Wells Fargo FHA Loans Review

Rating: 7.5 / 10 (Very good)
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Founded in 1856, Wells Fargo is the second-largest bank in the world. The firm provides all kinds of banking services, as well as loans and credit, investment, and insurance products. It is an FHA-approved lender and offers consumers FHA-insured mortgages with low down payments.

How is Wells Fargo rated?


Loan Specifics
Customer Experience
Lender Reputation

Overall Rating: 7.5 / 10 (Very good)

Wells Fargo is one of the largest banks in the world, but it's still reeling from the discovery that its employees committed massive fraud by creating over three million fake consumer credit card and checking accounts. Further, the bank claims that it offers a variety of FHA loan types, but its own mortgage calculator only brings up a 30 year fixed option. These factors may weigh heavily on consumers' minds as they consider an FHA loan from Wells Fargo.

Wells Fargo Loan Specifics

Types of FHA Loans Offered

FHA Fixed Rate 15 Year
FHA Fixed Rate 30-Year
FHA Adjustable Rate Mortgage (ARM)
FHA Jumbo Fixed Rate
FHA Hybrid
FHA Bridge/Relocation Loan
FHA Home Improvement 203(k)
FHA Self Employed

Key FHA Loan Facts

Minimum FICO Score

Loan Specifics - 7 / 10

There is little information on Wells Fargo's website about their specific FHA loan offerings. With the Mortgage Rate and Payment Calculator, consumers can receive a summary of available loans and estimated rates, based on the home value, down payment, property location, and their credit score. After numerous combinations were tried, 30-year fixed rate FHA-insured mortgages appears as an option. However, reviewing other online sources we saw mentions of 15-year and adjustable rate FHA loans. It's unclear whether those loans are no longer available or if they never were. Regardless, most companies have more FHA loan products available. Wells Fargo also requires borrowers to have a FICO score of 620 at a minimum, which is considerably higher than other companies' requirement and the FHA's own baseline of 500.

Wells Fargo Customer Experience

Customer Experience - 9 / 10

Wells Fargo's website has an online application consumers can fill out to receive assistance from a mortgage consultant. Prospective borrowers can also apply over the phone or in person at a Wells Fargo branch. After the application is completed, an online account will be created where applicants can check the status of their loan and submit documentation. This is very convenient for people who want to get things done quickly.

Online Features

Online Application
FHA Mortgage Calculator
Online Quote
Social Security Number Required for Quote

Wells Fargo Lender Reputation

Lender Reputation - 6.5 / 10

Wells Fargo has had a less-than-sterling reputation in the past few years. In 2016, the Consumer Financial Protection Bureau (CFPB) found that company employees had opened accounts and submitted credit card applications in their customers' names without asking, which harmed their customers' credit scores and caused them to owe millions of dollars in fees. In March 2017, the company settled with affected customers. In a separate matter, the company admitted that it erroneously charged over 800,000 customers for unnecessary car loan insurance. A look at their BBB and TrustPilot profiles reveals consumers' discontent with Wells Fargo's business practices.

Key Reputational Facts

Year Founded
BBB Rating
Number of BBB Positive Reviews
Number of BBB Negative Reviews
Trust Pilot Rating
1.8 out of 10
Date Collected

Complaints & Actions

Nationwide Mortgage Licensing System ID
Nationwide Mortgage Regulatory Actions
NMLS Collection Date
CFPB Total Mortgage Complaints
CFPB Collection Date

Company Profile

Full Name
Wells Fargo FHA Loans
Company Website
420 Montgomery Street, San Francisco, CA, 94104
Mailing Address
PO Box 10335, Des Moines, IA, 50306

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Top Rated
10 / 10
  • Requirements and offers in under 5 minutes!
  • Low credit score, low interest rate, low down payment
  • Serving over 30 million customers
  • Offering a wide range of financing products
  • 3 types of 203(b) FHA loans available
  • 9.3 score on TrustPilot
  • Compare up to 5 free offers with no obligation