FHA Home Loans

If you're looking into an FHA loan for buying your first home, Midland States Bank can help. You will receive numerous benefits when you choose us for your FHA loan, including:

• Complete guidance: We have Mortgage Loan Originators to guide you through the entire loan approval process. They will also be available to answer your questions as you go along.
• Digital application: Our team has a virtual application that makes it easy to apply from your mobile device, computer or tablet.
• Quick approval: We offer low rates and fast closings for people approved for an FHA loan.

Midland States Bank has experience with mortgages, including FHA home loans. We operate locally in Missouri and Illinois with a large digital presence, providing top-quality financial services to our clients.

As long as you meet the other requirements for FHA loans, any first-time homebuyer can apply for an FHA loan. You can also do FHA streamline refinance on existing loans.

An FHA appraisal is valid for 120 days. There is a possibility for a 30-day extension if you meet certain requirements laid out by the Department of Housing and Development (HUD).

No, the Federal Housing Administration guarantees the loan, but your lender provides it.

The minimum down payment for an FHA loan is 3.5% of the loan.

First-time homebuyers and people building (or just starting to build) their credit scores can often benefit from getting an FHA mortgage. FHA loans are simple to qualify for and require small down payments, usually less than 20%. Many individuals with lower credit scores also qualify for an FHA mortgage.

Your FHA loan will come in a 30-year term and have fixed interest rates. You will have to buy FHA mortgage insurance if you choose this option.

Ready to start the mortgage process? Contact one of our FHA mortgage experts today to learn more about your options or get preapproved to see an estimate of what you can afford.