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Midland States Bank provides an affordable pathway to homeownership with our Believable Banking Home Mortgage Program.

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Our Affordable Mortgage Option

Our Believable Banking Home Mortgage is an affordable mortgage option designed to make buying a home with low income or in an underserved neighborhood a reality. We also provide refinancing that can help you lower your interest rate, reduce your monthly mortgage payments or adjust your loan term. The Believable Banking Home Mortgage has a unique structure and flexible underwriting guidelines that are essential in our effort to empower people to overcome some of the challenges in mortgage qualification. You may be able to qualify for a mortgage, even with low credit.

house icon with dollar signAffordable Mortgage Program

Some of the features of our Believable Banking Home Mortgage include:

  • Up to 100% loan-to-value (LTV)
  • Flexible credit requirements
  • No mortgage insurance requirement
  • Most down payment assistance programs allowed
  • Below-market interest rates
  • Available for primary residence, single family residences (SFR), two-to-four unit multi-family properties, and condominiums
  • Available in select low-to-moderate income and major-minority census tracts

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Follow the instructions below to verify if a property qualifies:

  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
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thumbs up iconTo 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 fund equal to .0055 of loan balance (ex. 100,000 x .0055 = $45.83 per month)
  • Contribute minimum of $1,000 from own funds. May be applied to down payment or closing costs and is in addition to initial contribution to Emergency Reserve Fund* 

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Affordable Mortgage Refinancing Program

Some of the features of our Believable Banking Home Mortgage refinancing program include:

  • Available for rate/term refinances
  • Term modifications are available on a case by case basis
  • Below-market interest rates
  • No mortgage insurance requirements
  • Up to 100% loan-to-value (LTV)

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Benefits of Our Affordable Mortgage Loan

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Excellent rates

The Believable Banking Home Mortgage features below-market interest rates.

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No down payments

You do not have to make a down payment with a Believable Banking Loan.

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Flexible underwriting guidelines

Believable Banking Loans have more lenient underwriting criteria than traditional mortgage loans.

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Frequently Asked Questions

You need at least three lines of positive credit to qualify for a Believable Banking Home Mortgage. If you do not have sufficient credit, you may be able to use substitute forms such as utility and insurance bills.

If your home needs repairs or renovations, consider a Believable Banking Home Improvement Loan. This loan has flexible guidelines, making it easier to get the financial assistance you need to fix your house.

We suggest having at least $2,500 in savings when you apply. This amount covers the $1,000 minimum contribution requirement and one month of emergency funds.

You can purchase virtually any type of standard housing with a Believable Banking Home Loan including primary residences, single family residences (SFR), 2 to 4 unit multi-family properties and condominiums. Mixed use properties are limited to 25% commercial.

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A Trusted Affordable Mortgage Lender

Midland States Bank is a trusted home mortgage lender with branch locations in Missouri and Illinois. Our goal is to make homeownership affordable for all our clients. When you partner with us, you'll benefit from our world-class service and industry expertise.

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* Additional fees and charges may apply (e.g., appraisal, inspection, title and recording fees). Equal Housing Lender. Midland States Bank NMLS #411141. Loans subject to credit approval.