Access to homeownership
Bringing homeownership within reach
Being a homeowner is about more than owning property. It’s also a way to build wealth for yourself and future generations. And homeownership isn’t just for people with lots of money and perfect credit – affordable mortgages do exist! When you’re ready to become a homeowner, we’re here to support you.
Know your mortgage options.
As you start to think about buying a home, spend some time learning about the home loans that may be available to you. You might have heard about conventional fixed-rate mortgages or adjustable-rate mortgages. But there are other options that could work better with your financial background. You can also compare all mortgage loan options in one easy spot.
U.S. Bank American Dream loan
Works with other down payment and grant programs
- Down payment as low as 3% of purchase price
- Assistance funds available
- Mortgage insurance paid by U.S. Bank
U.S. Bank Access Home Loan
Up to a $5,000 lender credit
- Down payment as low as 3% of purchase price
- Mortgage insurance paid by U.S. Bank
- Available in select locations
FHA loan
Lower credit score requirements
- Down payment as low as 3.5% of purchase price
- Backed by Federal Housing Administration
- Requires mortgage insurance
VA loan
No or low down payment options for military members
- Doesn’t require mortgage insurance
- Backed by the Department of Veteran’s Affairs
- Simplified approval process
Connect with a mortgage loan officer (MLO).
Preparing to buy a home is a big deal. Our MLOs can answer your questions and help you through each stage of your homebuying journey. Think of an MLO as a partner. They can provide guidance on how much home you can afford, mortgage applications, underwriting and more.
Start taking steps toward homeownership.
1. Determine what you can afford.
A home may very well be the largest purchase of your life. This applies to the up front costs like a down payment, and to ongoing costs like insurance and maintenance. Think about your current budget and use this mortgage affordability calculator to figure out how much home you’d be able to afford. You can also visit our financial wellness guide for more resources, tools and even games.
2. Build upon your financial foundation.
Keeping track of how much you earn and spend might not sound like fun. But when you create a budget that works with your lifestyle and make saving a regular part of it, you can set a clear path to achieving your financial goals.
3. Manage your credit and your debt.
Understanding how credit works is your first step in building it, improving it and using it to your advantage. And keeping debt under control is key. After all, the most common forms of debt are auto loans, credit cards, personal loans – and mortgages.
Homebuying truths that might surprise you
Information about buying a home is abundant – and sometimes confusing. If you’re new to the process, here are a few truths you need to know.
Truth 1: You can have as little as 3% for a down payment.
Paying a higher down payment on a home can help you save money on interest in the long term. But you can pay as little as 3% of the home’s purchase price for a down payment. And you can find help to buy homes, like grants or special purpose credit programs.
Truth 2: For some mortgages, the minimum FICO® Score you need is 620.
You don’t have to have “excellent” credit to qualify for a mortgage, though a higher score can help you get a lower interest rate. That said, there are government-backed mortgages like Federal Housing Administration (FHA) loans that have even lower credit requirements.
Truth 3: You can have debt and purchase a home.
Lenders do look at how much you owe against how much money you bring in (known as your debt-to-income ratio, or DTI). And a general rule for lenders is that borrowers try to maintain a DTI of 36% or less. Having flexibility in your budget is important.
Our ongoing commitment to you
Our commitment to customer satisfaction may not be unique, but our approach to doing what’s right puts us a step above the rest. We’re proud of our community outreach with our Access Home commitment, and we continue to be recognized for our ethical and inclusive culture, digital capabilities and more.
See what it’s like to be a first-time homebuyer.
Learn how they navigated buying their first home.
Spend a few minutes with Shavez and Rosa. Hear about their experience and how their goal of homeownership became a reality with the help of a U.S. Bank mortgage loan officer.
Find out how she purchased the home she’d rented for 15 years.
Get a glimpse of Melody’s experience going from renter to owner. Find out how she was able to use the U.S. Bank Access Home Loan to make it possible.
Check out our homebuying resources.
Article
What is down payment assistance?
Learn about down payment assistance and how it can help make your dream of homeownership a reality.
Article
What credit score do you need to buy a house?
Get insights on credit scores, why they matter for mortgages, and how to maximize yours.
Article
Eight steps to take before you buy a home
Before you start to home shop, check these steps off your homebuying to-do list.
Article
How much house can you afford?
Crunch some numbers with our mortgage affordability calculator.
Article
Can you buy a house with low income?
Read about the options and programs that may make it possible.
Quiz
How prepared are you to buy a home?
Check your grasp of homebuying lingo and responsibilities with this short quiz.
Equal Housing Lender