Which type of mortgage best fits my needs?

U.S. Bank is a leader in the mortgage industry, and many of our customers have said they would recommend us in the future. We offer loans that meet almost every mortgage need, and our mortgage loan officers are ready to go to work for you. Current U.S. Bank clients with an existing first mortgage, a U.S. Bank Smartly™ Checking account or an existing Gold or Platinum Checking Package may be eligible for a client credit.1 Take 0.25% of your new first mortgage loan amount and deduct it from the closing costs, up to a maximum of $1,000 off.2

Loan type

Key benefits

Worth considering if you...

Conventional fixed-rate loans
  • The lowest fixed rates for eligible buyers
  • No interest-rate surprises
  • Plan to stay in your home for a long time
  • Have an established credit history
  • Can put at least 5% down on a home

Adjustable-rate mortgages (ARMs)
  • The lowest short-term rates
  • Initial lower monthly payments
  • Initial rate periods of 5-10 years, then rates can adjust up or down
  • Know you'll be moving within the next few years
  • Have an established credit history
  • Can put at least 5% down on a home

FHA loans
  • Low down payments
  • Flexible qualification guidelines
  • Fixed-rate
  • Have limited funds for a down payment
  • Don't have an established credit history or have experienced credit challenges in the past

VA loans
  • Low or no down payments
  • No mortgage insurance requirement
  • Flexible qualification guidelines
  • Fixed-rate and ARM options
  • Are an active military member or veteran
  • Are the surviving spouse of a service member who died as a result of military service

Jumbo loans
  • Increased purchase limits for higher-priced properties
  • Competitive rates
  • Fixed-rate and ARM options
  • Are buying a home that exceeds conforming loan limits ($766,550 in most areas)
  • Have an established credit history
  • Want low down payment options

American Dream loan
  • Down payment as low as 3% of the purchase price
  • Up to $10,000 in assistance funds
  • Mortgage insurance paid by U.S. Bank
  • A fixed interest rate for the life of the loan
  • Are a low-to-moderate income borrower
  • Have limited funds for a down payment

Access Home loan
  • Down payment as low as 3% of the purchase price
  • Up to $12,500 in assistance funds
  • Mortgage insurance paid by U.S. Bank
  • A fixed interest rate for the life of the loan
  • Available in select locations
  • Have limited funds for a down payment
  • Currently live in a majority-minority location where the total population is greater than 50% minority

Investment property loans
  • Financing for residential rental property with 1-4 units
  • A variety of loan options to choose from
  • Want to become a landlord
  • Are buying a second home

New construction and lot loans
  • Convenient financing for new construction
  • Construction-to-permanent loan options
  • Are building a new home to your specifications
  • Are buying a lot for a future home

Loan type

Conventional fixed-rate loans

Key benefits
  • The lowest fixed rates for eligible buyers
  • No interest-rate surprises

Worth considering if you...
  • Plan to stay in your home for a long time
  • Have an established credit history
  • Can put at least 5% down on a home

Loan type

Adjustable-rate mortgages (ARMs)

Key benefits
  • The lowest short-term rates
  • Initial lower monthly payments
  • Initial rate periods of 5-10 years, then rates can adjust up or down

Worth considering if you...
  • Know you'll be moving within the next few years
  • Have an established credit history
  • Can put at least 5% down on a home

Loan type

FHA loans

Key benefits
  • Low down payments
  • Flexible qualification guidelines
  • Fixed-rate

Worth considering if you...
  • Have limited funds for a down payment
  • Don't have an established credit history or have experienced credit challenges in the past

Loan type

VA loans

Key benefits
  • Low or no down payments
  • No mortgage insurance requirement
  • Flexible qualification guidelines
  • Fixed-rate and ARM options

Worth considering if you...
  • Are an active military member or veteran
  • Are the surviving spouse of a service member who died as a result of military service

Loan type

Jumbo loans

Key benefits
  • Increased purchase limits for higher-priced properties
  • Competitive rates
  • Fixed-rate and ARM options

Worth considering if you...
  • Are buying a home that exceeds conforming loan limits ($766,550 in most areas)
  • Have an established credit history
  • Want low down payment options

Loan type

American Dream loan

Key benefits
  • Down payment as low as 3% of the purchase price
  • Up to $10,000 in assistance funds
  • Mortgage insurance paid by U.S. Bank
  • A fixed interest rate for the life of the loan

Worth considering if you...
  • Are a low-to-moderate income borrower
  • Have limited funds for a down payment

Loan type

Access Home loan

Key benefits
  • Down payment as low as 3% of the purchase price
  • Up to $12,500 in assistance funds
  • Mortgage insurance paid by U.S. Bank
  • A fixed interest rate for the life of the loan
  • Available in select locations

Worth considering if you...
  • Have limited funds for a down payment
  • Currently live in a majority-minority location where the total population is greater than 50% minority

Loan type

Investment property loans

Key benefits
  • Financing for residential rental property with 1-4 units
  • A variety of loan options to choose from

Worth considering if you...
  • Want to become a landlord
  • Are buying a second home

Loan type

New construction and lot loans

Key benefits
  • Convenient financing for new construction
  • Construction-to-permanent loan options

Worth considering if you...
  • Are building a new home to your specifications
  • Are buying a lot for a future home

What documents do I need for my mortgage application?

Now that you know more about the different types of mortgage loans, find out which documents you need to apply for a mortgage.

View our mortgage checklist

Take the next step with us

Find a mortgage loan officer
Call 888-291-2334
Request a call
Start your application
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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.

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  1. Clients may be eligible for this credit with an existing U.S. Bank first mortgage, a U.S. Bank Smartly Checking account or an existing Gold or Platinum Checking Package. A minimum of $25 is required to open a U.S. Bank Smartly Checking account. For a comprehensive list of account pricing, terms and policies see the Consumer Pricing Information disclosure and the Your Deposit Account Agreement. These documents can be obtained by contacting a U.S. Bank branch or calling 800-872-2657.

  2. To calculate the U.S. Bank Client Credit, take 0.25% of your new first mortgage loan amount and deduct it from the closing costs. For purchase or refinance transactions, the maximum credit is $1,000. Certain mortgages may not be eligible for stated credits. Offer may not be combined with any other mortgage offers and can only be applied once per property within a 12-month period.

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