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Jumbo Mortgage Loans in Illinois, Wisconsin, Minnesota and Florida

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Jumbo Loans
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. 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

  • Loan amounts up to $3,000,000

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
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Recent jumbo mortgage posts on our blog:

Jumbo Loans (Non Conforming)
December 23, 2009

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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