FHA and VA Loans | Wells Fargo

fha home

FHA loans may make it easier to buy or refinance at today’s low rates

The Federal Housing Administration (FHA) offers fixed-rate and adjustable-rate loans with low down payments for buyers, and a streamlined process when you’re ready to refinance.

Streamlined refinance for existing FHA loans

Today’s low rates mean it could be a smart move to refinance right now. And if your current mortgage is an FHA loan, the streamlined refinance process may help.

  • No appraisal required
  • No credit check
  • No income or asset verification

Down payments as low as 3.5%

If you’re a first-time homebuyer or have limited funds, FHA financing can be a great way to expand your homeownership opportunities. 

  • Buy a home with as little as 3.5% down
  • May allow you to use a gift or grant for all or a portion of down payment and closing costs
  • Requires less cash upfront, but you typically have to pay FHA mortgage insurance premiums
  • Lets you qualify with a co-applicant, even if the person doesn’t live in the home




FHA loans have the benefit of a low down payment, but consider all costs involved, including up-front and long-term mortgage insurance and all fees. Ask your home mortgage consultant to help you compare the overall costs of all your home financing options.

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More government mortgage options

VA Loans 

Department of Veterans Affairs (VA) loans provide fixed-rate and adjustable-rate financing on primary residences for veterans and other borrowers who meet the eligibility requirements of the VA program. Talk to a home mortgage consultant for details. 

  • Offer low- and no-down payment options for qualified borrowers, and do not require monthly mortgage insurance.
  • Allow closing costs to come from a gift or grant.
  • Require a one-time VA funding fee that can be financed into your loan or paid in cash at closing.
  • May provide 100% financing for qualified borrowers.
  • Refinance your current VA loan with minimal out-of-pocket expenses.

Learn more about VA loans

Easy to OwnSM Guaranteed Rural Housing Program 

The Guaranteed Rural Housing Program, provided by the U.S. Department of Agriculture (USDA), helps low-to-moderate income buyers in rural areas become homeowners.  

  • Provides financing of up to 100% with no required down payment.
  • Offers long-term fixed-rate terms, helping to keep payments predictable over the life of the loan.
  • You may be able to finance closing costs, legal fees, and other prepaid fees.
  • You’ll pay a one-time guarantee fee and an annual fee to the USDA’s Rural Development program.

Note that your monthly mortgage payment will factor in the annual fee, and may include the guarantee fee. These fees will increase the cost of the loan and monthly payments.