MidAmerica Bank of Clarendon Hills, Ill, has launched the Affordable Access program, a new $1 billion lending initiative designed to facilitate homeownership to low- and moderate-income families and customers with blemished credit in the Chicago metropolitan area.Options include 100% loan-to-value mortgages of up to $300,700, downpayments ranging from $500 and up to 3% maximum on a single-family home, and no requirement for mortgage insurance if the buyer cannot qualify for it. According to MidAmerica president Ken Koranda, the program "provides prime interest to borrowers with subprime credit." It also provides 95% LTV loans of up to $384,900 for two-unit homes.
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