What is the U.S. Bank Access Home Loan?

When you’re ready to buy a home, the U.S. Bank Access Home Loan can provide the support you need to do it. You can even combine it with other down payment assistance and grant programs.

Down payment as low as 3%

You only need to have 3% of your new home’s purchase price for a down payment. The Access Home Loan comes with down payment assistance funds that can help you get there.

Assistance funds available

Get assistance funds up to either $8,000 or 3% of the purchase price up to $12,500 – whichever is greater.1 Use them for a down payment, closing costs, required repairs or improvements.

Up to $5,000 lender credit

U.S. Bank will also provide up to a $5,000 credit2 that you can use to buy down your mortgage rate or pay other closing costs.

Mortgage insurance paid by U.S. Bank

U.S. Bank will cover the mortgage insurance cost.

A fixed interest rate for the life of the loan

The interest rate you get on day one will be the same rate you’ll have for the course of your 30-year loan.3

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 Access Home Loan can still work for you.

See if your location is eligible.

The Access Home Loan is available to those who currently live in majority-minority census tracts in the following areas: Fresno, Los Angeles, Las Vegas, Little Rock, Milwaukee, Minneapolis, Oakland, Riverside (CA), Sacramento, San Diego and St. Louis. For more detail, each location also includes a link to a metropolitan statistical area (MSA) map.

  • Faulkner County
  • Pulaski County
  • Grant County
  • Saline County
  • Perry County
Find a mortgage loan officer in your area View a map of the area

  • Milwaukee County
  • Ozaukee County
  • Washington County
  • Waukesha County
Find a mortgage loan officer in your area View a map of the area

  • Anoka County
  • Carver County
  • Chisago County
  • Dakota County
  • Hennepin County
  • Isanti County
  • Mille Lacs County
  • Ramsey County
  • Scott County
  • Sherburne County
  • St. Croix County
  • Washington County
  • Wright County
Find a mortgage loan officer in your area View a map of the area

  • El Dorado County
  • Placer County
  • Sacramento County
  • Yolo County
Find a mortgage loan officer in your area View a map of the area

  • Clinton County
  • Franklin County
  • Jefferson County
  • Lincoln County
  • Macoupin County
  • Madison County
  • Monroe County
  • St. Charles County
  • St. Clair County
  • St. Louis County
  • Warren County
Find a mortgage loan officer in your area View a map of the area

Don’t see your area listed? You may be eligible for our American Dream Loan, or other assistance programs in your area. Contact a mortgage loan officer to find out.

How to qualify

You must currently live in a majority-minority location, according to the census tract. A location is considered majority-minority if its total population is greater than 50% minority. To see if your current area is majority-minority, you can speak with a mortgage loan officer or find your address here.

Your income needs to be equal to or below the median income in the area you want to buy a home, or if you purchase a property in a low-to-moderate income census tract, there are no income restrictions. 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? Alternative credit data like your monthly rent, utility payments, income and employment information may be used.

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.

A powerful way that U.S. Bank can help you is through our network of CRA mortgage loan officers (MLOs). An MLO can show you how the Access Home Loan compares to other mortgages and tell you about other assistance programs in your area.

Find a mortgage loan officer

First-hand accounts from other first-time homebuyers

See how she bought the home she’d been renting for 15 years.

Get a glimpse of Melody’s experience going from renter to owner. Find out how she was able to use the U.S. Bank Access Home Loan to make it possible.

Watch how one couple approached the homebuying process.

Buying your first home is both exciting and stressful, no matter how prepared you might be. Here, Shavez and Rosa reflect on their experience.

Get answers to common questions.

No. The home you choose to buy can be in any state that has a U.S. Bank presence. These states include: 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.

Maybe. In general, the larger your down payment, the lower your mortgage interest rate and monthly payment. For the lowest interest rate, a 20% down payment is needed. But on average, first-time homebuyers put down about 6%.4 Down payment assistance can help you get there.

Qualifications for down payment assistance vary, but are normally based on your income, the price of the home you want to buy and your history as a homeowner. Often down payment assistance programs are reserved for first-time homebuyers, but not always.

To apply for an Access Home loan (which includes down payment assistance), reach out to a mortgage loan officer.

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Disclosures

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Mortgage, Home Equity and Credit products are offered through U.S. Bank National Association. Deposit products are offered through U.S. Bank National Association. Member FDIC.

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  1. The assistance funds loan payments are deferred, due upon sale of the property, first mortgage is refinanced or the first mortgage is paid off.

  2. The closing cost credit will be up to $5,000 for all approved loans at closing. If the amount due from the borrower for closing costs, points and prepaid costs exceeds $5,000, after the minimum $1,000 borrower out of pocket and all other applicable credits, the credit will be $5,000. If the final amount due from the borrower is less than $5,000, the credit will cover only the amount due, after the minimum $1,000 is applied.

  3. Estimated monthly payment and APR calculation are based on a down payment of 0% and borrower-paid finance charges of 0.862% of the base loan amount, plus origination fees if applicable. Estimated monthly payment and APR assumes that the VA funding fee of $6,072 is financed into the loan amount. Estimated monthly payment does not include amounts for taxes and insurance premiums. Estimated monthly payment does not include amounts for taxes and insurance premiums and the actual payment obligation will be greater.

  4. From the article “Before making a 20% down payment, read this”, published May 6, 2021, by Dan Green and The Mortgage Reports.

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