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US Bank |
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| Editor’s rating | 4 / 5 |
| Minimum credit score | 620 |
| Minimum down payment | 3% |
| Types of mortgages | Conforming, jumbo, FHA, VA, construction, HELOC, home equity loans, refinance |
*Minimum credit score and down payment are for conforming mortgages
Overall lender rating
| Feature | Insider rating (out of 5) |
| Loan types | 5 |
| Affordability | 4 |
| Customer satisfaction | 3 |
| Trustworthiness | 4 |
| Total | 4 |
Pros and cons
| Pros | Cons |
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US Bank mortgage rates
Some lenders will customize your mortgage rates online by asking for your zip code, down payment amount, or credit score. US 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, US 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.
How US Bank mortgages compare
We’ve compared US Bank to two other large lenders that offer mortgages in all 50 states: Bank of America and Chase.
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US Bank |
Bank of America |
Chase |
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Types of home loans Conforming, jumbo, FHA, VA, construction, HELOC, home equity loans |
Types of home loans Conforming, jumbo, FHA, VA, HELOC |
Types of home loans Conforming, jumbo, FHA, VA, HELOC, Chase DreaMaker |
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Standout feature Strong VA loans |
Standout feature Homebuyer assistance programs |
Standout feature Chase DreaMaker Mortgage |
US Bank mortgage vs. Bank of America mortgage
US 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 US 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 US 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.
US Bank mortgage vs. Chase mortgage
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 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 US Bank mortgages work
- Conforming
- Jumbo
- FHA
- VA
- Fixed-rate
- Adjustable-rate
- Construction loan
- Home equity line of credit (HELOC)
- Home equity loan
If you refinance, you can choose between a rate-and-term refinance or cash-out refinance. You may refinance your FHA loan with US Bank, but to do a streamline 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 an A+ rating. The BBB looks at at responses to customer complaints, transparency about business practices, and honesty in advertising.
US Bank does have a recent controversy, though. In 2020, the lender paid the US government $200 million for approving FHA loans for mortgage insurance even though either a) borrowers didn’t meet requirements for FHA loans, or b) US Bank didn’t check their credit scores.
This lawsuit wasn’t settled until 2020, but the dishonest lending practices took place from 2006 to 2011.
Mortgage and refinance rates by state
Compare US 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
Utah
Vermont
Virginia
Washington
Washington DC
West Virginia
Wisconsin
Wyoming
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