2022 US Bank Mortgage Review

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US Bank is a Minneapolis-based national bank that offers a variety of banking products and services as well as a handful of mortgage options. The lender offers conventional loans, Federal Housing Administration loans, Department of Veterans Affairs loans, jumbo loans and more.

  • Provides nationwide mortgages
  • Allows you to apply online without speaking with a loan officer first
  • Helps US Bank clients with closing costs

  • Lack of mortgage programs for first-time homebuyers or low-income borrowers
  • Requires at least 5% down payment for conventional loans

US Bank offers several mortgage loan programs, including:

  • Conventional
  • Adjustable Rate Mortgages
  • FHA
  • Virginia
  • Giant
  • Investment real estate loans
  • Loans for new buildings and land

US Bank does not disclose its minimum credit rating. In general, have a credit score of at least 620 if you are considering applying for a conventional loan.

Minimums may vary for other loan types.

Closing costs can vary depending on several factors, but are generally between 2% and 5% of the loan amount. If you qualify for US Bank Customer Credit, you could receive up to $1,000 in closing cost assistance.

mortgage calculator

Is your dream home within reach? US News’ Mortgage Calculator will show you how much home you can afford.

US Bank has an A rating with the Better Business Bureau.

The Consumer Financial Protection Bureau received 441 mortgage-related complaints in 2019 regarding US Bank. The most common complaints were about:

  • Problems during the payment process
  • Struggling to pay a mortgage
  • Apply for or refinance a mortgage
  • Closing of a mortgage

Every complaint received a quick response.

You can apply for a US Bank mortgage online, alone or with a loan specialist. You will also be able to upload documents, track the status of your loan application and sign disclosures electronically.

After your mortgage is closed, you can manage your account online on the bank’s website.

  • US bank customers
  • Homebuyers who wish to apply online
  • Homebuyers who can meet the bank’s down payment requirements

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