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VA Mortgage Home Loans in Illinois and Wisconsin

November 17th, 2008 Department of Veterans Affairs announces 100% cash out refinance loans in Wisconsin and Illinois


Flexible VA Mortgage Financing for Wisconsin and Illinois Veterans

Enjoy the privilege of no down payment loans for qualified veterans and reservists. The Department of Veterans Affairs insures these loans, so you'll get more freedom to make decisions.

Wisconsin and Illinois VA mortgage loans are guaranteed by The Department of Veterans Affairs, but are made by private lenders to eligible veterans for the purchase of a home. VA Loans are available from lenders who participate in the VA Home Loan program.

While there is a funding fee for a VA home loan, some people are exempt from paying. If you are a veteran getting disability compensation for service-related medical issues, or are entitled to get compensation if you aren't drawing retirement pay, you are exempt from the VA funding fee for your VA home loan.

VA Loans are available as the following types of loans: Traditional fixed rate mortgages (FRMs) adjustable rate mortgages (ARMs) where the initial fixed rate period is at least 3 years and Traditional adjustable rate mortgages. VA Loans are typically 15 year or 30 year loans. Wisconsin VA loans and Illinois VA mortgage loans are restricted to individuals qualified by military service or other entitlements, but FHA -insured loans are open to all qualified home purchasers.

Illinois and Wisconsin VA mortgage loans are capped at the conforming loan limit of $417,000 for a no money down 100% financing loan.

For loan amounts over $417,000 please visit our
Jumbo VA Loans page for details.

Wisconsin and Illinois VA Loan Highlights:

  • Fixed or adjustable rate mortgages with up to 30 year financing
  • Loans on 1-4 unit primary residences
  • No minimum loan amounts
  • No prepayment penalties
  • Cash out refinance to 100% and up to the conforming loan limits
  • Up to 102% financing available on purchases and VA IRRRL (Federal only. State VA loans require 5% down) subject to entitlement
  • No monthly mortgage insurance premiums
  • Surviving spouse of deceased veteran may be eligible
  • Limited closing costs
  • Funding fees may apply. Please contact us for details

Wisconsin State VA loans also available. Please contact us for details.

Veterans' Benefits Improvement Act of 2008
VA Eligibility Requirements
Jumbo VA Loans

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 VA Mortgage Rates
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Recent VA posts on our blog:

VA Mortgage loans from Ameristar Mortgage
October 6th, 2008

If you are a Veteran, with an existing Illinois or Wisconsin VA Guaranteed Mortgage, you are entitled to an additional benefit from The Department of Veteran Affairs when it comes to refinancing your VA mortgage.

This program is called a VA Interest Rate Reduction Refinance Loan or IRRRL. Under this program, you can refinance your existing VA mortgage loan without having to re-qualify or have a new appraisal done. In fact, the full credit report is replaced by a mortgage only credit report for qualification purposes. This report shows only your mortgage payment history and none of your other credit or credit scores.

The main eligibility for this program is the new VA mortgage must have the purpose of lowering the current interest rate, shortening the loan term of the current mortgage or converting from an ARM to a fixed rate loan.

Benefits of a VA Mortgage

Jumbo VA Mortgage Information

Read the rest of this entry »


VA Mortgage loans from Ameristar Mortgage
August 19th, 2008

Whether you are a first time user or you have had a VA loan in the past, you must have a Certificate of Eligibility. Ameristar Mortgage can assist you in obtaining your Certificate. You will be under no obligations to actually get your VA loan through us, it will just help you determine if you qualify for a Wisconsin or Illinois VA mortgage loan.

We offer a full menu of VA loan products focused on meeting the home financing needs of active duty military and veterans across Wisconsin and Illinois. Here are some other benefits of VA loans:

No prepayment penalties
Insured against default by the United States government
Lower closing costs

VA mortgages do not require the private mortgage insurance that is usually necessary for loans with little or no money down.

Read the rest of this entry »


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

Chicago Illinois VA 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 Chicago VA mortgage loan is a great option if you have little to no equity in your home.

VA mortgages do not require the private mortgage insurance that is usually necessary for loans above 80% loan to value.

Chicago VA loans also offer a refinance and 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.

Read the rest of this entry »


VA Mortgage Refinance loans from Ameristar Mortgage
April 19th, 2008

Wisconsin VA refinance mortgage loans and Illinois VA refinance mortgage loans makes sense for veterans with little to no equity in their home. When you first obtained your Veterans Administration loan, you probably got the best rate you could but recent VA rates have tumbled to record lows and it may be worth refinancing to lower your rate and payment.

VA Refinance gives you various options to choose from including a VA cash out refinance, VA rate and term refinance from a conventional loan and a VA streamline refinance (VA loan to VA loan).

The Illinois and Wisconsin VA Cash Out Refinance at a fixed rate creates one low rate fixed loan with one low monthly payment. You can review the VA home loan guide for more information on the benefits and qualifications of a VA Cash Out Refinance.

Read the rest of this entry »



VA Mortgage Home Loans: Purchase, Refinance and Cash Out Refinance
March 31st, 2008

Illinois VA mortgage home loans and Wisconsin VA loans are one of the benefits provided by our Veterans Administration (VA). VA mortgages do have some restrictions when compared to general mortgages in the marketplace but in today’s market the VA loan is a great option if you have no money down. VA mortgages do not require the private mortgage insurance that is usually necessary for loans with little or no down payment.

VA mortgages do 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.

VA mortgage loans are available to Wisconsin and Illinois veterans and are offered in major cities including VA loans in Chicago, Milwaukee and Madison. Purchase, refinance and cash out refinance VA loans available with no down payment (100% financing)

VA home loans offer great rates and are less strict on credit than most conventional loans. The Department of Veterans Affairs does not actually loan the money for VA loans. It insures loans that VA approved lenders provide, which allows borrowers to get loan amounts for 100% of the appraised value of a home.

VA loans are designed to encourage veterans to purchase their own homes and begin to build a secure and stable civilian life after leaving the service. Illinois and Wisconsin VA mortgage loans offer some great benefits including: 100% financing options No cash reserves required, Flexible underwriting guidelines, Seller contributions allowed including pre-paid items and no costly monthly mortgage insurance among other benefits.

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Ameristar Mortgage offers VA Mortgage Loans
March 10th, 2008

Wisconsin and Illinois VA mortgage loans are designed as guarantees that allow veterans and service personnel to qualify for a home mortgage that require lower closing costs than required with a conventional loan and may require no down payment.

Wisconsin VA mortgages do offer a cash-out refinance option, in which veterans may borrow up to 90 percent of the value of the home.

Generally, the first step in obtaining a VA loan is requesting an appraisal of the property. Wisconsin VA loans are government-backed, so VA appraisers need to make sure homes meet government safety and quality guidelines.

No money down (no down payment) VA loans are available in all of Illinois and Wisconsin including Chicago, Milwaukee and Madison.

Read the rest of this entry »
 

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