US Bank Mortgage Loans are offered to those who are interested in purchasing a home. They have a variety of loan programs available, including adjustable rate mortgage loans, USDA loans, and jumbo loans. First time home buyers can take advantage of these programs to help them afford their new home. Read on to learn about these programs.
First-time home buyer programs
US Bank Mortgage Loans partners with Trellis, a nonprofit organization in Arizona, to provide down payment assistance to first-time homebuyers. The nonprofit has a long history of helping first-time homebuyers achieve their dream of homeownership. Through its educational outreach and connections to government and community resources, Trellis has helped more than 3,800 people become homeowners in nearly 46 years.
The Trellis housing program in Arizona addresses a pressing need. Approximately one-fourth of the state’s Hispanic population lives in poverty because of a lack of affordable housing. With recent eviction moratoriums and a booming housing market, the situation is only set to worsen. Prices for homes in Phoenix, for example, have grown beyond the reach of low-income homebuyers. Prices in the city reached an average of $405,000 in July, up 29% from a year ago. Because of the shortage of inventory, finding a home is a challenging process for first-time homebuyers.
Adjustable-rate loans – US Bank Mortgage Loans
US Bank offers a variety of mortgage loans, including adjustable-rate mortgages (ARMs). These loans allow borrowers to set a variable interest rate and pay less each month than they would otherwise. ARMs typically require at least 20 percent down payment and come in three, five, or ten-year terms.
Adjustable-rate US Bank mortgage loans can be obtained through the bank’s website. The bank also offers jumbo loans, government-backed loans, and mortgages for low-to-moderate-income borrowers. Several home equity loans are also available, including home equity lines of credit. The bank also offers a mobile app and online prequalification.
Whether you’re buying a new home or refinancing your current one, US Bank is the perfect financial partner. Their mortgage rates are competitive, and their customer service is top-notch. You can browse their website for mortgage information and current average rates.
USDA loans – US Bank Mortgage Loans
USDA loans are mortgages that require no down payment and offer low interest rates. The USDA guarantees these loans, making them a great option for borrowers who don’t have a perfect credit score or a good credit history. But there are some restrictions. To be eligible for a USDA loan, your home must be your primary residence, and you need to live in a rural area.
Jumbo loans – US Bank Mortgage Loans
If you want to buy a home that is more expensive than the typical conforming loan, consider a jumbo loan from US Bank. A jumbo loan is a loan with a higher limit than a typical conforming loan. This loan allows you to borrow more than $647,200 and is often used for luxury homes or for the purchase of a second home.
A jumbo loan is a loan that exceeds the federal conforming loan limit, which is $647,200 in most areas. In high cost areas, this amount can rise up to $970,800. To find out if you qualify for a jumbo loan, use a jumbo loan calculator. It will give you customized information based on your circumstances. Assuming that you are purchasing a single-family home as your primary residence, the calculator will make assumptions about the loan interest rate, closing costs, and lender fees.
Home equity loans – US Bank Mortgage Loans
US Bank offers a variety of home equity products, including home equity loans and HELOCs. Their low-rate mortgage loans and home equity lines of credit are excellent options for homeowners who have equity in their home. The bank has nearly 70,000 employees in 13 countries and more than 2,000 branches in 26 states. You can also access US Bank services through online banking. In fact, 65% of loan sales are completed digitally.
Home equity loans are one of the most popular ways to borrow money. They come with lower interest rates than many credit cards and can be paid back with fixed monthly payments. These loans can be a great way to finance major expenses, such as a college education.