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Wisconsin and Illinois Jumbo Mortgage Home Loans

When your dream home requires a little "extra"

Illinois jumbo mortgage loans and Wisconsin jumbo loans or super jumbo loans offer homeowners the ability to take a mortgage loan that exceed the conforming loan limits set by Fannie Mae or Freddie Mac. With Interest rates low some homeowners would like to consider a jumbo loan to get more house for their money. Typically jumbo loans have higher interest rates than conforming loans. This is because there is greater risk to the lender with a higher loan amount.

What is a Jumbo Loan?

A mortgage loan that exceeds the conforming mortgage loan amount of $417,000. Remember, this is the mortgage loan amount... not the value of the house. If you will be borrowing less than $417,000 please visit our mortgage programs page for information on our other great mortgage programs.

It is possible to get a jumbo mortgage with no PMI. What we would do is a first mortgage up to $417,000 and put the rest (10%) on the second mortgage (this would be considered a conforming loan and not a jumbo loan) . This can be done in most cases but there are limits on the second mortgage loan amount.

When your dream home requires a little "extra" - we have the programs for you. Our jumbo programs meet the needs of our jumbo borrowers looking for larger loan amounts.

  • Low down payments available

  • Available for a large selection of property types

  • Fixed and ARM programs available

  • Jumbo VA loan programs available

Additional jumbo programs:

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 Jumbo Mortgage Rates
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Recent jumbo mortgage posts on our blog:

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

Jumbo loans in Illinois and Wisconsin come in all shapes and sizes, however unlike conforming mortgages, the overwhelming majority of jumbo mortgages are Adjustable Rate Mortgages, or ARM loans.

While conventional banks and mainstream, conforming lenders traditionally underserved borrowers of jumbo mortgages, a few mortgage brokers specialize in arranging jumbo financing up to multi million dollar loan amounts. The difference in pricing between conforming mortgages and jumbo mortgages (loans with values in excess of conforming loan limits) is usually considerable.

Ameristar Mortgage offers jumbo mortgage loans in Illinois and Wisconsin up to $3 million.

Read the rest of this entry

Jumbo Mortgage Loans from Ameristar Mortgage
April 18th, 2008

Wisconsin jumbo mortgage loans and Illinois Jumbo mortgage loans typically carry higher interest rates than conforming mortgages. Even for wealthy borrowers with exceptional credit and enough cash for a 20% down payment, the cost of fixed-rate jumbo mortgages is now upwards of 8% for a 30-year loan. In a tighter credit market, lenders are charging more for jumbos because of the extra risk of not being able to sell them to the investment community.

The most popular super jumbo mortgage program is still the interest-only loan since the savings can be substantial compared to fixed rate loans at these amounts.

Read the rest of this entry

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