Jumbo Loans (Non
Conforming) from
Ameristar Mortgage
May 14th, 2008
Illinois jumbo
mortgage loans and
Wisconsin Jumbo
mortgages come in
all shapes and
sizes, however
unlike conforming
mortgages, the
overwhelming
majority of jumbo
mortgages are
Adjustable Rate
Mortgages, or ARM
loans.
Because any borrower
with less than a
twenty percent down
payment were
previously subject
to purchasing
private mortgage
insurance (PMI) to
insure the lender
for the higher risk,
jumbo borrowers were
previously paying a
very large PMI fee
on a loan with an
LTV (loan-to-value
ratio) higher than
80%. However with
recent foreclosures
on the rise lenders
have turned away
from 80/20 loans and
very few zero down
loans are available
both for jumbo and
conforming loans.
No
money down jumbo
programs are
generally not
available, but
instead require a
minimum of 5-10%
down payment for a
jumbo mortgage.
Ameristar Mortgage
offers Illinois
jumbo mortgage and
Wisconsin jumbo
mortgage loans up to
$3 million.
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entry »
VA Mortgage
loans from
Ameristar Mortgage
May 12th, 2008
Because of the funding fee, Wisconsin VA loans and Illinois VA loans do not require monthly mortgage insurance, keeping your monthly payment lower. The main purpose of the VA home loan program is to help veterans finance the purchase of homes with favorable loan terms and at a rate of interest which is competitive with the rate charged on other type of mortgage loans.
The more you know about our Wisconsin and Illinois VA mortgage loan programs, the more you will realize how little "red tape" there really is in getting a VA mortgage loan. VA mortgage loans are usually comparable to regular mortgages only you save much more since they don't require money down. VA mortgage loans are also assumable or can be "taken over" by other eligible veterans.
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entry »
No Money Down
100% Mortgage Loans from
Ameristar Mortgage
May 11th, 2008
In recent years,
Wisconsin no money
down and Illinois no
money down mortgage
loans have helped
buyers, especially
those new to the
market, stretch
their budgets and
get into homes they
might not otherwise
have been able to
afford. Well, those
loans have
completely
disappeared in the
last 6-12 months.
No Money Down Mortgage loans are a colossal risk for the lender, therefore, any borrower that applies for one of these programs must have extensive documentation to prove their eligibility for this mortgage program.
A No Money Down Mortgage Loan is an excellent choice for a home buyer, who may not have enough money for the standard 20% down payment. As a Wisconsin and Illinois mortgage broker, we know all the available funding sources and which are best for you.
The 100% Loan with PMI Mortgage down payments are necessary buffers used by lenders to protect themselves from potential loss due to the costs of foreclosing a property in case of loan default. When obtaining this type of no money down loan, you are simply taking out a mortgage loan for 100% of the home's cost and paying PMI.
Ameristar Mortgage
is your local
Wisconsin and
Illinois no money
down mortgage
broker.
Contact us for
questions or
additional
information
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entry »
Chicago
FHA Mortgage Home
Loans from
Ameristar Mortgage
May 8th, 2008
Chicago FHA loan
limits have been
increased to
$410,000 for the
remainder of 2008.
If you acquire a FHA
loan to purchase a
home, the FHA is not
actually lending
money to you, the
buyer; the FHA
simply guarantees
the lender in case
you, the borrower,
default on your
mortgage payments.
Chicago, Illinois FHA
mortgage loans allow
a buyer to get the
help of a relative
to help them qualify
for their purchase
of a new home,
without that person
living in that new
property.
Read the rest of this
entry »
Rural Housing
Mortgage Loans from
Ameristar Mortgage
May 5th, 2008
USDA Rural
Development's
mission is to
deliver programs in
a way that will
support increasing
economic opportunity
and improve the
quality of life of
rural residents.
Wisconsin and
Illinois USDA rural
housing loan
programs offer
flexible, common
sense underwriting
guidelines, relaxed
credit requirements,
no PMI (private
mortgage insurance)
options, the ability
to finance closing
costs into the loan
amount, lenient
seller concessions,
and rates that are
comparable to, if
not better than,
conventional fixed
rate mortgage
programs.
Cash Out Refinance
Mortgage Loans from
Ameristar Mortgage
April 22nd, 2008
Refinance and take
up to 100% of the
appraised value of
your home in cash,
allowing you to make
home improvements,
or pay off high rate
credit card debt.
Refinance your
mortgage, pull some
cash out and lower
your current
interest rate. A
Cash Out refinance
allows homeowners to
refinance their
existing mortgage by
taking out another
mortgage for more
than they currently
owe, therefore
repaying their
current mortgage and
using the equity
they have built up
in their home to
take out another
larger mortgage.
Cash back refinancing is great for homeowners who have a significant amount of equity to borrow against or if you need to improve the terms of your existing mortgage.
