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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 customers in all 50 states, though it doesn’t operate brick-and-mortar locations in New Hampshire, Oklahoma, Rhode Island or Vermont. The company 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 in 46 states, borrowers can meet in person with a banker 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 for a fixed-rate mortgage with required mortgage insurance.
Eligible buyers may receive a $750 closing cost credit for completing homebuyer education.
In addition to the 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 company representatives, LIFT programs have helped more than 20,000 homeowners purchase homes since 2012.
Wells Fargo Home Mortgage provides a variety of mortgage options for homebuyers. They offer these loan types for purchases and refinances:
Conventional fixed-rate mortgages
Adjustable-rate mortgages (ARMs)
Available in all U.S. states; not available in U.S. territories
Minimum credit score
Requirements vary by loan type, but Wells Fargo Home Mortgage has products and programs for which borrowers may qualify with credit scores as low as 620.
Conventional, USDA, FHA, VA, jumbo and ARM loans
More than 1,000 branch locations spread across 46 states
Online loan comparison calculator estimates closing and settlement costs
Participates in low-, moderate- or middle-income programs that assist borrowers with down payments and/or closing costs
Flexible application process
The Wells Fargo brand name took a hit when a series of scandals came to light over the last several years
Does not have offices in New Hampshire, Oklahoma, Rhode Island or Vermont, although loans are available
Some may find more limited online resources than other lenders
Doesn’t operate in U.S. territories
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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).
Get started with Wells Fargo Home Mortgage
Borrowers can apply in person, online or by phone.