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
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
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
All Wisconsin and Illinois Mortgage Programs
100% Financing (No Money Down) Programs
First Time Home Buyer Mortgage Programs
My Community Mortgage
Government Loans including
Wisconsin Refinance Illinois Refinance Programs
Current Wisconsin and Illinois Jumbo Mortgage Rates
or Pre-qualify Online
Recent jumbo mortgage posts on our blog:
Jumbo Loans (Non
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
Jumbo Mortgage Loans from Ameristar Mortgage
April 18th, 2008
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