Our experts answer readers’ home-buying questions and write unbiased product reviews (here’s how we assess mortgages). In some cases, we receive a commission from our partners; however, our opinions are our own.
Insider’s Featured Mortgage Lenders
Overall lender rating
U.S. Bank Mortgage
Types of Loans Offered
Conforming, jumbo, FHA, VA, USDA, construction, investment property, American Dream program, Access Home Loan, HELOC, home equity loan
- Receive a VA mortgage with a credit score as low as 600
- Available in all 50 US states
- Receive up to $1,000 toward refinance closing costs if your initial mortgage is with US Bank
- Only has branches with local loan officers in 42 states
- Need to get prequalified to see personalized rates
Insider’s Take
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.
Product Details
- Offers home loans in all 50 US states and Washington, DC
- Has branches in 26 US states
- Minimum credit score and down payment displayed are for conforming mortgages
Pros and cons
U.S. Bank mortgage rates
US Bank displays 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.
On the bright side, U.S. Bank’s online rates are comparable to the national average rates on the Federal Reserve website. So you could get a low rate with this lender.
U.S. Bank vs. Bank of America mortgages
U.S. Bank offers more types of home loans than Bank of America. It’s the clear choice if you need a construction loan or home equity loan. You’ll also like U.S. Bank if you need a VA loan but your credit score is on the lower side. Bank of America requires a 620 credit score for VA loans, while U.S. Bank only requires a 600 score.
Bank of America has homebuyer assistance programs that vary by state. Depending on where you live, you may qualify for a grant or loan toward your down payment/closing costs.
U.S. Bank vs. Chase mortgages
You’ll want to go with U.S. Bank for construction loans or home equity loans. But Chase has a unique mortgage called Chase DreaMaker.
Chase DreaMaker is a program for lower-income borrowers that includes up to $3,000 in grants for a down payment or closing costs. Chase recently expanded this program to offer $5,500 to people who live in eligible neighborhoods and complete an educational course. If you qualify for this mortgage, you may prefer Chase.
How U.S. Bank mortgages work
US Bank has branches in 26 US states, and it provides loans in all 50 states. The lender offers the following types of home loans:
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. You can also get up to $10,000 in assistance with this loan. 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 no mortgage insurance. It also comes with 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.
Is U.S. Bank trustworthy?
The Better Business Bureau gives U.S. Bank an A- rating due to government action against the bank. The BBB looks at at responses to customer complaints, transparency about business practices, and honesty in advertising.
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.
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 15,000 customer reviews.
U.S. Bank mortgage FAQ
Yes, U.S. Bank is a good option for people who need various types of mortgages. It could be an especially strong choice if you need a VA loan, because it only requires a 600 credit score.
U.S. Bank requires lower credit scores than some big lenders, especially on VA mortgages, which can make it easier to get a mortgage. If you don’t have a credit score, U.S. Bank accepts non-traditional credit, like rent or utility payment history, on some of its loans.
Mortgage and refinance rates by state
Compare U.S. Bank’s rates to mortgage rates in your state:
Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
Washington, DC
West Virginia
Wisconsin
Wyoming
