Make homeownership possible with our exclusive American Dream Mortgage.

If you’re thinking about buying a home but don’t have a high income, the American Dream loan could be right for you. It offers many benefits that can help you get over the buying threshold and into your next home. And it can also be combined with other grant and down payment assistance programs.

Don’t have 20% to put down on a home? It’s okay – even putting 3% down (a minimum of $1,000) can get you into a home. The American Dream loan down payment assistance funds can help you reach that 3% down payment.

Qualifying for an American Dream Mortgage

Credit score

Your FICO® Score must be at least 640 (or 680 for a property with more than one unit). Don’t have a FICO Score? We’ll use alternative credit data like your monthly rent, utility payments, income and employment information to build one.

Income

Your income needs to be equal to or below the median income in the area you want to buy a home or you must purchase a property in a low-to-moderate income area. Check median incomes by location.

Down payment

You have to contribute at least $1,000 to the home purchase.

Debt-to-income ratio

Your monthly debts, including housing, need to be less than 43% of your income. But you may qualify with a higher ratio (up to 45%) if your credit score is at least 700.

Education

You must complete a course on homebuying that explains the homebuying process, the benefits and challenges of homeownership, mortgage lending terms and more.

Our mortgage loan officers are available to answer your questions or guide you through the mortgage process.

Find a mortgage loan officer

Learn about the first-time homebuying process.

Whether you choose the American Dream loan or another mortgage, buying your first home is one of the most exciting – and stressful – moments of your life. Watch how one couple approached the process. You can also explore our first-time homebuyer guide for tools and resources designed to help make the homebuying process as stress-free as possible.

Discover other affordable mortgage options.

When you decide to buy a home, spend some time learning about the home loans that may be available to you. We have options for almost every mortgage need and we’re committed to helping you achieve your homeownership goals, regardless of your financial background.

U.S. Bank Access Home Loan

Up to $5,000 lender credit

  • Down payment as low as 3% of the purchase price
  • Up to $12,500 in assistance funds
  • Mortgage insurance paid by U.S. Bank
  • Available in select locations
Learn more Find a mortgage loan officer

FHA Loan

Lower credit score requirements

  • Down payment as low as 3.5% of purchase price
  • Flexible qualification guidelines
  • Requires mortgage insurance
Learn more Prequalify for an FHA loan

VA Loan

No or low down payment options for military members

  • Doesn’t require mortgage insurance
  • Flexible qualification guidelines
  • Simplified approval process
Learn more Prequalify for a VA loan

Get answers to common questions.

Availability and qualification requirements for down payment assistance programs vary by state. A U.S. Bank mortgage loan officer can provide information about programs available in your state and how to apply.

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Disclosures

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Mortgage, Home Equity and Credit products are offered through U.S. Bank National Association. Deposit products are offered through U.S. Bank National Association. Member FDIC.

  1. Footnote 1

    U.S. Bank and its representatives do not provide tax or legal advice. Your tax and financial situation is unique. You should consult your tax and/or legal advisor for advice and information concerning your particular situation.

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  2. Footnote 2

    From the article “Before making a 20% down payment, read this”, published May 6, 2021, by Dan Green and The Mortgage Reports.

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The American Dream loan product offered by U.S. Bank is not the same as the American Dream Downpayment initiative administered by HUD’s Office of Community Planning and Development under the HOME Investment Partnerships Program.