Ameristar Mortgage Blog

A non conforming mortgage loan is one that does not conform to Fannie Mae or Freddie Mac guidelines because the amount is too high or because Fannie Mae or Freddie Mac underwriting or other criteria are not met. Illinois jumbo and Wisconsin jumbo mortgage loans are much riskier for the lender not only because of the larger amounts of money lended, but because the borrower shares far less information. With less risk, there are better interest rates; therefore, with a non conforming mortgage loan, the interest rates may be much higher, as the lenders see the chance of foreclosure to be more likely.

Visit our jumbo mortgage loan page for addtional program guidelines.

Typical lenders and banks are becoming less and less willing to offer jumbo loans in today’s uncertain mortgage environment, viewing them as risky. Since the sub-prime meltdown erupted last summer getting a jumbo (or non-conforming loan to use mortgage industry jargon) has become much pricier for consumers as investors for these loans have all but disappeared.

A  jumbo mortgage loan, also called a non-conforming loan, is a larger mortgage amount than the conventional conforming maximum mortgage limit set by Fannie Mae and Freddie Mac which is currently at $417,000.

Wisconsin jumbo and Illinois 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. 30 year fixed jumbo mortgage rates have been hovering around 8% recently which is why on our rates page we now quote ARM rates which have been hovering between 6% - 6 1/2%.

Ameristar Mortgage offers the following programs for your jumbo needs:

• General Jumbo Loan program information
• Jumbo VA Loans
• Jumbo Bank Statement Loans

Contact Ameristar Mortgage for additional information on our Wisconsin and Illinois jumbo programs:

Dennis Hardy
Local: (608) 242-0826 x23
Toll Free: (877) 240-5840
dennis.hardy@ameristarmadison.com
www.AmeristarMadison.com

Visit my blog at http://www.ameristarmadison.com/blog/

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