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Jumbo Mortgage Loans in Illinois and Wisconsin: Chicago, Milwaukee and Madison

Posted by Dennis Hardy on Oct 11, 2008

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Jumbo loans in Illinois and Wisconsin are loans above the maximum loan amount established by the programs offered by the government-chartered corporations Fannie Mae and Freddie Mac. The average interest rates on jumbo mortgages are typically greater than is normal for conforming mortgages, and vary depending on property types and mortgage amount. Jumbo mortgages are now being priced at levels above any reasonable expectation of credit risk: they’re expensive entirely because of market risk.

When the subprime mess came to light, jumbo loans got thrown in with all the subprime loans. The liquidity not only for subprime loans dried up, but also for jumbo loans. Since then, conforming loans have gotten cheaper, with average interest rates at 6%. Though jumbo loans haven’t been a big problem, investors are reluctant to buy any mortgage debt not backed by Freddie Mac and Fannie Mae. As a result, the average jumbo loan has cost well above 7% since last summer, or a point to a point-and-a-half more than the average for conforming loans.

Contact us to learn more about Illinois and Wisconsin home loans, jumbo loans or learn more about any loan program listed on our website (www.AmeristarMadison.com).

Ameristar Mortgage offers the following programs for  your jumbo needs:

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

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

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

Blog entry: http://www.ameristarmadison.com/blog/content/illinois-jumbo-loans-wisconsin-jumbo-mortgage-loans/

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Blog entry: http://www.ameristarmadison.com/blog/content/illinois-jumbo-loans-wisconsin-jumbo-mortgage-chicago-jumbo-loans/

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