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U.S. Bank Mortgage is one of the best mortgage lenders for first-time buyers. It offers a variety of different types of mortgages, and it has some valuable benefits like down payment and closing cost assistance for eligible borrowers and a discount for bank customers.
U.S. Bank Mortgage On Bankrate's website Insider’s Rating A five pointed starA five pointed star
A five pointed star
A five pointed star
A five pointed star
Recommended Credit Minimum Down Payment Types of Loans OfferedConforming, jumbo, FHA, VA, USDA, construction, investment property, American Dream program, Access Home Loan, HELOC, home equity loan
U.S. Bank is one of the best mortgage lenders for first-time buyers. It offers more types of mortgages than most lenders, so it's a good option for many borrowers. Its VA mortgages are particularly strong.
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On Rocket Mortgage's website On AmeriSave Mortgage Corporation's website On New American Funding's websiteU.S. Bank lends mortgages in all 50 states and has branches throughout the U.S. Additionally, the bank has local loan officers in 42 states who you can get started with directly. You can use the bank's search tool to locate a mortgage pro near you.
U.S. Bank offers the following types of mortgages:
U.S. Bank also has a couple of mortgage programs to help first-time and low-income buyers achieve homeownership.
The American Dream mortgage lets borrowers put just 3% down without paying for mortgage insurance. It also comes with up to $10,000 in assistance. It's available in Arizona, Arkansas, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Utah, Washington, Wisconsin, and Wyoming.
The Access Home Loan is a similar program, allowing 3% down with lender-paid mortgage insurance. This program also offers assistance up to $12,500 and a $5,000 lender credit. This loan is only available in certain census tracts in Fresno, Los Angeles, Las Vegas, Little Rock, Milwaukee, Minneapolis, Oakland, Riverside, Sacramento, San Diego, and St. Louis.
Both of these mortgages allow borrowers to apply using non-traditional credit, such as rent or utility payment history, if they don't have a credit score. Otherwise, you'll need a minimum score of 640.
You can get prequalified or start an application on U.S. Bank's website or over the phone. If you prefer to start with someone local, you can search for loan officers in your state on the bank's website. Then you can give them a call, start an application online, or potentially get started with them in person.
In our review of the latest Home Mortgage Disclosure Act data, we found that U.S. Bank's rates were a little bit lower than average.
U.S. Bank displays sample mortgage rates for fixed-rate, adjustable-rate, FHA, VA, and jumbo home loans on its website. The rates shown assume you have a minimum 740 credit score and are buying a single-family home.
Some lenders will customize your mortgage rates online by asking for your ZIP code, down payment amount, or credit score. U.S. Bank doesn't allow you to personalize rates, though — you'll need to apply for prequalification to get a general idea of what you'd pay.
In 2022, the average borrower getting a conventional loan from U.S. Bank paid $2,086 in origination charges, according to HMDA data. This is below average compared to other mortgage lenders.
This mortgage lender offers a range of loan types that should meet most borrowers' needs. It has standard mortgage options, including conforming and government-backed loans, as well as home equity loans and HELOCs and more niche types of mortgages.
U.S. Bank earns points in affordability for its American Dream and Access Home Loan options, which make homeownership more accessible to first-time and low-income buyers. Plus, its average rates and fees are on the low end. But the minimum down payment on its regular conforming loans is 5%, while many lenders accept just 3% down. It also requires a minimum credit score of 640 on its FHA loans, while the typical minimum for these loans is just 580.
U.S. Bank ranked average in J.D. Power's 2023 Mortgage Origination Satisfaction Study. On its Zillow lender page, the bank has a 4.98 out of 5-star rating, based on over 16,000 customer reviews.
The Better Business Bureau gives U.S. Bank an NR or "no rating" because it says it doesn't have enough information to give the bank a rating.
In 2023, U.S. Bank settled allegations from the Consumer Financial Protection Bureau that the bank illegally pulled customers' credit reports and opened accounts in their names without permission.
We like that U.S. Bank offers mortgages geared toward first-time and low-income borrowers, which include its American Dream mortgage and the Access Home Loan. Borrowers can get up to $10,000 in assistance with the American Dream program and up to $17,500 in assistance and lender credits with the Access Home Loan.
This lender's average mortgage rates and origination costs are slightly cheaper than average as well.
If you currently have a U.S. Bank mortgage, a U.S. Bank Smartly Checking account, or an existing Gold or Platinum Checking Package, you may be eligible for a 0.25% closing cost discount on your new mortgage, up to $1,000.
In some cases, U.S. Bank has more stringent requirements on its loans compared to other lenders. Many mortgage lenders allow down payments of just 3% on conforming mortgages, but U.S. Bank requires at least 5%.
If you're getting an FHA loan from this lender, you'll need at least a 640 credit score. But many FHA lenders accept credit as low as 580. Some even allow scores down to 500 with a large down payment.
Many lenders provide tools that allow borrowers to see what rate they might get based on their credit score, down payment, and other loan details.
But to see customized mortgage rates with U.S. Bank, you'll need to talk to a loan officer or apply for prequalification. This can be inconvenient if you're just researching potential lenders and aren't ready to give out your contact information just yet.
Business Insider looked at positive and negative customer reviews, online forums, BBB complaints, and other sources to understand what borrowers think about U.S. Bank mortgages.
We saw many positive reviews from previous U.S. Bank borrowers that talked about how smoothly the process went, and some even said they were able to close relatively quickly. Customers also had many positive things to say about the mortgage pros they worked with, and we saw frequent mentions of how their loan officers were regularly in touch with them throughout the process.
U.S. Bank is a similar lender to Bank of America, though U.S. Bank has slightly more mortgage options. However, Bank of America allows 3% down payments on its conforming loans, while you'll need 5% down to qualify with U.S. Bank.
Bank of America has a mortgage called the Community Affordable Loan Solution that requires no down payment, no closing costs, and no minimum credit score. But it's only available in a few cities in the U.S. If you're looking for an affordable mortgage program, you might want to compare Bank of America's program with U.S. Bank's programs to see what you're eligible for.
Chase is another good lender if you're looking for affordable mortgage options. The Chase DreaMaker mortgage is a program for lower-income borrowers that allows 3% down with reduced mortgage insurance. Plus, the Chase Homebuyer Grant offers up to $7,500 in down payment or closing cost assistance.
But Chase has relatively limited mortgage offerings, and no home equity loan or HELOC options. So depending on what kind of mortgage you're looking for, U.S. Bank could be the better choice.
If you already have a mortgage or eligible banking account with U.S. Bank, you might benefit from getting your next mortgage with this lender so you can take advantage of its customer discount, which offers up to $1,000 off your closing costs.
U.S. Bank offers two extremely affordable mortgage programs that come with generous amounts of down payment and closing cost assistance. If you live in an eligible area and are able to qualify for one of these loans, they can make homeownership much more accessible.
Does U.S. Bank have good mortgage rates? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Based on our review of the latest HMDA data, U.S. Bank's mortgage rates are slightly below average.
What's the customer service like for U.S. Bank mortgages? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
In general, previous customers seem very pleased with the customer service they received while working with U.S. Bank. In reviews, many said their loan officers were communicative and made the process go smoothly.
How long does it take to close a mortgage with U.S. Bank? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
It may take between one or two months to close on a mortgage, though we did see some reviewers say their U.S. Bank mortgages closed surprisingly quickly.
Are there special programs offered by U.S. Bank? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
U.S. Bank has two special mortgage programs, the American Dream mortgage and the Home Access Loan, that come with down payment/closing cost assistance and lender credits.
What are some alternatives to U.S. Bank mortgages? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
If you're considering getting a mortgage with U.S. Bank, you also should get approved with other lenders so you can compare offers and be sure you're getting the best deal. Consider reaching out to local lenders or credit unions, or other big banks like Bank of America or Chase.
We look at four factors — loan types, affordability, customer satisfaction, and trustworthiness — and give each a rating between 1 and 5, then we average these individual ratings for the overall lender rating. Lenders get higher ratings if they offer a large number of loan types with affordable features, have positive customer reviews, and don't have any recent public controversies.
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