First-time homebuyer guide and resources

To qualify for mortgage loans that are best suited for first-time homebuyers, there are general requirements that can include,

• Down payment amount
• Household income limitations
• Credit score

Our mortgage loan officers can work with you to see if you qualify for any first-time homebuyer programs.

Depending on your home-ownership goals, we have a lot of great mortgage loan options for first-time buyers. Just to name a few, conventional loans can be ideal if you've been saving for a while and have a strong credit score. FHA loans can help if you're looking for a lower down payment option. Our mortgage loan officers can also help you determine which mortgage loan would work best for you.

Depending on how much you can afford, your down payment could make a big impact on your monthly mortgage payments. Currently the U.S. Bank average down payment is about 11% for a first-time homebuyer. We offer several products that allow an even lower down payment percentage, though you could avoid certain fees associated with mortgages, and lower your monthly payment, by maximizing your down payment. A 20% down payment typically eliminates the addition of private mortgage insurance, or PMI.

You don’t need perfect credit to qualify for a mortgage loan, but your credit score is definitely one factor that lenders consider. You could qualify for a U.S. Bank mortgage loan with a credit score as low as 620, but monitoring your credit activity will be important as you prepare to buy a home. The higher your score, the better.