Purchase

Refinance
Renovate

Purchase

Buy your dream home — not just a place to live, but a space to love. Let us help you find the home where your best memories begin.

Refinance

Less interest, more freedom. Refinance your mortgage today and watch your savings grow.

Renovate

Sometimes your dream home is the one you already live in — it just needs a little help. Let a renovation loan make it happen.

Loan Program Options

Tailored loan programs for every borrower

Conventional Loan

A popular option with flexible terms for qualified buyers.

FHA Loan

Government-backed loans with lower down payment options for buyers.

VA Loan

Exclusive home loans for veterans and military members with no down payment required.

USDA Loan

Zero-down loans for eligible rural and suburban homebuyers.

Jumbo Loans

Loans for larger home purchases exceeding conventional limits.

Construction Loans

Funding to build your dream home from the ground up.

Renovation Loan

Finance home improvements and repairs within your mortgage.

Second Home Loan

Financing options for buying a vacation home or getaway.

Investment Property Loan

Financing solutions for purchasing or refinancing rental properties.

HELOC - Home Equity

Access your home’s equity with a revolving line of credit.

Banking The Way it Should Be

Banking The Way it Should Be

Banking The Way it Should Be

Banking The Way it Should Be

Banking The Way it Should Be

Banking The Way it Should Be

Banking The Way it Should Be

Banking The Way it Should Be

Mortgage Calculator

Enter the total loan amount you want to borrow.

Frequently Asked Questions

If you have any questions, we’re here to help you every step of the way

Can I get pre-approved for a purchase loan?

Yes, obtaining pre-approval is advisable. It involves a lender reviewing your financial information to determine your borrowing capacity, giving you a clearer picture of your budget and enhancing your credibility with sellers.

What can I do if I only have a small down payment or none at all?

  • FHA LoansDown Payment: 3.5%
    (with 580+ credit score)

  • VA Loans
    Down Payment:
    0%- Eligible Veterans

  • USDA Loans
    Down Payment:
    0%-Rural/Suburban Properties

  • Conventional 97 Loans
    Down Payment:
    3%-Home Ready/Home Possible 1st time homebuyers

  • Down Payment Assistance (DPA) Loans/Grants
    Down Payment:
    Varies – can cover partial or full down payment
    May
    come as a grant, forgivable loan, or deferred second mortgage

What are closing costs?

Closing costs are fees associated with finalizing a home purchase, including:

  • Loan origination fees.

  • Appraisal and inspection fees.

  • Title insurance.

  • Prepaid taxes and insurance.

These typically range from 2% to 5% of the home's purchase price.

What types of purchase loans are available?

Various purchase loans are available, including:

  • Conventional Loans: Not insured by the government.

  • FHA Loans: Insured by the Federal Housing Administration.

  • VA Loans: These are available to veterans and service members and are backed by the Department of Veterans Affairs.

  • USDA Loans: For rural property buyers, backed by the U.S. Department of Agriculture.

  • Non-Qualified Mortgage Loans, such as DSCR (Debt Service Coverage Ratio) for real estate investors or Foreign National Loans, and Bank Statement Loans for Self-employed borrowers.

  • Down Payment Assistance Loans that involve grants or forgivable second mortgages for First-time Homebuyers.

What documents do I need when applying for a loan?

You need income records (pay stubs, tax returns), bank records, and information about your debts including your credit report.

Can I use gift funds for my down payment?

Yes, many loan programs allow the use of gift funds from relatives or close friends for down payments. Lenders may require a gift letter and documentation to verify that the funds are a gift, not a loan.

What are points?

Mortgage points (also called discount points or origination points) are fees paid to a lender at closing in exchange for a lower interest rate on your mortgage. Origination points are fees charged by a lender to process, underwrite, and fund your mortgage loan.

Is a fixed-rate or adjustable-rate mortgage better?

Fixed-rate mortgages are better when current rates are low because you can lock them in. If rates are high, an ARM might be better as rates may drop over time. Refinancing is also an option later on to take advantage of rate changes.

What is private mortgage insurance (PMI) and do I need it?

Private Mortgage Insurance (PMI) is a type of insurance that protects the lender—not you as the borrower—if you stop making your mortgage payments (i.e., default on the loan). With less than 20% down PMI is required for conventional mortgages.

Can I Use Rental Income to Qualify for an Investment Property Loan?

Some loan programs consider projected rental income to help qualify. A detailed rental income analysis may be required, and often only a portion of the income is considered in the assessment.

About Midland Federal Savings and Loan Association

Founded in 1914, Midland Federal Savings and Loan Association has proudly served the Chicagoland community for over 110 years. With a legacy rooted in stability, trust, and personalized service, Midland Federal has grown from a neighborhood savings institution into a full-service financial partner dedicated to helping businesses, individuals and families achieve their financial goals.

Over the decades, the bank has expanded its offerings while remaining committed to community development, homeownership, and financial literacy. Our long-standing success is a testament to the loyalty of our customers and the dedication of our team. As we look to the future, Midland Federal continues to uphold its tradition of excellence while embracing innovation in the ever-evolving banking industry.

Start your journey with the loan that fits your needs perfectly.