What is the minimum down payment required for a mortgage?
Asked 6 months ago
The minimum down payment required for a mortgage varies depending on several factors. Wells Fargo Home Mortgages offers a range of loan programs, including conventional loans, government-backed loans like FHA and VA loans, and specialized programs. Generally, conventional loans have a minimum down payment requirement of 3%, while government-backed loans may have lower down payment options, such as 3.5% for FHA loans and 0% for VA loans. Additionally, there are specialized programs, like the Wells Fargo NeighborhoodLIFT program, which may offer down payment assistance for eligible borrowers. It is important to consult with a Wells Fargo mortgage professional to determine the specific down payment requirement based on your loan program and individual circumstances.
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