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Empowering Homeownership: Midland States Bank Affordable Home Mortgage Program

Homeownership is more than a financial milestone; it’s a cornerstone of stability and belonging. Midland States Bank recognizes the challenges many face when seeking to become homeowners. In response, they’ve crafted the Believable Banking Home Mortgage program to facilitate affordable and successful homeownership while contributing to neighborhood revitalization.

Program Highlights:

  • Loan to Value – 100%: Offering maximum support by financing the entire property value.
  • Reduced Interest Rate: Making homeownership more affordable through reduced interest rates.
  • Home Types Supported: Single-family residences, attached or detached units, condos (1-4 units).
  • No Credit Score Requirement: Recognizing the limitations of traditional credit scoring systems.
  • Primary Residence Purchase: Focused on assisting individuals in acquiring their primary residence.
  • ITIN Borrowers Eligible: Expanding accessibility by allowing ITIN borrowers.
  • Minimum Contribution: Applicants must contribute a minimum of $1000 from their funds.
  • Eligibility Based on Income Levels: Applicants qualify based on the property location or income levels up to 80% of the area’s median income.

Follow the instructions below to verify if a property qualifies as a low-to-moderate income and major-minority census tract:

  1. Go to FFIEC.Gov
  2. Enter the address in the Address field
  3. Click Census Demographic Data
  4. If the Tract Income Level is Very Low, Low, or Moderate, the property qualifies
  5. If the Tract Income Level is Upper or Middle, the Tract Minority % must be greater than 50% for the property to qualify

(This includes much of St Louis, North County, and parts of Jefferson County.)

To Qualify, The Borrower Must:

  • Attend homeownership counseling
  • Deposit 1% of initial loan amount into a Emergency Reserve Fund. In addition, monthly deposits will be made into funds equal to .0055 of the loan balance (ex. 100,000 x .0055 = $45.83 per month)
  • Contribute a minimum of $1,000 from your funds. This may be applied to the down payment or closing costs and is in addition to the initial contribution to the Emergency Reserve Fund* 

Learn more HERE

Disclosure: Equal Housing Lender. Loans subject to credit approval and eligibility requirements. Homeownership counseling required. Please contact Midland States Bank for further details and eligibility requirements, or view midlandsb.com/personal-loans/home-loans/affordable-mortgage-program. Bank NMLS #411141. To learn more, visitwww.nmlsconsumeraccess.org. Member FDIC.

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