Good lender for many types of mortgages

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Benefits
  • Receive a VA mortgage with a credit score as low as 600
  • Available in all 50 US states
  • Receive up to $1,000 for refinance closing costs if your original mortgage is with US Bank
The inconvenients
  • No USDA Mortgage
  • Does not accept alternatives to a credit score, such as utility bills
  • To streamline refinancing your FHA mortgage, your original mortgage must already be with US Bank

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More information
  • Offers home loans in all 50 US states and Washington, DC
  • Has branches in 26 US states
  • Does not accept other sources of credit in lieu of a credit score
  • Minimum credit score and down payment shown are for conforming mortgages

Overall Lender Rating

Advantages and disadvantages

US Bank Mortgage Rates

US Bank posts mortgage rates for fixed rate, variable rate, FHA, VA and jumbo home loans on its website. Rates shown assume you have a minimum credit score of 740 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. US Bank doesn’t let you customize rates, though – you’ll need to apply for prequalification to get a general idea of ​​what you’d pay.

On the bright side, US Bank’s online rates are comparable to those national average rates on the Federal Reserve website. So, you might get a low rate with this lender.

US Bank vs. Bank of America Mortgages

US Bank offers more types of home loans than Bank of America. It’s the obvious choice if you need a construction loan or a home equity loan. You’ll also like US Bank if you need a VA loan but your credit score is down. Bank of America requires a 620 credit score for VA loans, while US Bank only requires a 600 score.

Bank of America has home buying assistance programs which vary by state. Depending on where you live, you may qualify for a grant or loan for your down payment/closing costs.

US Bank mortgage loans against Chase

You’ll want to go with US Bank for construction loans or home equity loans. But Chase has a unique mortgage called Chase DreaMaker.

Chase DreamMaker is a program for low-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 take an educational course. If you qualify for this mortgage, you may prefer Chase.

How US Bank Mortgages Work

US Bank has branches in 26 US states and lends in all 50 states. The lender offers the following types of home loans:

If you are refinancing, you can choose between a rate and term refinance or a cash-out refinance. You can refinance your FHA loan with US Bank, but to do a simplified refinance—which doesn’t require a credit check or home appraisal—your original FHA loan must be with US Bank.

Is US Bank Trustworthy?

The Better Business Bureau gives US Bank a A+ rating. The BBB examines responses to customer complaints, transparency of business practices and honesty in advertising.

US Bank has a recent controversy, however. In 2020, the lender paid the US government $200 million for approving FHA loans for mortgage insurance even though a) the borrowers did not meet the FHA loan requirements, or b) the US Bank did not check their credit scores.

That lawsuit was only settled in 2020, but the dishonest lending practices took place from 2006 to 2011.

US Bank Mortgage FAQs

Is the American bank good for a mortgage?

Yes, US Bank is a good option for people who need different types of mortgages. This could be a particularly good choice if you need a VA loan, as it only requires a credit score of 600.

How easy is it to get a mortgage from US Bank?

US Bank requires lower credit scores than some major lenders, especially for VA mortgages, which can make it easier to get a mortgage. Some lenders accept other credit data with your application, such as proof that you pay your bills on time. US Bank does not accept alternative data, however – it strictly looks at your credit score.

Mortgage and Refinance Rates by State

Compare US Bank 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
Caroline from the south
South Dakota
Tennessee
Utah
Vermont
Virginia
Washington
washington d.c.
West Virginia
Wisconsin
Wyoming

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