Buying a home has a long history of being an integral part of achieving the American Dream. Having a place to call your own can come with financial challenges, however, which makes the process seem out of reach for hopeful buyers. The combination of a high down payment, closing costs and moving expenses can be burdensome for a first-time buyer. Fortunately, new home ownership programs specifically tailored to first-time home buyers are available to make the financial hurdles of home buying less of a challenge.
At the end of May, Wells Fargo announced a new mortgage program meant to lessen the financial blow of buying a home for first-time buyers. The yourFirst Mortgage through Wells Fargo helps lower the total cash outlay for borrowers by requiring as little as 3% down payment on a fixed interest rate loan. The program also provides for lower out of pocket costs for borrowers, and enhances the credit criteria by allowing income of family members or renters who plan to reside in the home to be included in the qualification process. The yourFirst Mortgage program also eases the common obstacle of a short credit history for younger borrowers by reviewing nontraditional sources, such as college tuition payment, rent, and utility bill payments in credit history.
The yourFirst Mortgage program offers conventional mortgage loans with a fixed repayment term extended over 30 years for qualified borrowers. Additionally, down payment as well as closing costs that come from gifts or down payment assistance programs are allowable, making the financial burden less than traditional mortgage loans. Borrowers have the opportunity to take part in a home buyer education program through Wells Fargo to earn a 1/8 percent interest rate reduction, which is beneficial in making smart financial choices for the long haul. Mortgages provided through the yourFirst Mortgage program are fully underwritten loans backed in part by Fannie Mae.
Wells Fargo is one of the largest financial institutions in terms of total deposits, offering a wide variety of individual and business banking products and services to customers around the world. Wells Fargo currently serves its 70 million customers through more than 8,700 branch locations and 13,000 ATMs.
First-time homebuyers interested in the yourFirst Mortgage program offered through Wells Fargo can gather more information by visiting a home loan specialist at any full-service branch location, by calling a customer service representative at 1-877-937-9357, or by visiting Wells Fargo online.
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