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When your dream home requires
a little "extra"
Illinois, Wisconsin, Florida and Minnesota 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.
We also offer
non conforming jumbo/super jumbo loan amounts for high-net
worth borrowers where typical financing is often
unattainable.
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.
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.
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Available for a large selection
of property types
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Common sense underwriting specializing in complicated
borrowers profiles.
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Unique properties considered: Co-ops, luxury loft units,
high rise condos, non-agency approved condos
(non-warrantable).
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Fixed and ARM programs available
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Jumbo VA loan
programs available
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Second home
and investment properties also eligible
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High land to
home value
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No limits on
acreage
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Interest only
ARMs available
Additional
features we offer for loan amounts greater than $350,000:
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Loan amounts
up to $5,000,000 (may go higher on a case by case basis)
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Depletion
of Assets – underwriting tool designed to provide
more qualifying income by calculating a return on the
borrower’s liquid assets
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Pledged
Asset Program – permits the affluent client to
borrow up to $5,000,000 with only 10% down (and no MI)
by pledging assets to offset required down-payment.
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Vesting in
Entities including all types of trusts, LLC’s,
partnerships & corporations.
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Foreign
Nationals – no FICO required; second homes okay;
foreign income and assets acceptable; and Non-Permanent
Resident Aliens also acceptable.
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Unlimited
Acreage & Expanded Property Types including hobby
farms orchards, and vineyards with reasonable income
production; plus out-buildings, coops, and condo-tels.
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Non-Warrantable Condos – many Fannie restrictions
are avoided such as 51% owner concentration, HOA in
builder control, HOA deficiencies, percentage of
ownership in project, etc. Co-Ops too!
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Dual-Primary Residences – not treated as second
homes.
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Second
Homes with reasonable rental income – not viewed as
investment property.
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Payoff of
Non Purchase Money 2nd’s – not considered cash out
when seasoned.
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Unlimited
Number of Financed Properties – no limitation if
subject is primary and available on second homes and
investments on a case-by-case basis.
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
Refinance Programs
Jumbo Mortgage Rates
About
Us
Apply or Pre-qualify Online
Contact
Us
Recent jumbo mortgage posts on our blog:
Jumbo Mortgages are Benefitting from the Low Mortgage
Rates
Jumbo mortgages have always been a special situation for
most lenders and borrowers. The rules for the loans are
typically more stringent than other types of loans. And
the deal is much larger than a typical loan, making the
considerations for the borrower a much more important
discussion. For several people, the 5/1 Adjustable
mortgage (ARM) has often been the standard.
Read the rest of this
entry »
Which is better: A Jumbo Loan or an FHA Mortgage with
New Higher Limits?
Jumbo mortgages have always been a special situation for
most lenders and borrowers. The rules for the loans are
typically more stringent than other types of loans. And
the deal is much larger than a typical loan, making the
considerations for the borrower a much more important
discussion. For several people, the 5/1 Adjustable
mortgage (ARM) has often been the standard.
Read the rest of this
entry »
Is a 5 Year Adjustable Rate Mortgage a Good Option for a
Jumbo Refinance?
Jumbo mortgages have always been a special situation for
most lenders and borrowers. The rules for the loans are
typically more stringent than other types of loans. And
the deal is much larger than a typical loan, making the
considerations for the borrower a much more important
discussion. For several people, the 5/1 Adjustable
mortgage (ARM) has often been the standard.
Read the rest of this
entry »
Non-conforming Jumbo Loans: What we Offer
Jumbo loans are a higher risk to lenders for a few
reasons. Obviously the sheer amount a lender is setting
aside for one consumer is much larger than the average
home. Also it may be harder to sell a luxury residence
in case of default.
We have the ability to lend up to $5,000,000 on SFR, 2nd
homes, and investment properties. Sorry folks, this is
NOT a commercial loan product. When we get above the
$1,000,000 threshold the requirements will get a bit
stricter but they can be done nonetheless.
We also can do many things other lenders can’t on our
Jumbo product. Some of our niches include:
Read the rest of this entry
»
Jumbo Loans – More Scrutiny than Conventional Financing
In the wake of the mortgage meltdown a lot of questions
have been posed about all types of mortgages. One
mortgage that seems to get more scrutiny is the jumbo
loan. These unique loans are still around, but the
approval process has changed considerably.
Read the rest of this entry
»
Jumbo Loans – Restrictive but available
A lot of questions have been posed about all types of mortgages
in this economy. One mortgage that seems to get more scrutiny
than others is the jumbo loan. These unique loans are still
around, but the approval process has changed considerably.
Jumbo loans in Illinois Wisconsin Minnesota and Florida
including Chicago.
Read the rest of this entry
»
Jumbo Loans (Non Conforming)
Jumbo loans in Illinois, Wisconsin, Minnesota and
Florida 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.
We offer jumbo mortgage loans in Illinois and Wisconsin
Read the rest of this entry
»
Jumbo Loans (Non Conforming)
Jumbo loans in Illinois, Minnesota,
Florida 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.
No money down jumbo programs are generally
not available, but instead require a minimum of 5-10% down payment
for a Wisconsin or Illinois jumbo purchase or refinance mortgage
including Chicago, Madison and Milwaukee.
Read the rest of this entry »
Jumbo Mortgage Loans
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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