On May 26, 2016 Wells Fargo Bank announced a new 3% down payment home mortgage loan program. Loans will be made on a conforming loan basis (i.e. home value under $417,00.00). Wells Fargo will originate the loans and will service them, Fannie Mae will purchase the loans. Down payments can be sourced from gift money and low credit scores will be considered (FICO Score of 620 is mentioned). Borrowers must secure private mortgage insurance (PMI) and will not be eligible for FHA insurance.