VA Jumbo Loans for Illinois and Wisconsin Residents: Ameristar Mortgage

Posted by Brian Collins on Oct 13, 2008

With 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
Up to 100% LTV with full entitlement for loan amounts up to $417,000
1-4 units eligible up to $417,000
Cash out refinances allowed up to 90% LTV up to conforming loan limit maximums
Fixed and adjustable interest rates
Lender and property seller paid buydowns and interested party contributions permitted
Manual underwriting available

Jumbo VA Loan Amount Calculation:
If the loan amount is $417,000 or less please see our Conforming VA Loan page for details on our 100% no money down VA loans.The maximum loan to value, inclusive of the VA entitlement, is limited to 75% of the lesser of the sales price or appraised value. For loan amounts greater than the conforming limit, (currently $417,000), this requires the borrower to provide a down payment.

Example of the maximum LTV, loan amount and VA entitlement for jumbo VA loans:

Property Value (lesser of sales price or appraised value):	$1,000,000
Maximum loan to value without VA entitlement:	75%
Maximum loan amount without VA entitlement:	$750,000
Maximum VA entitlement ($417,000 x 25%):	$104,250
Actual Loan amount (maximum loan amount + VA entitlement):	$854,250
Required down payment:	$145,750
Actual Loan to Value (LTV):	85.43%