Ameristar Mortgage is
your local Wisconsin and Illinois mortgage broker, including Chicago, Milwaukee and Madison, since 1988.

We offer first time home buyer, jumbo VA loans, home possible, 80/15/5, 80/10, cash out refinance, jumbo loans, construction, lot loans, no money down, refinance, 100% financing, interest only, investment, my community mortgage, flex 97, FHA mortgage, VA loans and rural housing loans.

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Illinois Wisconsin Home Loan Mortgage Refinance - First Time Home Buyer

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Effective January 1st, 2009
    Revised FHA Down payment and Maximum Mortgage Requirements
Update September 25th, 2008 Down Payment Assistance could be back
Effective October 1st, 2008 No money down FHA loans are going away!
    FHA mortgage insurance premiums change | View prior premiums
Announcement $7500 Tax Credit for First Time Home Buyers
UPDATED 02/10/2009 Current FHA underwriting turn time is 5-6 Days
Steps you can take to ensure a smooth Wisconsin Illinois home purchase
Free credit reports are now available to all Wisconsin Illinois residents
11/14/2008 Veterans' Benefits Improvement Act of 2008
11/12/2008 HUD announces updated 2009 FHA home loan limits
11/12/2008 Fannie Mae announces 2009 conforming loan limit
05/05/2008 2008 income limits for Rural Housing are released
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Mortgage articles for Wisconsin and Illinois Residents
Additional mortgage programs
Government: FHA, VA and Rural Housing Loans  
  Ameristar Mortgage can help you with Government Financing!
If you are a first time home buyer, if you are looking to make a low down payment or if you are a veteran, the government may be able to help you with a purchase or refinance! Check out these great Wisconsin and Illinois mortgage programs at Ameristar Mortgage:

State and Federal VA Mortgage Loans
VA purchase and VA refinance loans are loans insured by the Department of Veterans Affairs. No down payment is required (Federal VA loans only), but home buyers have to be qualified veterans of military service.
Additional Federal VA mortgage program information

FHA Mortgage Loans
FHA purchase and FHA refinance loans are loans insured by the Department of Housing and Urban Development (HUD). They are available to all qualified home buyers, but are subject to maximum mortgage limits for each county. FHA loans offer low down payment options, flexibility and charge less for mortgage insurance premiums (MIP) compared to a conventional loan.
Additional FHA program information.

Rural Housing Single Family Guaranteed Mortgage Loans
The Guaranteed Rural Housing (GRH) loan program provides moderate income families with access to affordable residential home ownership in eligible rural areas. Ameristar Mortgage provides home purchase financing requiring no down payment and can finance loan closing costs and repairs up to the property's appraised value. Additional Rural Housing program information
  Construction Loans and Lot Loan Information  

Start Building the Home of Your Dreams with Ameristar Mortgage!
30 Day rate lock
60 Day rate lock available
1 Closing for the construction loan and then no other closings
12 Month interest only construction period
Rate fixed until the end of the ARM period
Convert to a 30 year fixed rate at the end of the ARM period - no closing

Lot loans available at different rates

Lot Loan Information

  Refinance, Cash Out Refinance and Debt Consolidation  
    Refinance, Cash Out Refinance and Debt Consolidation Information
Do you have unpaid credit cards, delinquent Wisconsin or Illinois real estate taxes or are you looking to get some much needed cash? Well, look no further, Ameristar Mortgage can help you payoff unwanted debt using the equity in your home.
additional refinance information...

Call or Apply Online today for a complete refinance assessment.
  Latest Posts on Ameristar Mortgage Blog  

FHA Mortgage Loans in Illinois and Wisconsin
February 10th, 2009

There are a lot of condos in Wisconsin and Illinois which are not on the FHA approved condo list. With FHA loans being the most popular program of recent with low down payment requirements and flexible credit standards, it’s hard to purchase a condo while taking advantage of the FHA program.

With so many condos on the market, especially in Chicago and Milwaukee, there still are options to get a condo “spot loan approved” so that you can take advantage of FHA financing.

FHA spot loan approval checklist (PDF)

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Today's Current Illinois and Wisconsin Mortgage Rates
February 10th, 2009

Ameristar Mortgage offers current Illinois and Wisconsin mortgage rates daily on our website and our blog. Rates are updated between 9:00 AM and 10:00 AM CST Monday through Friday and are effective from the time published until 5:00 PM CST.

We quote conventional, jumbo, ARMs, rural housing, VA and FHA mortgage rates for all of Wisconsin and Illinois including major cities such as Chicago, Milwaukee and Madison.

How to shop mortgage rates

Mortgage rates trend for Illinois and Wisconsin as of 02/10/2009: improving

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No Money Down 100% Mortgage Loans from Ameristar Mortgage
February 3rd, 2009

No Money Down FHA VA Rural Housing in Greendale, Pewaukee, Green Bay, Franklin and West Allis Wisconsin

Wisconsin no money down loans are risky because you are starting off with no equity in the property. They are a colossal risk for the lender, therefore, any one that applies for one of these programs must have extensive documentation to prove their eligibility.

The three primary no money down mortgage solutions that we facilitate are USDA rural housing loans, FHA loans (FHA requires 3.5% down as of January 1, 2009), and VA loans.

FHA, VA and USDA are also the best form of financing for Wisconsin no down payment home mortgages.

Visit our no money down mortgage page for additional Wisconsin no money down program requirements.

Ameristar Mortgage is your local Wisconsin and Illinois no money down mortgage broker. No down payment loans are available in Illinois and Wisconsin including Chicago, Milwaukee and Madison. Contact us for questions or additional information

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FHA Refinance and FHA Purchase Mortgage Loans in Chicago
February 1st, 2009

FHA mortgage loans in Chicago are available to anybody but are used most often by first time home buyers and low to moderate income buyers. FHA loans are insured through a combination of a small upfront mortgage insurance premium (UFMIP), as well as a small monthly mortgage insurance premium.

Detailed FHA mortgage information can be found on our website or on our FHA Loan page:

FHA loans in Chicago have less-stringent borrower qualifications than many other mortgages and generally lower interest rates. They also offer significant value to consumers because the interest rates are low with fixed monthly payments and mortgage insurance is now tax deductible.

Refinance your FHA mortgage in Chicago up to 97.75% or cash out refinance up to 95%.

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Jumbo VA Mortgage loans from Ameristar Mortgage
January 27th, 2009

VA mortgage loans are available to Wisconsin and Illinois veterans and are offered in major cities including VA loans in Chicago, Milwaukee and Madison. Purchase, refinance and cash out refinance VA loans available. No down payment (100% financing) required for loan amounts up to the conforming loan limits.

With jumbo loan amounts up to $1.5 million and interest rates significantly below comparable jumbo products, there’s no better time to consider jumbo VA loans! Eligible borrowers include active military, veterans, reservists, National Guard, and unmarried surviving spouses of eligible service members.

Jumbo VA Loan Key Features in Illinois and Wisconsin:

  • Maximum loan amount $1.5 million on 1-unit, owner-occupied properties
  • Purchase and rate and term (IRRRL) refinances
  • No monthly mortgage insurance required
  • Minimum 660 credit score and 2-months reserves required for loan amounts over $417,000

Benefits of a VA Mortgage

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No Down Payment VA and FHA Loans in Chicago
January 22nd, 2009

You can purchase a Chicago home with no down payment through Ameristar Mortgage. We offer great Chicago VA and FHA mortgage rates that can make you a homeowner today!

Whether you are located in Chicago or any other city in Illinois, we are here to help you obtain your no down payment VA mortgage or small down payment FHA loan purchase or refinance at the best rate possible in Chicago.

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Refinance Mortgage Loans from Ameristar Mortgage
January 15th, 2009

Questions to ask yourself when considering refinancing in Illinois or Wisconsin, including Chicago, Milwaukee and Madison. Most suggest waiting until your rate drops one to two percent but that may not be the only indication that it is time to refinance your mortgage.

Many of our borrowers deem it beneficial to refinance if they save $100 or more on their monthly payments or to go from an adjustable rate to a fixed rate. Whatever your reasons are consider the following to determine if a refinance is right for you.

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First Time Home Buyer Loans in Chicago from Ameristar Mortgage
January 11th, 2009

As a Wisconsin or Illinois first time home buyer, buying a home and securing mortgage financing can be an overwhelming process. We will walk you through the process, explain everything to you in detail and answer all the questions you have.

The first step in purchasing a home should be to get Pre-Approved on a Mortgage Loan. Why do you need a Pre-Approval? Most sellers now require that a buyer have a Pre-Approval letter in hand before they will accept an offer or they are more inclined to accept an offer from a buyer who has a Pre-Approval Letter. In addition, having a Pre-Approval Letter can give you a better negotiating position as the seller knows you are Pre-Approved and that once the Sales Contract is signed your are ready to promptly move foreword with the closing. Also, the Pre-Approval process lets you know how much house you can afford based on your budget and financial situation and will determine how much money you will need to close if any. I would be glad to assist you in getting Pre-Approved and there is never a charge for this.

View all First time home buyer programs

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FHA Refinance and Cash Out Refinance Mortgage Loans
January 6th, 2009

FHA refinance mortgage loans in Illinois and Wisconsin afford borrowers the ability to refinance any kind of mortgage loan that they now have with an FHA refinance. FHA loans allow you to refinance up to 97% of your homes appraised value.

There are certain requirements of a FHA streamline refinance. Learn about your options to refinance or for FHA financing from one of our specialists. What "streamline" basically means in a nut shell is the amount of documentation and underwriting needed by your lender, it doesn’t mean that you will not pay any closing costs when you refinance your FHA loan.

FHA loans are insured through a combination of a small upfront mortgage insurance premium (UFMIP), as well as a small monthly mortgage insurance premium.

Read the rest of this entry »

FHA Loan Changes Effective January 1, 2009
December 28th, 2008

The Housing and Economic Recovery Act of 2008 revised the National Housing Act to:

• Eliminate the variable loan-to-value (LTV) limits that were based on the combination of the property value and the average closing costs of the State where the property is located and
• Limit the total FHA-insured first mortgage to 100 percent of the appraised value, and permit the inclusion of the upfront mortgage insurance premium (UFMIP) within that limit.

For simplicity purposes, and to eliminate any confusion in the marketplace, effective for case numbers assigned on or after January 1, 2009 the maximum LTV for most refinance transactions will be 97.75 percent. A summary of maximum LTVs is shown in the chart below.

FHA down payment going up to 3.5% effective January 1, 2009

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FHA Streamline Refinance Loans for Wisconsin and Illinois Residents
December 20th, 2008

FHA Streamline Refinance is a rate reduction Loan program for Wisconsin and Illinois FHA mortgage borrowers. The streamline FHA program refers to the lesser amount of documentation and underwriting in the process. With a FHA Streamline Refinance loan you do not need an appraisal, a credit check, income verification or employee verification

In order to do an FHA streamline refinance your original loan must be an FHA loan. The principal and interest rate payments of the previous mortgage payment must be lowered by the FHA refinance. You must have had the mortgage for at least six months. Appraisals are generally not required. FHA streamline refinance is a rate reduction loan program for FHA mortgage borrowers.

Read the rest of this entry »

No Money Down, VA, Rural, FHA, First Time Home Buyer Loans
December 2nd, 2008

Ameristar Mortgage offers refinance and purchase options in Wisconsin on single family homes, duplexes, 2-4 unit properties, low and high rise condos, townhouse, 2nd homes, vacation properties, PUDS, and many others. Refinance or purchase now to get a lower rate, turn your adjustable into a fixed rate and get fast cash. Refinance Loans are a great way to consolidate debt into one easy monthly payment.

Our most popular Wisconsin refinance and purchase programs offered by Ameristar Mortgage are listed below:

Conventional/Conforming Refinance and purchase in Wisconsin:
97% Purchase
Rate and term refinance
Cash out refinance
Debt consolidation refinance

FHA Refinance and Purchase in Wisconsin:
97% Purchase or 100% no money down purchase with gift funds
Rate and term FHA refinance
Cash out FHA refinance
Streamline FHA refinance (FHA to FHA)

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VA Refinance Mortgage Loans in Wisconsin and Illinois
November 15th, 2008

Veterans with conventional home loans now have new options for refinancing to a Department of Veterans Affairs (VA) guaranteed home loan. These new options are available as a result of the Veterans’ Benefits Improvement Act of 2008, which the President signed into law on October 10, 2008.

The new law makes changes to VA’s home loan refinancing program. Veterans who wish to refinance their subprime or conventional mortgage may now do so for up to 100 percent of the value of the property. These types of loans were previously limited to 90 percent of the value.

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First Time Home Buyers Mortgage Loans from Ameristar Mortgage
November 1st, 2008

First time home buyers in Illinois and Wisconsin need to keep up with the ever changing mortgage market. First time home buyers need to understand what type loans are available to you.

While interest rates have not moved up substantially since reaching 40-year lows of a couple years ago, they are still a major cost factor in buying your first home. First time home buyer programs are available to those who have not owned a home for the past three years and are designed to help borrowers who may not have enough money to pay the full cost of the down payment or the closing costs on a mortgage.

Ameristar Mortgage offers many first time home buyer programs in Wisconsin and Illinois including first time home buyer loans in Chicago, Milwaukee and Madison.

View all First time home buyer programs

Blog article for first time home buyers in Chicago

Loan process for the first time home buyer

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Jumbo Loans (Non Conforming) from Ameristar Mortgage
October 11th, 2008

Jumbo loans in Illinois and Wisconsin come in all shapes and sizes, however unlike conforming mortgages, the overwhelming majority of jumbo mortgages are Adjustable Rate Mortgages, or ARM loans.

Because any borrower with less than a twenty percent down payment were previously subject to purchasing private mortgage insurance (PMI) to insure the lender for the higher risk, jumbo borrowers were previously paying a very large PMI fee on a loan with an LTV (loan-to-value ratio) higher than 80%. However with recent foreclosures on the rise lenders have turned away from 80/20 loans and very few zero down loans are available both for jumbo and conforming loans.

No money down jumbo programs are generally not available, but instead require a minimum of 5-10% down payment for a Wisconsin or Illinois jumbo purchase or refinance mortgage including Chicago, Madison and Milwaukee.

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Winter is here and so are the great deals:

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6.475% 5/1 ARM
Available for loans
up to $750,000!

6.850% 1/1 ARM
7.000% 3/1 ARM
Available for loans
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View APR information

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