Illinois Jumbo Mortgage Programs
Depending on what part of Illinois you plan to live in, it can be pretty costly. While there are many areas that have extremely affordable homes, there are parts of Chicago and the surrounding suburbs where a home will cost you well into the millions. In order to finance such a home you will probably be in the market for a jumbo home loan.
Fannie Mae and Freddie Mac have their conforming loan limits set at $417,000. Any loan amount over that and you will need a jumbo mortgage. These days you can find jumbo mortgage programs with rates only slightly higher than interest rates for a conforming home loan. However, most lenders have more strict guidelines for jumbo home loans than conforming loans.
While you can have less than perfect credit for a home loan backed by Freddie Mac or Fannie Mae, you will need above average credit in order to be approved for a jumbo home loan. Most lenders require credit scores of at least 700. You will also need to make at least a 20% down payment on your home. In some cases, depending on your loan amount, you may need to put as much as 45% down on your home.
Applying for a home loan requires a lot of planning and preparation, jumbo home loans are no exception. You need to be in good financial standing, and be responsible with your money. If you are looking for a home in Illinois and will need a jumbo home loan in order to purchase it feel free to contact United Home Loans, a qualified mortgage banker will be happy to help you and answer any questions you may have.
There are a lot of choices to make when choosing your mortgage program. A qualified mortgage banker with United Home Loans will be more than happy to work with you to find the best fit. Illinois Conventional Mortgage Rates
IL 30Yr jumbo mortgage as of August 19, 2013 4.625%/4.674 APR
IL 15Yr jumbo mortgage as of August 19, 2013 3.875%/3.953 APR
IL 5/1 jumbo ARM mortgage as of August 19, 2013 2.990%/2.977 APR
IL 7/1 jumbo ARM mortgage as of August 19, 2013 3.375%/3.135 APR
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