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Chicago Mortgage and Home Loan Programs

Whether you are buying, selling, or refinancing a home in Chicago, it is important to have an experienced mortgage professional to help you analyze your financing options, and make sure the closing goes smoothly. Ameristar Mortgage has the expertise and experience to get you the right mortgage and to handle your transaction professionally.

Ameristar Mortgage is a mortgage banker, not a mortgage broker; this means that we have access to hundreds of lenders’ rates and programs, and we underwrite and close your mortgage in-house. With our experience you are sure to get the mortgage that’s right for you.

Please remember to get us involved early in your home-buying process! Being Pre-Approved sets the expectation for your mortgage qualification and gives you a strong negotiating position when you find the home of your dreams.

Chicago Mortgage
Purchase and Refinance

Ameristar Mortgage, your Chicago Illinois mortgage broker, offers first time home buyer, cash out refinance, Chicago jumbo loans, construction, lot loans, no money down, Chicago refinance, jumbo VA loans, Freddie Mac home possible, 100% financing, interest only, investment, my community mortgage, Fannie Mae flex 100, bank statement loans, 2nd mortgage, Chicago FHA loans, VA loans and rural housing loans.

Chicago Purchase Programs: Chicago Refinance Programs:
First Time Home Buyer Refinance
No Money Down (100% Financing) Cash Out Refinance
FHA Mortgage Loans Debt Consolidation Loans
VA Mortgage Loans FHA Mortgage Loans
Jumbo Mortgage Loans VA Mortgage Loans
Freddie Mac Home Possible Freddie Mac Home Possible
Government Mortgage Loans 100% Financing
Rural Housing My Community Mortgage
NEW Jumbo VA Loans Jumbo Mortgage Loans
 Flex 100 and Flex 97 80/10 and 80/15 Combo Loans
My Community Mortgage Interest Only Loans
New Construction Loans NEW Jumbo VA Loans
Lot Loans Lender Paid Mortgage Insurance
Interest Only Loans Less Than Perfect Credit
80/10 and 80/15 Combo Loans Flex 100 and Flex 97
40 Year Home Mortgage Loan 40 Year Home Mortgage Loan
Combo Interest Only Loans Lot Loans
Less Than Perfect Credit Combo Interest Only Loans
Lender Paid Mortgage Insurance No Income Verification Loans
No Income No Asset Verification Stated Income Stated Asset
Stated Income Stated Asset Non Owner Occupied - Investment Property
Non Owner Occupied/Investment Property 2nd Mortgage / Home Improvement Loan

All Wisconsin and Illinois Mortgage Programs
100% Financing (No Money Down) Programs
First Time Home Buyer Mortgage Programs
My Community Mortgage
Government Loans including FHA, VA and Rural Housing
Wisconsin Refinance Illinois Refinance Programs

Current Wisconsin and Illinois Mortgage Rates
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Recent Chicago mortgage posts on our blog:

FHA Streamline Refinance Loans for Wisconsin and Illinois Residents
October 29th, 2008

If you currently have a FHA Mortgage Loan in Wisconsin or Illinois, you can refinance your current FHA Mortgage with almost no documentation with a FHA streamline refinance.

As long as you will save $50.00 a month FHA will allow you to refinance your home mortgage with:

No Income Check
No Asset Check
No Credit Check*
No Appraisal

*You can not have more than Two 30 day lates on your current mortgage in the last 12 months which is verified by a 12 month mortgage history per FHA guidelines.

The only documents we would need from you are the following:

Read the rest of this entry »

Chicago VA mortgage loans from Ameristar Mortgage
June 21st, 2008

Because of the funding fee, Chicago VA mortgage loans do not require monthly mortgage insurance, keeping your monthly payment lower. The main purpose of the Chicago VA home loan program is to help veterans finance the purchase of homes with favorable loan terms and at a rate of interest which is competitive with the rate charged on other type of mortgage loans.

The more you know about our Chicago, Illinois VA mortgage loan programs, the more you will realize how little "red tape" there really is in getting a VA mortgage loan. VA mortgage loans are usually comparable to regular mortgages only you save much more since they don't require money down. VA mortgage loans are also assumable or can be "taken over" by other eligible veterans.

When compared to conventional financing, the Chicago VA home loan can save you several hundred dollars a month because it does not require you to pay monthly mortgage insurance as is common with conventional loans.

Read the rest of this entry »

Chicago FHA Mortgage Loans from Ameristar Mortgage
May 8th, 2008

Chicago FHA mortgage loans refinance and purchase, which have been out of favor in recent years, are especially popular today because they typically have easier qualification requirements than non-governmental loans and require only a small down payment or very little equity.

Chicago FHA mortgage refinancing allows homeowners with bad credit to refinance their mortgages with cash out options and a low fixed rate loan with an affordable monthly payment.

Chicago FHA loans are currently available only to homes that fit under the specified mortgage limits. You may qualify for a Chicago FHA Mortgage that can help you get into the home of your dreams.

FHA mortgage loan limits in Chicago 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.

FHA loans in Chicago are making a strong comeback as a useful alternative for first time home buyers and home buyers with less than perfect credit.

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.

Chicago FHA refinance loans are also becoming increasingly popular among home owners trying to refinance out of subprime loans.

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Jumbo Loans (Non Conforming) from Ameristar Mortgage
April 30th, 2008

Illinois jumbo mortgage loans and Wisconsin jumbo loans are now being priced at levels above any reasonable expectation of credit risk: they're expensive entirely because of market risk. They are defined as those for more than $417,000, the level beyond which Fannie Mae and Freddie Mac, the government-affiliated mortgage banks, will not lend.

The increased risk of jumbo mortgages is firstly due to the lack of "agency" support for these loans, effectively reducing the available pool of investors and insurers for all jumbo mortgages by an order of magnitude. Mortgages in excess of 1 million dollars have an even smaller secondary market of investors, and super jumbo mortgages in excess of 2 million dollars frequently require extensive "sourcing" of private investors prior to funding due to very minimal institutional investor coverage.

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First Time Home Buyer Loans from Ameristar Mortgage
March 18th, 2008

As Chicago first time home buyers, we recognize the sacrifices you make in an effort to save enough money to not only make a down payment on a home, but meet the total amount necessary to actually close on your desired home loan. For instance, the largest hurdle most first time home buyers in Chicago face is saving the funds necessary for a down payment.

Did you know that nearly every state has a program to help first time home buyers with the down payment.

Read the rest of this entry »


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