Consumer Tips

A Better Way to Buy a Home -- With as Little as 3% Down

Union Plus Mortgage Team

September 2, 2016

If you’re looking to buy a home of your own, consider yourFirst Mortgage^SM, — a new mortgage option only from Wells Fargo, and available through the Union Plus Mortgage program.

This low down payment, fixed-rate mortgage could help you become a homeowner sooner than you think. And even if you’re not a first-time homebuyer, this program is available to you!

A Unique Opportunity to Earn a Lower Interest Rate

Preparing for the responsibilities that come with homeownership is both important and encouraged. That’s why with yourFirst Mortgage, when you complete a formal homebuyer education course — and your down payment is less than 10% — you can reduce your final mortgage interest rate by 0.125%. Depending on what type of course you prefer, there are both online and in-person options offered.

More Features That Could Help You Qualify

Your down payment and closing costs can come from your own savings, monetary gifts, and assistance programs
The home seller can also contribute toward your closing costs
Your income may include the income of others who will be living with you, like family members
Your credit history may come from traditional sources like a credit report, and non-traditional sources like tuition, rent, or utility bill payments

One thing to keep in mind is that with a low down payment, mortgage insurance will be required, which would increase your monthly payment and the cost of the loan. There are options available that a knowledgeable Union Plus Mortgage Specialist can explain further, so that you can choose what works for you.

This is an exciting new loan option for homebuyers, whether it’s your first or next home. Contact a Union Plus Mortgage Specialist to discuss loan amount, loan type, and property type requirements to ensure eligibility.

And after closing on a home purchase or refinance loan through the Union Plus Mortgage program, you could be eligible for special benefits that include receiving a $500 My Mortgage Gift^SM award from Wells Fargo approximately 6 weeks after closing, and access to mortgage assistance through Union Plus in times of hardship such as layoff, disability or strike. Keep in mind that parents and children of union members are also eligible for certain benefits.

Learn more about the Union Plus Mortgage program.

Request a Consultation Or Call 866-802-7307 To request a personal consultation

¹Eligible individuals can receive the Wells Fargo My Mortgage Gift^SM 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 Gift^SM 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 yourFirstMortgage^SM. 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 provided at receipt of award are the sole responsibility of the My Mortgage Gift^SM recipient.