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Popular Low Down Payment Mortgage Options

USDA Home Loan

Low- to middle-income families in some rural and suburban areas may be eligible for USDA loans. We partner with the USDA's Rural Development division to offer rural and suburban homebuyers up to 100% financing. These loans have flexible credit guidelines and do not require a down payment.

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VA Home Loan

VA loans are available to eligible active-duty military personnel and veterans. You can get up to 100% financing without a down payment or monthly mortgage insurance.

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FHA Home Loan

An FHA loan is a great option if you're a first-time homebuyer or people with a low credit score. FHA loans are typically easier to qualify for than conventional mortgages. They also allow you to pay as little as 3.5% for a down payment.

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You Might Say We're Unlike Any Other Bank

At Midland, we know it only takes a moment for an idea to spark, to find your dream home, or to start planning for your forever. Whatever your moments are, we're here for them. Learn who we are

My loan officer exceeded all expectations. They were extremely skilled, responsive even late at night, and provided a rare level of service in today's world. Midland is lucky to have them!
Tod, Customer
Speedy service and the expertise to do what's best for me. If I ever had a question, I got the answer quickly.
Luke, Customer

Compare Your Options


FHA LoanVA LoanUSDA Loan
Minimum Down PaymentAs low as 3.5%$0 Down, 100% Financing$0 Down, 100% Financing
Minimum Credit Score580, depending on down payment sizeNone640, depending on down payment size
Best ForFirst-time homebuyers, low-credit score buyersVeterans, active-duty members, military spousesRural homebuyers, low-income buyers, buyers with no down payment savings
FHA Loan
Minimum Down PaymentAs low as 3.5%
Minimum Credit Score580, depending on down payment size
Best ForFirst-time homebuyers, low-credit score buyers
VA Loan
Minimum Down Payment$0 Down, 100% Financing
Minimum Credit ScoreNone
Best ForVeterans, active-duty members, military spouses
USDA Loan
Minimum Down Payment$0 Down, 100% Financing
Minimum Credit Score640, depending on down payment size
Best ForRural homebuyers, low-income buyers, buyers with no down payment savings

Key Features & Benefits

No or Low Down Payment

VA and USDA loans offer no down payment—Up to 100% financing. FHA requires a 3.5% down payment.

Flexible Credit Guidelines

Government loans offer more flexible credit guidelines than conventional loans.

Popular For Refinancing

FHA and VA Streamline loans are available to easily refinance at a lower interest rate—even if your home value is less than the loan balance.

Online Application

Midland makes it easy for you to get a loan with our quick, secure online application process.

Competitive Rates

We offer some of the most competitive rates on the market.

Attentive Service

We provide prompt, friendly assistance before, during and after your loan closes.

Mortgage Payment Calculator
Home Affordability Calculator

Unlock Your Dream Home

1. Get Pre-Approved Apply to get pre-approved to understand your budget and financial potential.
2. Find Your New Home With your pre-approval in hand, start searching for your next home.
3. Close the Deal Finalize your mortgage loan, sign the paperwork, and smoothly transition into your new home!
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Quiz: Find Your Ideal Home Loan

Explore quick, interactive quizzes to pinpoint a loan tailored to your needs. Where are you in your home financing journey?

Frequently Asked Questions

What is a government-backed mortgage?

A government-backed mortgage is a type of home loan that is insured by an agency of the federal government. These loans typically feature no or low down payment options and flexible credit guidelines because they’re seen as safest from the point of view of the lender. If you're a veteran, first-time homebuyer or low- to middle-income family, a government-backed mortgage can be a reliable, affordable option.

Who is eligible for FHA, VA and USDA Loans?

Loan eligibility for government-backed mortgages includes:

  • FHA Loan: Anyone can apply for an FHA loan, but they are most popular with first-time homebuyers and people with low credit scores.
  • VA Loans: Veterans and eligible active-duty military personnel.
  • USDA Loans: Low- to middle-income families in some rural and suburban areas.

Do I need mortgage insurance?

You need mortgage insurance for FHA loans. They require an upfront mortgage insurance premium and monthly mortgage insurance. Premium and monthly mortgage insurance rates vary based on your loan term and down payment amount.

VA and USDA loans do not require mortgage insurance.

How do I apply for a specialty loan?

Applying for an FHA, VA or USDA loan through Midland States Bank is quick and easy. You can get help from one of our Mortgage Experts or start a secure online application.

What is the process to get a mortgage?

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