Syda Productions, US Bank Half of America speechless after this from US Bank: all advantages, don't think twice
US Bank does what its clients were asking for and delights thousands of Americans: many already know this is the ideal moment
US Bank has launched a new program designed especially for those who want to buy a home in the United States. It's a mortgage that promises to be a great help. The best part: it's easy to understand, doesn't have long sentences, and is written so anyone can understand it.
The American bank has announced a low-cost mortgage with only a down payment starting at 3% of the purchase price. In addition, it offers up to 12,500 USD in assistance for the down payment, along with an extra 5,000 USD in bank credit that you can use to cover closing costs or to reduce interest rates.
US Bank confirms what many demanded about a mortgage
It also covers mortgage insurance and offers a fixed interest rate for the entire life of the loan. This program is called Access Home Loan and is part of a broader initiative by US Bank to promote homeownership in communities with a predominantly minority population.
The bank has set aside 100 million dollars over five years for this project, a great opportunity that makes buying a home viable for many families. The credit of up to 5,000 USD allows you to lower your costs or, even better, reduce the mortgage interest rate at signing. In addition, the bank takes care of mortgage insurance, which reduces your monthly burdens.
Basic requirements to sign this mortgage
First, you must live in an area where more than 50% of the population is minorities, according to the census. We're talking about one of the pilot cities such as Las Vegas, Los Angeles, Oakland, Milwaukee, Little Rock, Minneapolis, Riverside, Sacramento, San Diego, or St. Louis.
Your income must be equal to or less than the area's median income (HUD Area Median Income). Or, if you earn more, your future home must be in a low-to-moderate income area.
A minimum FICO score of 640 is also required, although rental or utility payment history can be used if your score is lower. You have to contribute at least 1,000 USD of your own funds as a personal contribution.
US Bank's commitment to mortgage holders
The bank commits to investing heavily: those 100 million dollars over five years aren't an empty bonus, but a real commitment to reducing inequalities in homeownership, especially for communities of color. It includes financial education, mortgage agents who represent those communities, and assistance throughout the entire process
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