First Midwest Bank Mortgage Review 2020
By Peter G. Miller
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4.1
4.7
Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.
First Midwest Bank is the principal subsidiary of First Midwest Bancorp (NASDAQ: FMBI). The holding company has $18 billion in assets as well as an additional $12 billion of assets under management. The bank maintains a branch system with 125 offices in metropolitan Chicago, Southeast Wisconsin, Northwest Indiana, Central and Western Illinois and Eastern Iowa. Organized in the 1930s during the Great Depression, the bank grew with the goal to "treat the person in the overalls and the person in the business suit the same way.” Today First Midwest is licensed in 46 states (it is not licensed in Alaska, Hawaii, Maryland or Mississippi). The little bank that started in Joliet, Illinois, during economic hard times has evolved into a national lender.Nationwide availability
Available in all U.S. states except Alaska, Hawaii, Maryland and Mississippi
Minimum credit score
This information was compiled in the middle of the coronavirus outbreak. A few weeks before the virus shut down much of the economy, the bank would have considered borrowers with a 600 credit score; now, a 640 minimum is the standard. Credit score requirements may change again as the virus situation evolves. Contact the bank for the latest details.
Loan types
Fixed-rate mortgages, adjustable rate-mortgages (ARMs), FHA, VA and USDA loans; refinancing options include cash-out refinancing; home equity loans and home equity lines of credit (HELOCs); also offers portfolio loans in Florida, Illinois, Indiana, Iowa, Michigan and Wisconsin
Pros
- Low rates for conventional and VA financing
- A large branch network
- Online banking
- Attractive ARM programs
- Special programs for first responders and physicians
Cons
- Doesn’t have physical offices in all states
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First Midwest Bank overview
Loan types
- Fixed-rate mortgages
- Adjustable rate-mortgages (ARMs)
- FHA
- VA
- USDA loans
- Refinancing including cash-out refinancing
- Home equity loans and home equity lines of credit (HELOCs)
- Portfolio loans in some states
Lender fees
First Midwest generally charges a $750 fee, but the fee is reduced to zero for VA financing.
The bank also has an Honoring Our Heroes discount program for first responders. The program is for purchase financing only and provides a $550 credit for qualified borrowers. In addition, First Midwest offers special loans for physicians with zero down and no requirement for mortgage insurance.
Minimum borrower requirements
First Midwest follows the conforming underwriting standards for Fannie Mae and Freddie Mac loans as well as financing backed by the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), and the U.S. Department of Agriculture (USDA). These programs allow financing with as little as zero percent down for VA and USDA mortgages, 3 percent for Fannie Mae and Freddie Mac financing and 3.5 percent for FHA-backed mortgages.
Get started with First Midwest Bank
Borrowers can apply in person or online.Hours
First Midwest Bank consumer rating and reviews
93% recommended
Customer Service Rating