Affordable Mortgage Program

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.

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.

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.

Yes, you can still qualify for our Affordable Home Mortgage Program through other non-traditional lines such as utility payments, home insurance, cable, phone lines, gym memberships, or television streaming services. These also help provide evidence of your ability to handle credit.

If you have rental history and can prove that you have at least 3 months of rent checks, or proof of payment for rent, this will help you qualify. Self-written payment receipts do not qualify as proof of payment.

You will need to have six months of reserve for your desired mortgage payment if you live with family members or cannot document rent payment. This amount must stay in your account until you close. Closing costs are an additional amount.

When we say reserves, we are referring to the amount of money you have in your savings that must stay in your account until you close on your home. In any case, we recommend having one to six months of your desired mortgage payment.

Access our Mortgage Payment Calculator to get an estimate of your mortgage payment.

Payment shock is the difference between your current payment and your new mortgage payment. For example, if you are currently paying $300 in rent and your new mortgage payment is $500, your payment shock is $200.

If your desired mortgage payment is $150 - $300 above your current rent payment, then you must demonstrate Payment Shock Savings for a minimum of 3 months.

If your desired mortgage payment is more than $300 above your current rent payment, then you must demonstrate Payment Shock Savings for a minimum of 6 months. Payment shock will also be needed if you can’t prove rent payment for the last 3 months.

You do not need to demonstrate you can handle payment shock if you have previously accumulated savings of $20,000 or more.

Yes, you can qualify for Midland States Bank’s Affordable Home Mortgage Program, BBHM, by providing proof of the bankruptcy being discharged for 2 or more years.

Yes, Midland States Bank’s Believable Banking Home Mortgage Program is specifically designed to be an affordable home mortgage program. This program includes a down payment requirement as low as 5%, which means up to 95% financing, and competitive rates. There is no Private Mortgage Insurance (PMI). Rather than paying PMI, this program offers the Emergency Reserve Fund, which is refundable after 84 payments.