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U.S. Bank Home Mortgage Offers One-of-a-Kind ``Payment Buster'' Program to New Home Buyers

MINNEAPOLIS, Jan 30, 2003 (BUSINESS WIRE) -- (NYSE:USB) Financing a new home just got easier as U.S. Bank has introduced a new mortgage loan that cuts monthly payments and makes getting into a new home affordable, particularly for those who don't have a lot of cash on hand.

The U.S. Bank Home Mortgage Payment Buster reduces monthly payments by offering a one-percent discount on the interest rate for the first year and eliminating the requirement to purchase mortgage insurance, which is an industry standard for loans of 80 percent or more of the property's value. The borrower may finance up to 100 percent of the value of the home and lower their monthly payments without the need to purchase mortgage insurance.

Available on 25-year and 30-year conventional fixed-rate mortgages, the Payment Buster also makes it easier for homebuyers to get into a home with less cash up-front because the down payment, which is typically required in cash, may now be borrowed.

"This program is unlike any other in the country," said Dan Arrigoni, president of U.S. Bank Home Mortgage. "Our goal is always to help people get into homes, plain and simple, and by setting aside conventional thinking about how to structure a mortgage we've come up with a formula that eliminates some barriers and makes homeownership a reality for more people."

U.S. Bank Home Mortgage originates mortgage loans in all 50 states.

U.S. Bancorp, with assets in excess of $180 billion, is the 8th largest financial services holding company in the United States. The company operates 2,142 banking offices and 4,604 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is home of the Five Star Service Guarantee which assures customers of certain key banking benefits and services or customers will be paid for their inconvenience. U.S. Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on the web at usbank.com.

CONTACT:          U.S. Bank
                  Teri Charest, Media Relations, 612/303-0732

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SOURCE: U.S. Bank

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.



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