At a glance: U.S. Bank mortgage options

U.S. Bank is a large national bank based in Minneapolis. Loans are available nationwide.

For more information on its home equity line of credit, read our review of the U.S. Bank HELOC.

» MORE: How to choose a mortgage lender

U.S. Bank special offers and discounts

U.S. Bank stands out for two assistance programs that help make homebuying more affordable. Home buyers must meet income and location requirements to qualify. Options include:

• U.S. Bank Access Home Loan: Available in 11 majority-minority census tracts, this 3% down payment mortgage includes lender-paid mortgage insurance; a closing costs (or rate buydown) credit up to $5,000; and assistance funds up to $12,500 (as a deferred loan) to use for a down payment, closing costs or repairs.

• U.S. Bank American Dream loan: Available in 31 states, this 3% down payment mortgage offers up to $10,000 in assistance funds and lender-paid mortgage insurance.

Borrowers without a FICO score can qualify using alternative credit data, such as on-time rent payments. Each loan can be combined with other assistance programs.

» MORE: Down payment assistance: How it works, where to find it

What mortgages does U.S. Bank specialize in?

A lender’s experience with your loan type can make a big difference. We looked at the latest federal data to find the types of mortgages U.S. Bank handles most often.

Most of its loans are conventional, but U.S. Bank also handles one of the largest shares of jumbo loans among lenders reviewed at NerdWallet.

How we score U.S. Bank mortgage

Each year, NerdWallet writers and editors dig into the latest data and independent research on mortgage lending. Then, we rate lenders based on categories that matter most to mortgage borrowers.

U.S. Bank has a NerdWallet home loans rating of five stars overall. Here’s a breakdown of this year’s score.

• The Nerdy details: Our rating system, explainedThe Nerdy details: Our rating system, explained

  Ah, so you’re the “read the fine print” type? We got you. Here’s how our scoring rubric works.

  Average mortgage rates and fees (30%)

  We review federal data (as reported by the lenders) and analyze mortgage lenders’ average fees and interest rates across all loan types. Lenders with the lowest average costs get the highest star ratings. Keep in mind: Loans that are easier to qualify for, like FHA loans, usually have higher rates and fees because lenders see them as a higher risk. Pro tip: Paying some fees upfront can sometimes lower your interest rate.

  Mortgage rate transparency (25%)

  We look at how easy it is to compare mortgage rates online. Lenders get higher transparency ratings if they show sample rates on their website. (Not all lenders do!) The best ratings go to lenders that offer interactive tools that let you customize a rate quote on your own.

  Variety of loan types (25%)

  There’s no one-size-fits-all mortgage. Lenders earn top ratings in this category when they offer a large variety of mortgage types. The more variety, the higher their score. A lender earns points for purchase and refinance; fixed and adjustable rates; FHA, VA or USDA loans; renovation or construction loans; and home equity loans or HELOCs.

  Customer experience (20%)

  How easy is it to work with this lender? Top-rated lenders offer helpful features like online applications, multiple ways to get support, a user-friendly mobile app and clear updates about the loan closing timeline.

U.S. Bank bonus points

U.S. Bank earned bonus points for its down payment and closing cost assistance programs as well as offering conventional loans for manufactured homes.

» MORE: How to get the best mortgage rate

U.S. Bank reputation and customer experience

NerdWallet’s star ratings look at objective factors like rates, fees and loan options. To give you a sense of what the borrower experience is really like, we pulled the latest customer satisfaction scores from J.D. Power and Zillow and we contacted the lender’s customer support.

U.S. Bank customer service options

Here’s how you can get in touch with U.S. Bank.

» MORE: How to apply for a mortgage

Alternatives to a U.S. Bank mortgage

Our biggest tip: Get offers from at least three different mortgage lenders. Comparison shopping can save you thousands of dollars. You can get rate quotes yourself, or work with a mortgage broker to shop around on your behalf.

Bank of America offers multiple grant assistance programs, providing up to $17,500 to buyers who qualify.

PNC Bank offers grant assistance up to $15,000 to borrowers who qualify, and its PNC Community Loan has no private mortgage insurance.

» MORE: Best mortgage lenders

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