American Dream program

American Dream program is sponsored by U.S. Bank. This opportunity supports mission-aligned projects and measurable outcomes.

American Dream Mortgage | Down payment assistance | U.S. Bank Dream big with our home loan and mortgage assistance program. The American Dream Mortgage from U.S. Bank provides greater access to homeownership through down payment assistance and flexible credit requirements. Make homeownership possible with our exclusive American Dream Mortgage.

If you’re thinking about buying a home but don’t have a high income, the American Dream loan could be right for you. It offers many benefits that can help you get over the buying threshold and into your next home. And it can also be combined with other grant and down payment assistance programs.

Speak with a mortgage loan officer Down payment as low as 3% Don’t have 20% to put down on a home? It’s okay – even putting 3% down (a minimum of $1,000) can get you into a home. The American Dream loan down payment assistance funds 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 loan. Works with 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.

The American Dream Mortgage loan is available in the following states: Arizona, Arkansas, California, Colorado, Connecticut, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Massachusetts, Minnesota, Missouri, Montana, Nebraska, Nevada, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Utah, Virginia, 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. Qualifying for an American Dream Mortgage Your FICO ® Score must be at least 640 (or 680 for a property with more than one unit).

Don’t have a FICO Score? We’ll use alternative credit data like your monthly rent, utility payments, income and employment information to build one. Your income needs to be equal to or below the median income in the area you want to buy a home or you must purchase a property in a low-to-moderate income area.

Check median incomes by location. You have to contribute at least $1,000 to the home purchase. Your monthly debts, including housing, need to be less than 43% of your income.

But you may qualify with a higher ratio (up to 45%) if your credit score is at least 700. You must complete a course on homebuying that explains the homebuying process, the benefits and challenges of homeownership, mortgage lending terms and more. Our mortgage loan officers are available to answer your questions or guide you through the mortgage process.

Find a mortgage loan officer Learn about the first-time homebuying process. Whether you choose the American Dream loan or another mortgage, buying your first home is one of the most exciting – and stressful – moments of your life. Watch how one couple approached the process.

You can also explore our first-time homebuyer guide for tools and resources designed to help make the homebuying process as stress-free as possible. First-time homebuyer guide - Additional permission under GNU GPL version 3 section 7 If you modify this Program, or any covered work, by linking or combining it with httpclient 4. 1.

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Discover other affordable mortgage options. When you decide to buy a home, spend some time learning about the home loans that may be available to you. We have options for almost every mortgage need and we’re committed to helping you achieve your homeownership goals, regardless of your financial background.

Compare all mortgage loan options U.S. Bank Access Home Loan Up to $5,000 lender credit Down payment as low as 3% of the purchase price Up to $12,500 in assistance funds Mortgage insurance paid by U.S. Bank Available in select locations Find a mortgage loan officer Lower credit score requirements Down payment as low as 3.

5% of purchase price Flexible qualification guidelines Requires mortgage insurance Prequalify for an FHA loan No or low down payment options for military members Doesn’t require mortgage insurance Flexible qualification guidelines Simplified approval process Get answers to common questions. How do I apply for down payment assistance? Availability and qualification requirements for down payment assistance programs vary by state.

A U.S. Bank mortgage loan officer can provide information about programs available in your state and how to apply. What is a down payment assistance program? Down payment assistance can include loans, grants, tax credits 1 and other programs designed to help eligible homebuyers cover down payment or even closing costs.

These programs are offered by federal, state, county or local government agencies, nonprofits or employers. Availability and qualification requirements vary by state. Does down payment assistance affect interest rate?

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%. 2 Down payment assistance can help you get there. Who qualifies for down payment assistance?

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. How do I apply for an American Dream Mortgage?

To apply for an American Dream loan (which includes down payment assistance), reach out to a mortgage loan officer . Start of disclosure content 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. Start of disclosure content Return to content, Footnote U.S. Bank and its representatives do not provide tax or legal advice. Your tax and financial situation is unique.

You should consult your tax and/or legal advisor for advice and information concerning your particular situation. From the article “ Before making a 20% down payment, read this ”, published May 6, 2021, by Dan Green and The Mortgage Reports.

Start of disclosure content The American Dream loan product offered by U.S. Bank is not the same as the American Dream Downpayment initiative administered by HUD’s Office of Community Planning and Development under the HOME Investment Partnerships Program.