Everything You Need to Know About Illinois Jumbo Mortgage Loans
The Illinois jumbo home loan market has become extremely competitive. Typically, there is a substantial difference in rate between a jumbo mortgage and a conforming mortgage ($417,000 or less). That difference has narrowed in recent months and in some cases there is no difference at all.
In addition, lenders are starting to come up with creative financing solutions for Illinois jumbo mortgage borrowers. As an example, lenders have recently introduced jumbo financing with as little as 10% down. This means you can purchase an $800,000 home in Hinsdale, Winnetka, Barrington and many other affluent cities and towns throughout Illinois with as little as 10% down.
Of course, these Illinois jumbo mortgage loans have relatively strict underwriting requirements. You will need a credit score of at least 700 (720 is preferred), stable income for the last several years and some money in reserve.
Illinois jumbo mortgage loans come in many different shapes and sizes. There are fixed jumbo loans with terms of 10, 15, 20 and 30 years. And, there are jumbo ARMs as well – 5/1, 7/1, 10/1. Jumbo loan amounts range from $417,001 to as high as $2,000,000. Once loan amounts exceed $2,000,000 mortgage underwriting becomes much stricter and the bank will require a much larger down payment.
Please call United Home Loans today with any questions you may have regarding Illinois jumbo mortgage loans.
Check out our rates below and call us with any mortgage related questions at (708) 531-8388.
Illinois Mortgage Rates
IL 30 Year Jumbo mortgage as of July 12, 2013 4.375%/4.390 APR
IL 15 Year Jumbo mortgage as of July 12, 2013 3.625%/3.652 APR
IL 5/1 ARM Jumbo mortgage as of July 12, 2013 2.990%/2.807 APR
IL 7/1 ARM Jumbo mortgage as of July 12, 2013 3.375%/3.018 APR
Please click this link for APR assumptions and more IL mortgage rates