Lender review
Wells Fargo review: what Michigan borrowers should know
A major national bank with Michigan branches and its Dream. Plan. Home. closing-cost credit for eligible buyers. Wells Fargo has scaled back parts of its mortgage business in recent years, so confirm current program availability before you count on it.
Best for: existing wells fargo customers wanting branch service
- Headquarters
- San Francisco, CA
- Founded
- 1852
- NMLS
- #399801
- Min. credit score
- 620
- Min. down payment
- 3%
- MSHDA MI Home Loan
- Not on the list
What works
- Branch network including Michigan locations
- Closing-cost credits and homebuyer grants for eligible buyers
- Full conventional and government product range
What to watch
- Has pulled back parts of its mortgage operation recently
- Big-bank timelines and process
- Mixed customer-service reputation historically
The full picture on Wells Fargo
Wells Fargo remains a household name with Michigan branches on the ground, and its Dream. Plan. Home. credit can put closing-cost help in front of eligible buyers. On paper it offers the full conventional and government lineup a big bank is expected to carry.
Confirm before you count on it
The complication is recent history. The bank has pulled back parts of its mortgage operation over the last few years, trimming its ambitions in home lending.
Weigh the tradeoffs
Expect big-bank timelines and a customer-service reputation that has been uneven over the years.
For an existing customer who values a branch and a familiar login it can make sense, but a first-time buyer with no ties should line it up against leaner competitors first.
Loan programs at Wells Fargo
Which core Michigan loan types Wells Fargo offers, with the typical minimum down payment for each program. Program floors are industry standards — Wells Fargo's own minimums or credit overlays may run higher.
| Loan program | Offered | Typical min. down |
|---|---|---|
| Conventional | ✓ Yes | 3% |
| FHA | ✓ Yes | 3.5% |
| VA | ✓ Yes | 0% |
| USDA | — No | — |
| Jumbo | ✓ Yes | 10–20% |
| Construction | — No | — |
Where Wells Fargo's credit bar sits
Wells Fargo's roughly 620 minimum sits in the good credit range. Below, that 620 floor is plotted against the four broad credit tiers and the 620 median for the 55 Michigan lenders we track.
| Wells Fargo | Michigan median* | |
|---|---|---|
| Editorial score | 3.8 / 5 | 4.0 / 5 |
| Min. credit score | 620 | 620 |
| Loan programs offered | 4 | 5 |
| Michigan-headquartered | No | — |
*Median across the 55 Michigan lenders in our catalog.
Compare: loanDepot Rate (Guaranteed Rate) Fairway Independent Mortgage This week's Michigan rates
Wells Fargo: frequently asked questions
What credit score do you need for a Wells Fargo mortgage?
Wells Fargo generally looks for a credit score around 620 on its most common loans. Its FHA loans can go lower — often to 580, or 500 with a larger down payment — while conventional and jumbo loans usually want higher scores. That 620 is a floor, not a promise: every lender layers on its own overlays, and approval still turns on your income, debts and the property.
Will Wells Fargo sell my mortgage after closing?
It may. Many lenders sell the servicing rights to a loan after closing, so ask Wells Fargo directly whether it retains servicing or transfers it — your rate and terms won't change either way.
Independent and unpaid — Wells Fargo did not pay for placement. How we score every lender (and where our rate data comes from) is set out in our editorial policy. Figures reflect public information as of 2026-07-16 and can change; the only rate that binds a lender is a written Loan Estimate. Verify the license at NMLS Consumer Access (#399801). MSHDA status reflects the state's MI Home Loan lending-partners list dated June 12, 2026, which changes over time.