American dream mortgage

When you become a homeowner you own more of your tomorrow. U.S. Bank is helping by creating greater access to homeownership with our American Dream loan.

We’re here to help you become a homeowner.

The U.S. Bank American Dream loan provides homebuyers the assistance they need to get over the buying threshold and into their next home. And it can be combined with other down payment assistance and grant programs.

Down payment as low as 3%

Don’t have 20% to put down on a home? It’s okay – even putting 3% down can get you into a home. The American Dream loan entry cost assistance can help you reach that 3% down payment.

Mortgage insurance paid by U.S. Bank

With an American Dream loan, U.S. Bank covers the mortgage insurance cost.

Assistance funds available

Get assistance funds up to either $5,500 or 3% of the purchase price up to $10,000 – whichever is greater. Use them for a down payment, closing costs, required repairs or improvements.

Competitive, fixed interest rate for the life of the loan

The interest rate you start with will stay the same over the course of your 30-year loan. 1

Works with those on income-driven repayment plans

If you’re in the process of managing your student loans with an income-driven repayment program, the American Dream loan can still work for you.

Available in 26 states

The American Dream loan is available in the following states: Arizona, Arkansas, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Utah, Washington, Wisconsin and Wyoming.

Don’t see your state listed? There may be other assistance programs in your area. Contact a mortgage loan officer to find out.

How to qualify

• Your income needs to be equal to or below the median income in the area you want to buy a home, or the property you are purchasing must be in a low-to-moderate income census tract. You can check median incomes by location.
• In most cases, your FICO ® Score must be at least 640 (or 680 if you’re interested in a property with more than one unit). Don’t have a FICO Score? The American Dream loan can build a score using alternative credit data like your monthly rent, utility payments, income and employment information.
• Your monthly debts, including housing, need to be less than 43% of your income.
• You have to contribute at least $1,000 to the home purchase.
• You must complete a course on homebuying.

Want to learn more? Reach out to a mortgage loan officer.

If you’d like to learn more about the American Dream loan, contacting a mortgage loan officer is your next step. They’ll be able to show you how the American Dream loan compares to other mortgages and tell you about other assistance programs in your area.

See what it’s like to be a first-time homebuyer.

Whether you choose the American Dream loan or another mortgage, buying your first home is at once exciting and stressful. Watch how one couple approached the process.

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