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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.
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Low down payments available
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Available for a large selection
of property types
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Fixed and ARM programs available
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Jumbo VA loan
programs available
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Loan amounts
up to $3,000,000
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
About
Us
Apply or Pre-qualify Online
Contact
Us
Recent jumbo mortgage posts on our blog:
Jumbo Loans (Non Conforming)
October 11, 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.
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
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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