Conforming Loan
- Meets secondary market investor guidelines (Fannie Mae and Freddie Mac) Max base loan amount of $806,500
- Min down payment of 3% if first time homebuyer (haven’t owned a home in the last 3 years), otherwise 5%
- Additional $5k lender credit if qualifying income is within $127k in King, $90k in Pierce and $104k in Snohomish
- 620 minimum credit score
- 50% max debt-to-income ratio
- Super conforming max loan amount of $1,037,300. Min down payment 5%
- Any part of the down payment can be gift funds
- Mortgage insurance for a down payment less than 20%. Is removed when the loan amount is within 80%
Non-conforming "Jumbo" Loan
- Portfolio loan kept by Wells Fargo
- Loan amount over $806,500
- Minimum down payment of 10%
- Minimum credit score of 680
- Max debt-to-income ratio of 43%-48% with down payment of 20%, otherwise 35% Any down payment amount can come from gift funds if the down payment is 20%
FHA Loan
- Typically for lower credit scores Minimum 620 credit score
- Max loan amount of $1,037,300
- Minimum down payment 3.5%
- Upfront mortgage insurance of 1.75% that can be financed Higher monthly mortgage insurance that can’t be removed
VA Loan
- Typically for lower credit scores Minimum 620 credit score
- Max loan amount of $1,037,300
- Minimum down payment 3.5%
- Upfront mortgage insurance of 1.75% that can be financed Higher monthly mortgage insurance that can’t be removed
NMLSR ID
404017
404017
Equal Housing Lender. Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. IRC-0624
