Mortgage Loan Options

Shopping for the right mortgage is like shopping for a new car…you need to find out which one “fits” you and your goals best. U.S. Bank offers a variety of options to best suit your individual needs. For additional options, email a U.S. Bank Home Mortgage Specialist  or call us toll-free at 888-461-4944.

Conventional - Fixed Rate Loans

Features

• Offers predictable payment option every month for the length of the loan
• Provides protection against rising interest rates because you lock in a fixed rate
• Presents flexibility if you plan to keep your home for several years

Benefits

• Ensures safety and security of a set payment on principal and interest for the entire loan term
• Provides interest rate float-down options for the ability to re-lock at a better rate before closing
• Provides various fixed rate loan terms available¹
• Offers no down payment options³
• Offers down payments as little as 5% on second home purchases
• Requires a lower down payment and allows higher debt ratios for first-time homebuyer programs⁴

Adjustable Rate Mortgage (ARM)

Features

• Gives you the most home for the lowest possible initial payment
• Allows flexibility if you plan on moving in a few years and are not concerned about possible rate increases

Benefits

• Offers start rates that are typically lower than the fixed rate home loans
• Choose from various initial fixed rate interest periods²

Government Loans

Features

• Offered in all states by the Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA)
• Offers fixed rate and adjustable rate mortgages with flexible qualification guidelines for all qualified borrowers

Benefits

• Provides veterans or people with low or moderate income the opportunity to become homeowners
• Helps those with limited savings finance a new home
• Offers Guaranteed Rural Housing Loans to qualified borrowers (formerly RECD)⁴
• Provides options (e.g., minimal down payment options, flexible qualification guidelines, etc.) for first-time homebuyers⁴

Jumbo Loans

Features

• Covers large mortgages totaling over $417,000
• Provides extra borrowing strength

Benefits

• Can use Conventional Fixed Rate Mortgage or Interest Only Payment Option⁵
• Allows primary residences having up to 4 units
• Allows second home and investment properties
• Offers allowable loan amounts up to $3,000,000
• Provides unrestricted maximum loan amount with 30% down or more

1.  The conforming mortgage principal and interest payment is fixed for the life of the loan.

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2.  The adjustable rate conforming mortgage annual percentage rate (APR) is subject to increase after consummation.

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3.  Down payment requirements vary by product and individual circumstances.

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4.  Homeownership education courses may be required for these programs and income limitations may apply.

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5.  JUMBO Programs 3776, 3777 certain restrictions and limitations apply.

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