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Illinois, Wisconsin and Florida Jumbo Mortgage Loans

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LET US HELP YOU WITH YOUR JUMBO NEEDS!

Ameristar Mortgage offers a full range of non-conforming and conventional conforming home loans, including fixed and adjustable rate mortgage loan products, balloon products, and even interest-only programs to meet the purchase or refinance needs of our borrowers.  For larger mortgage loan amounts, we have jumbo mortgage loans up to $2,000,000.

What is a Jumbo Loan?

Any loan amount above the conforming loan limit is considered a Jumbo loan.  Currently the conforming loan limit is $417,000 for a single-family home.  Jumbo loans typically have slightly higher interest rates than loans of a lesser value, this is because lenders generally have a higher risk on these Jumbo loans than conforming loans as well as some additional underwriting restrictions.

It is possible to get a jumbo mortgage with no PMI. What we would do is a first mortgage up to $417,000.00 and put the rest (15%) 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. If you want an ARM for the first mortgage we can go as high as $500,000.00 without taking a hit for being a jumbo loan and then put the rest on the second mortgage. For super jumbos we can put 80% on the first mortgage and 15% on the second and this loan would not have PMI.

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.