Are you shopping for your first home in Chicago or elsewhere in Illinois? We are excited for you, because this is an amazing time in your life.
But we also know that you may feel daunted by the mortgage process since you have never been through it before. You may have many questions about how it works, and might not be sure how to find the right type of loan for your needs.
For more than 25 years, we have been helping first time homebuyers in the Chicagoland area to make their dreams of homeownership come true.
We can rapidly walk you through the mortgage process one step at a time. Before you know it, we will be handing you the keys to your first home.
Types of Loans Available to First Time
Homebuyers in Illinois
Here are the types of mortgages we offer to first time homebuyers:
A conventional mortgage simply is one that is not insured by a government agency like the VA or FHA. Borrowers in Kansas looking to purchase a home with a conventional loan are generally in the market for a conforming mortgage. That is one that falls within the Fannie Mae and Freddie Mac loan limits. The down payment for a conventional mortgage can be as low as 3%.Learn More
One of the top loan products first time homebuyers ask us about are FHA mortgages. Backed by the Federal Housing Administration, FHA loans offer easy credit qualifications, affordable interest rates, and down payments as low as 3.5%.Learn More
For first time homebuyers who have served in our nation’s military, VA mortgages offer the opportunity to purchase a home with zero down, affordable interest rates, and easy credit qualifications.Learn More
Do you need to borrow above the Fannie Mae and Freddie Mac conforming loan limits? As a first time homebuyer, you are welcome to apply for a non-conforming loan, also called a “jumbo” mortgage. With our network of lenders, we can bring you competitive jumbo loan offers that bring your dream home within reach.Learn More
Are you wondering whether it is possible to purchase your first home if you do not have a Social Security card? With an ITIN loan, we can make it happen.Learn More
Not every borrower applying for their first mortgage has a traditional employment situation. If you are self-employed or own your own business, you can apply for your first mortgage without a W2 by applying through our bank statement loan process.Learn More
Why Choose Us When Buying Your First
Home in Chicago?
As a first time homebuyer, you are putting extra trust in your first mortgage company. Here are some reasons to consider trusting MidAmerica Bancorp, Inc. with your first home loan needs:
- We have more than 25 years of experience operating in the Chicagoland area. This not only gives us a strong grasp on the local real estate market, but also means that we have helped customers from many walks of life over our years in business. Whatever your scenario might be, we have the skills to help you navigate it successfully.
- We offer a very large selection of mortgage products, especially compared to big banks that might have turned you away in the past. These include popular products like conventional and FHA loans, as well as specialized products like ITIN and bank statement loans.
- We save you time and money by bringing you competitive loan offers. If you are not sure which mortgage is most suitable for your needs, we can help you assess your situation and determine the ideal home loan.
- At every stage in the mortgage process, we update you on the progress of your first home loan application. Have questions for us in between updates? Give us a call anytime. Our loan experts will always give you the quick, detailed answers you need.
- The relationships we build with our customers are one of the most rewarding parts of what we do, both for us and for the borrowers we work with. Our goal is for you to become a lifelong customer. We want to make sure your home loan serves you now and over the years to come.
Let Us Help You Apply Quickly and Easily
for Your First Mortgage
You are excited to move into your first home, and we are thrilled to have a chance to make your first mortgage application process as fast and easy as possible.
Ready to begin? To schedule your free consultation, please give us a call at (708) 237-4050. We work with first time homebuyers throughout the state of Illinois, and also can help you buy your first home in Indiana or Florida.