Contact Ameristar Mortgage in Madison

 


Wisconsin Jumbo VA Loans and Illinois Jumbo VA Mortgage Home Loans

Higher VA Loan Amounts at Lower Rates!

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

  • 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% 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%



VA Eligibility Requirements
Conforming 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
About Ameristar Mortgage
Apply or Pre-qualify Online
Contact Ameristar Mortgage

2002-2009 Ameristar Mortgage Corporation  All rights reserved

Wisconsin jumbo VA mortgage loans Illinois jumbo VA home loans Chicago jumbo VA loans Milwaukee jumbo VA mortgage home loan Madison jumbo VA loans