U.S. Bank Mortgage Review 2024

U.S. Bank has several mortgage loan programs, including:

The lender also offers an affordable loan option called the American Dream loan. It offers down payments as low as 3% with no private mortgage insurance requirement. The program also offers up to $5,500 or 3% of the purchase price up to $10,000, whichever is greater. You can use the money for the down payment, to pay closing costs, or make any required repairs or improvements.

You can start the mortgage process online by getting prequalified, which will provide you with an estimate of how much you can borrow – this process won’t affect your credit score. From there, you can fill out an application online without needing to speak to a mortgage officer first. You can also find one in your area or request a call to get started.

You’ll provide the necessary information and documentation and keep in contact with the lender in case it needs more. You’ll then go through most of the closing process virtually, but a few important documents must be signed in person. U.S. Bank doesn’t provide an expectation of how long it typically takes to close a mortgage.

U.S. Bank doesn’t publicly disclose origination fees, lender fees and other closing costs, as they can vary depending on the loan. In general, though, you can expect to pay between 2% and 5% of the loan amount in closing costs.

The lender displays interest rates for each loan program on its website, but notes that the rates assume a credit score of 740 or higher, a down payment of 25% or more on a conventional loan – or the minimum required for FHA and VA loans – and the purchase of up to one discount point. You’ll need to begin the application process to find out what your specific loan rate will be.

Repayment terms include 15 and 30 years for home loans and up to 30 years for home equity products. The lender requires a down payment of at least 5% for conventional loans, but the American Dream loan requires only 3% and you can go as low as 0% with a VA loan.

Eligible U.S. Bank customers may be able to get a credit of 0.25% of the loan amount deducted from their closing costs, up to a maximum of $1,000. To qualify, you need an existing U.S. Bank first mortgage, a U.S. Bank Smartly Checking account or an existing Gold or Platinum checking package.

Eligibility criteria can vary depending on the loan program, and it’s recommended that you speak with a loan officer to learn more about what to expect in terms of credit score, down payment, debt-to-income ratio and other factors.

Most of U.S. Bank’s home loans are available in all 50 states, but the American Dream loan is only an option in 25 states.

U.S. Bank doesn’t publicly disclose its minimum credit score requirements, which can vary by loan type. In general, though, you can get a conventional loan with a score of 620 or higher or an FHA loan with a score of 580 or higher, or even 500 with a 10% down payment.

To assess your approval odds, you can go through the prequalification process, submit an application or speak with a mortgage loan officer.

U.S. Bank offers home loans in all 50 states, with the exception of the American Dream loan, which is only available in the following states: Arizona, Arkansas, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Utah, Washington, Wisconsin and Wyoming.

U.S. Bank has a B+ rating from the Better Business Bureau. The lender has a bad rating of 1.3 out of 5 stars on Trustpilot based on more than 600 customer reviews.

In 2022, the Consumer Financial Protection Bureau received 559 mortgage-related complaints about U.S. Bank, with common issues including trouble during the payment process and struggling to pay a mortgage. The company provided a timely response to all complaints. It closed 398 with an explanation, 120 with nonmonetary relief and 41 with monetary relief.

Prospective borrowers and existing customers can reach U.S. Bank’s customer service team by calling 844-785-2033. Alternatively, you can request a call from a mortgage officer by filling out an online form.

You can apply for a U.S. Bank mortgage loan completely online. You’ll also be able to upload documents, track your loan application status and sign disclosures electronically. Finally, you can elect to do most of the closing process online.

After your mortgage closes, you can manage your account online through the bank’s website.