Wells Fargo Home Mortgage Mortgage Review 2021
Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.
At a glance

NMLS: 399801
4.2
Bankrate Score
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Find my best matchesLoans offered
Conventional, USDA, FHA, VA, jumbo, ARMNationwide availability
Available in all U.S. states; not available in U.S. territoriesMin. credit score required
620 for conventional loansPros and cons
Pros
- More than 7,200 branch locations
- Online loan comparison calculator estimates closing and settlement costs
- Participates in low- and moderate-income programs that assist borrowers with down payments and/or closing costs
- Flexible application process
Cons
- Bank took a hit after a series of scandals came to light in the last several years
- Doesn’t operate in U.S. territories
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
Loan types
- Conventional
- USDA
- FHA
- VA
- Jumbo
- ARM
Lender fees
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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Wells Fargo Home Mortgage consumer reviews
5.0
1 reviews
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Great Experience!
Phyllis H. | Chester, Va | 1/7/2021
I’ve purchased my first home with Wells Fargo since 2012. Let me tell you it’s been a great experience. Love the customer services and always very informative with all my banking and mortgage needs. I would and have recommended Wells Fargo to family and friends who wish to get a clear and honest...