed to promote homeownership in communities in collaboration with NeighborWorks America. According to the bank, LIFT programs have helped more than 24,000 homeowners purchase homes since 2012.
Wells Fargo Home Mortgage provides a variety of mortgage options for homebuyers, including:
- Conventional fixed-rate mortgages
- Adjustable-rate mortgages (ARMs)
- FHA loans
- VA loans
- USDA loans
- Jumbo loans
Wells Fargo Home Mortgage lender fees vary by loan type. The lender charges fees to cover the cost of administration, processing and underwriting the loan, all of which can vary by loan type and state. Borrowers can get estimates of fees and rates based on inputs (property information, down payment, credit score and other factors) via the Wells Fargo website.
Minimum borrower requirements
Wells Fargo Home Mortgage adheres to the conforming loan requirements for mortgages approved by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, as well as those backed by the Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA). Select loans are available with 100-percent financing (no down payment).
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