Low down payment options include:
• yourFirst Mortgage® benefits first- and next-time homebuyers with 3% down payment option on a fixed-rate loan. We’ll help determine eligibility factors — like loan amount, type of loan, and property type. Just keep in mind that with a low down payment, mortgage insurance is required and will increase your monthly payment.
• FHA loans have the benefit of a low down payment of 3.5%, though you’ll want to consider all costs involved, including upfront and long-term mortgage insurance and all fees.
• VA loans benefit active duty or veteran military service members and eligible spouses by offering low or no payment requirements that also includes a white range of rate, term and cost options. Mortgage insurance is not required.
• Homebuyer assistance programs benefit those with modest income or first-time homebuyers who have certain obstacles to overcome which include:
- Down payment Assistance Programs help cover the gap between the loan amount the homebuyer qualifies for and the amount they have available for the down payment. They’re provided in specific communities and may be administered by a state, county, city, governmental coalition, or non-profit organization.
- Mortgage Revenue Bonds provide mortgage financing with low or below market interest rate options, and can often be combined with down payment assistance programs.
Plus if you close a loan through the Union Plus Mortgage program, you’ll be eligible for special benefits that include receiving a My Mortgage GiftSM award from Wells Fargo - $500 for buying a home or $300 for refinancing your home – for use at participating retailers and access to mortgage assistance through Union Plus in times of hardship such as layoff, disability or strike.1 Keep in mind that parents and children of union members are also eligible for certain benefits.
While each program can provide benefits up front, it’s important to determine if there are any long term considerations such as mortgage insurance that may increase your overall monthly payments. There may also be income, credit restrictions or homebuyer education requirements to be eligible. Our home mortgage consultants will help you compare overall costs and help determine if you qualify.
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.
Want to learn more?
Click here to learn more about the Union Plus Mortgage program, talk to a Union Plus Mortgage Specialist at 866-802-7307 or request a personal consultation.
1. Eligible individuals can receive the Wells Fargo My Mortgage GiftSM award approximately 6 weeks after closing on a new purchase or refinance loan secured by an eligible first mortgage or deed of trust with Wells Fargo Home Mortgage (“New Loan”), subject to qualification, approval and closing, when identifying themselves as eligible. The My Mortgage GiftSM award is not available with any Wells Fargo Three-Step Refinance SYSTEM® program, The Relocation Mortgage Program® or to any Wells Fargo team member. Only one My Mortgage Gift award is permitted per eligible (“New Loan”). This award cannot be combined with any other award, discount or rebate, except for yourFirstMortgageSM. This award is void where prohibited, transferable, and subject to change or cancellation with no prior notice. Awards may constitute taxable income. Federal, state and local taxes, and any use of the award not otherwise specified in the Terms and Conditions (also provided at receipt of award) are the sole responsibility of the My Mortgage GiftSM recipient.
Information is accurate as of date of distribution. Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. © 2018 Wells Fargo Bank, N.A. All rights reserved. NMLSR ID 399801 
If you’re looking to buy a home, you may not need a 20% down payment or perfect credit. Through the Union Plus® Mortgage program, with financing provided by Wells Fargo Home Mortgage, union members, their parents and children have access to a wide range of home loan options to meet a variety of needs, including access to low down payment programs for qualified borrowers.