Need help moving forward with your homeownership plans? We’re here to help during this challenging time.
Wells Fargo has many home financing options that help qualified union homebuyers reach their goal of homeownership, including programs that don’t require a large down payment or traditional credit!
Here are four questions you may be asking yourself and how Wells Fargo home mortgage can help:
- How can I save for a down payment?
It's never too early to start saving. To help you identify your need-to-haves, cut back on nice-to-haves, and put aside money you’ll need to buy a home, you can take advantage of our online budgeting and savings tools. You could also set up a separate “first home” savings or investment account and have a set amount directly deposited into it every month. The set amount could be automatically deducted from the account where you deposit your paycheck or other income.
- What if I am not able to make a 20% down payment?
There are several mortgage loans and programs that may help homebuyers reach their goals with less available cash. Just remember, if you make less than a 20% down payment, you will likely be required to purchase mortgage insurance.
- Can I use gifted money to help me make my down payment?
Some loan program guidelines may allow you to use monetary gifts from family as part of your down payment.
Keep in mind: You will most likely be required to provide written proof that the funds were truly a gift and not a personal loan. There are limits on how much gift money you can receive per year without increasing your tax obligations. Speak with a financial advisor, tax accountant, or your home mortgage consultant to learn more about how these options can impact your overall home financing plans and future goals.
- Are there any other down payment sources I may be able to use?
Not-for-profit down payment assistance programs (DAPs) provide funds to qualified homebuyers to help with down payments and closing costs. Many DAPs don’t require repayment, if you meet their guidelines. Your home mortgage consultant can help you find out which programs are available in your area, explain their details, and see if you qualify.
There are many types of mortgages with different down payment requirements available to you. Ready to take the next step? Your Wells Fargo home mortgage consultant can help you understand your options so you can make informed decisions.
Wells Fargo Mortgage Program
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Wells Fargo Home Mortgage has a services agreement with Union Privilege in which Union Privilege receives a financial benefit for providing agreed-upon services. Wells Fargo Home Mortgage encourages you to shop around to ensure you receive the services and loan terms that fit your home financing needs.
Home equity financing does not qualify for the benefits of this program.
Information is accurate as of date of distribution. Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. © 2020 Wells Fargo Bank, N.A. All rights reserved. NMLSR ID 399801 AP5171180.