No Money Down
100% Mortgage Loans from
Ameristar Mortgage
May 11th, 2008
In recent years,
Wisconsin no money
down and Illinois no
money down mortgage
loans have helped
buyers, especially
those new to the
market, stretch
their budgets and
get into homes they
might not otherwise
have been able to
afford. Well, those
loans have
completely
disappeared in the
last 6-12 months.
No Money Down Mortgage loans are a colossal risk for the lender, therefore, any borrower that applies for one of these programs must have extensive documentation to prove their eligibility for this mortgage program.
A No Money Down Mortgage Loan is an excellent choice for a home buyer, who may not have enough money for the standard 20% down payment. As a Wisconsin and Illinois mortgage broker, we know all the available funding sources and which are best for you.
The 100% Loan with PMI Mortgage down payments are necessary buffers used by lenders to protect themselves from potential loss due to the costs of foreclosing a property in case of loan default. When obtaining this type of no money down loan, you are simply taking out a mortgage loan for 100% of the home's cost and paying PMI.
Ameristar Mortgage
is your local
Wisconsin and
Illinois no money
down mortgage
broker.
Contact us for
questions or
additional
information
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Chicago
FHA Mortgage Home
Loans from
Ameristar Mortgage
May 8th, 2008
Chicago FHA loan
limits have been
increased to
$410,000 for the
remainder of 2008.
If you acquire a FHA
loan to purchase a
home, the FHA is not
actually lending
money to you, the
buyer; the FHA
simply guarantees
the lender in case
you, the borrower,
default on your
mortgage payments.
Chicago, Illinois FHA
mortgage loans allow
a buyer to get the
help of a relative
to help them qualify
for their purchase
of a new home,
without that person
living in that new
property.
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Rural Housing
Mortgage Loans from
Ameristar Mortgage
May 5th, 2008
USDA Rural
Development's
mission is to
deliver programs in
a way that will
support increasing
economic opportunity
and improve the
quality of life of
rural residents.
Wisconsin and
Illinois USDA rural
housing loan
programs offer
flexible, common
sense underwriting
guidelines, relaxed
credit requirements,
no PMI (private
mortgage insurance)
options, the ability
to finance closing
costs into the loan
amount, lenient
seller concessions,
and rates that are
comparable to, if
not better than,
conventional fixed
rate mortgage
programs.
Jumbo Loans (Non
Conforming) from
Ameristar Mortgage
April 30th, 2008
Illinois jumbo
mortgage loans and
Wisconsin Jumbo
mortgages come in
all shapes and
sizes, however
unlike conforming
mortgages, the
overwhelming
majority of jumbo
mortgages are
Adjustable Rate
Mortgages, or ARM
loans.
While conventional
banks and
mainstream,
conforming lenders
traditionally
underserved
borrowers of jumbo
mortgages, a few
mortgage brokers
specialize in
arranging jumbo
financing up to
multi million dollar
loan amounts. The
difference in
pricing between
conforming mortgages
and jumbo mortgages
(loans with values
in excess of
conforming loan
limits) is usually
considerable.
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Cash Out Refinance
Mortgage Loans from
Ameristar Mortgage
April 22nd, 2008
Refinance and take
up to 100% of the
appraised value of
your home in cash,
allowing you to make
home improvements,
or pay off high rate
credit card debt.
Refinance your
mortgage, pull some
cash out and lower
your current
interest rate. A
Cash Out refinance
allows homeowners to
refinance their
existing mortgage by
taking out another
mortgage for more
than they currently
owe, therefore
repaying their
current mortgage and
using the equity
they have built up
in their home to
take out another
larger mortgage.
Cash back refinancing is great for homeowners who have a significant amount of equity to borrow against or if you need to improve the terms of your existing mortgage.
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VA Mortgage
Refinance loans from
Ameristar Mortgage
April 19th, 2008
Illinois VA mortgage
refinance and Wisconsin
VA refinance
mortgage loans are one of
the benefits provided
by our Veterans Administration
(VA). VA refinance mortgages do
have some restrictions
when compared to general
refinance
mortgages in the marketplace
but in today's market
the VA refinance loan is a great
option if you have
little to no equity
in your home. VA
refinance mortgages
do not require the private
mortgage insurance that
is usually necessary
for loans above 80%
loan to value.
VA home loans also offer
a cash out refinance
option, in which veterans
may borrow up to 90
percent of the value
of the home. These loans
also include extremely
competitive rates.
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