Wells Fargo Jumbo Purchase Loan
- Quick Facts
- Pros & Cons
- Occupancy & Property Type
- Income & Purchase Price Limits
- Key Features & Conditions
- Other Limitations
- Mortgage Insurance & Fees
- Similar Loan Programs
- Related Resources
As of January 20, 2023, Wells Fargo has exited the jumbo correspondent mortgage market and is no longer offering this loan program.
Wells Fargo Jumbo Loans are for customers who need financing for loan amounts above the conforming Fannie Mae and Freddie Mac loan limits. Wells Fargo has 10, 15, 20, and 30-year fixed and adjustable-rate terms, as well as second home and investment property options. The minimum down payment for this loan program is 20%.
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Wells Fargo Jumbo Purchase Loan
Min. Credit Score
Min. Down Payment
Max Loan Amount
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Pros & Cons
- Flexible qualification compared to other Jumbo programs
- Competitive interest rates
- Credit scores as low as 700
- Stricter qualification guidelines than conventional
- Significant cash reserves required
Wells Fargo Jumbo Purchase Loans are available in all 50 states, Washington D.C., Puerto Rico, and the U.S. Virgin Islands.
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“In today's competitive real estate market, many entry-level homes are priced well above the conforming loan limit, often due to location. In higher cost markets, a jumbo loan may be necessary because it allows you to borrow a larger amount towards your home purchase."
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Purchase Price Limit
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
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- Loan amounts up to $3 million
- Also available for second homes and investment properties (Up to $2M)
- Offers 10, 15, 20, and 30-year fixed and adjustable-rate loan terms
- To qualify for a jumbo loan, you need to have a high credit score
- Low debt-to-income (DTI) ratio requirements
- Non-occupant co-borrowers allowed
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class is not required for this loan program.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
No Mortgage Insurance
This program does not require Private Mortgage Insurance (PMI).
Type: No Funding Fee
This program does not have a funding fee.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 3%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
Wells Fargo Jumbo Rate-and-Term Refinance
Best For: Large Loan Amounts, Rate Reduction, High Credit Scores
Fixed and adjustable-rate jumbo refinancing for loan amounts up to $3 million—flexible qualification and competitive interest rates.
Wells Fargo Jumbo Cash-Out Refinance
Best For: Large Loan Amounts, High Credit Scores, Cash-Out
Cash-out jumbo refinance option for loan amounts up to $2 million; also available for second homes and investment properties.
Calculate Income Limits Using Area Median Income
Income limits are used to determine whether or not a home buyer is eligible for certain mortgage programs, including down payment assistance programs or incentives that can help make home buying more affordable. It identifies the maximum income level set by each housing authority for its program participants, and varies from county to county across the US. Often, the tool used to establish this maximum income level is often called Area Median Income, or AMI.Read More
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Being a first-time homebuyer has its fair share of challenges. One of your biggest obstacles will be competing against other new or seasoned buyers. While bidding wars have tapered since the previous buying season, they can still occur.Read More
2023 Cash-Out Refinance Guide
Owning a home is a big investment and like with many long-term assets, it comes with a few added responsibilities. To keep your home appreciating in value and to make sure you continue to enjoy it, it's important to keep it maintained and updated.Read More
A Rundown On Closing Costs and How They Affect You
It can be tricky to sift through all the figures , so we broke down what they are, how much they cost, who's responsible and how to minimize your expenses.Read More
Visit our Mortgage Education Center for more resources.
* Some loan programs may not be offered by all featured lenders of ReviewMyMortgage.com and qualification guidelines may vary between them. Our team makes their best effort to keep loan program information up to date. Loan programs may change without warning. ReviewMyMortgage.com does not guarantee or offer any loan products. ReviewMyMortgage.com is strictly an educational resource hub for consumers
ReviewMyMortgage.com is in no way affiliated with the companies or institutions listed here.
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