Jumbo Mortgage Loans are loans that exceed the maximum allowable limits of FHA & VA Mortgages in the State of Illinois which currently is pegged at $417,000. A Jumbo Loan is underwritten and weighted heavily based on income and credit. Often times a substantial down payment with seasoned cash reserves is required and dictated by the stringent requirements of the end investor. Exotic configurations of financing options may dictate the interest rate given, as well as, the terms and conditions of closing.
The better the financials and the credit disclosed, the greater the flexibility and choices of available programs allowed. Programs can be tailored to meet specific needs & requirements if the documentation collected is in line with the underwriting criteria of these High Balanced Jumbo Loans. Each loan is judged on the individual merits of the applicants.
Copyright © 2013 American Fidelity Mortgage Services Inc
Illinois Mortgage Licensee License # MB 0000303
In the State of Illinois Mortgage Bankers are governed by:
IL Department of Financial & Professional Regulation Division of Banking
122 South Michigan Ave., Suite 1900 Chicago, IL 60603
Phone: (312) 793-3000
Fax: (312) 793-7097
Toll Free Consumer Hot Line: (877)-793-3470