VA Mortgage Home Loans in
Illinois and Wisconsin
Flexible VA Mortgage Financing for Wisconsin and
Illinois Veterans |
Enjoy the privilege of no down payment
loans for qualified veterans and reservists. The Department of Veterans
Affairs insures these loans, so you'll get more freedom to make
decisions.
Wisconsin and Illinois VA mortgage loans are
guaranteed by The Department of Veterans Affairs, but are made by
private lenders to eligible veterans for the purchase of a home.
VA Loans are available from lenders who participate in the VA Home
Loan program.
While there is a funding fee for a VA home loan, some people
are exempt from paying. If you are a veteran getting disability
compensation for service-related medical issues, or are entitled
to get compensation if you aren't drawing retirement pay, you are
exempt from the VA funding fee for your VA home loan.
VA Loans are available as the following types of loans: Traditional
fixed rate mortgages (FRMs) adjustable rate mortgages (ARMs) where
the initial fixed rate period is at least 3 years and Traditional
adjustable rate mortgages. VA Loans are typically 15 year or 30
year loans. Wisconsin VA loans and Illinois VA mortgage loans are
restricted to individuals qualified by military service or other
entitlements, but FHA -insured loans are open to all qualified home
purchasers.
Illinois and Wisconsin VA mortgage loans are capped at the conforming
loan limit of $417,000 for a no money down 100% financing loan.
For loan amounts over $417,000 please visit our
Jumbo VA Loans
page for details. |
Wisconsin and Illinois VA
Loan Highlights:
- Fixed or adjustable rate mortgages with up to 30 year financing
- Loans on 1-4 unit primary residences
- No minimum loan amounts
- No prepayment penalties
- Cash out refinance to 90%
- Up to 102% financing available on purchases and VA IRRRL
(Federal only. State VA loans require 5% down) subject to entitlement
- No monthly mortgage insurance premiums
- Surviving spouse of deceased veteran may be eligible
- Limited closing costs
- Funding fees may apply. Please contact us for details
Wisconsin State VA loans also available. Please contact
us for details.
VA Eligibility Requirements
Jumbo 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
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Mortgage
Recent VA posts on our blog:
VA Mortgage loans from Ameristar Mortgage
October 7th, 2008
If you are a Veteran, with an existing Illinois or Wisconsin
VA Guaranteed Mortgage, you are entitled to an additional benefit from The
Department of Veteran Affairs when it comes to refinancing your VA mortgage.
This program is called a VA Interest Rate Reduction Refinance Loan or IRRRL.
Under this program, you can refinance your existing VA mortgage loan without
having to re-qualify or have a new appraisal done. In fact, the full credit
report is replaced by a mortgage only credit report for qualification purposes.
This report shows only your mortgage payment history and none of your other
credit or credit scores.
The main eligibility for this program is the new VA mortgage must have the
purpose of lowering the current interest rate, shortening the loan term
of the current mortgage or converting from an ARM to a fixed rate loan.
Benefits of a VA Mortgage
Jumbo VA Mortgage Information
Read the rest of this entry »
VA Mortgage loans from Ameristar Mortgage
August 19th, 2008
Whether you are a first time user or you have had a VA
loan in the past, you must have a Certificate of Eligibility. Ameristar
Mortgage can assist you in obtaining your Certificate. You will be under
no obligations to actually get your VA loan through us, it will just help
you determine if you qualify for a Wisconsin or Illinois VA mortgage loan.
We offer a full menu of VA loan products focused on meeting
the home financing needs of active duty military and veterans across Wisconsin
and Illinois. Here are some other benefits of VA loans:
No prepayment penalties
Insured against default by the United States government
Lower closing costs
VA mortgages do not require the private mortgage insurance
that is usually necessary for loans with little or no money down.
Read the rest of this entry »
Chicago VA Mortgage loans from Ameristar Mortgage
June 21st, 2008
Chicago Illinois VA mortgage loans are one of the benefits
provided by our Veterans Administration (VA). VA refinance mortgages do
have some restrictions when compared to general refinance mortgages in the
marketplace but in today's market the Chicago VA mortgage loan is a great
option if you have little to no equity in your home.
VA mortgages do not require the private mortgage insurance that is usually
necessary for loans above 80% loan to value.
Chicago VA loans also offer a refinance and cash out refinance option, in
which veterans may borrow up to 90 percent of the value of the home. These
loans also include extremely competitive rates.
Read the rest of this entry »
VA Mortgage
Refinance loans from Ameristar Mortgage
April 19th, 2008
Wisconsin VA refinance mortgage loans and Illinois VA refinance mortgage
loans makes sense for veterans with little to no equity in their home. When
you first obtained your Veterans Administration loan, you probably got the
best rate you could but recent VA rates have tumbled to record lows and
it may be worth refinancing to lower your rate and payment.
VA Refinance gives you various options to choose from including a VA cash
out refinance, VA rate and term refinance from a conventional loan and a
VA streamline refinance (VA loan to VA loan).
The Illinois and Wisconsin VA Cash Out Refinance at a fixed
rate creates one low rate fixed loan with one low monthly payment. You can
review the VA home loan guide for more information on the benefits and qualifications
of a VA Cash Out Refinance.
Read the rest of this entry »
VA Mortgage Home Loans: Purchase, Refinance and Cash Out Refinance
March 31st, 2008
Illinois VA mortgage home loans and Wisconsin VA loans are one of the benefits
provided by our Veterans Administration (VA). VA mortgages do have some
restrictions when compared to general mortgages in the marketplace but in
today’s market the VA loan is a great option if you have no money down.
VA mortgages do not require the private mortgage insurance that is usually
necessary for loans with little or no down payment.
VA mortgages do offer a cash out refinance option, in which veterans may
borrow up to 90 percent of the value of the home. These loans also include
extremely competitive rates.
VA mortgage loans are available to Wisconsin and Illinois
veterans and are offered in major cities including VA loans in Chicago,
Milwaukee and Madison. Purchase, refinance and cash out refinance VA loans
available with no down payment (100% financing)
VA home loans offer great rates and are less strict on
credit than most conventional loans. The Department of Veterans Affairs
does not actually loan the money for VA loans. It insures loans that VA
approved lenders provide, which allows borrowers to get loan amounts for
100% of the appraised value of a home.
VA loans are designed to encourage veterans to purchase
their own homes and begin to build a secure and stable civilian life after
leaving the service. Illinois and Wisconsin VA mortgage loans offer some
great benefits including: 100% financing options No cash reserves required,
Flexible underwriting guidelines, Seller contributions allowed including
pre-paid items and no costly monthly mortgage insurance among other benefits.
Read the rest of this entry »
Ameristar Mortgage offers
VA Mortgage Loans
March 10th, 2008
Wisconsin and Illinois VA mortgage loans are designed as guarantees that
allow veterans and service personnel to qualify for a home mortgage that
require lower closing costs than required with a conventional loan and may
require no down payment.
Wisconsin VA mortgages do offer a cash-out refinance option, in which
veterans may borrow up to 90 percent of the value of the home.
Generally, the first step in obtaining a VA loan is requesting an appraisal
of the property. Wisconsin VA loans are government-backed, so VA appraisers
need to make sure homes meet government safety and quality guidelines.
No money down (no down payment) VA loans are available in all of Illinois
and Wisconsin including Chicago, Milwaukee and Madison.
Read the rest of this entry »
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