Integra Mortgage Corp. offers the most comprehensive array of loan programs available nationwide. For ease of use, the loan application only lists the most popular programs, but if one of these does not fit what your client is looking for, please feel free to call one of our Customer Relations Mangers if other possible options are available. We currently offer the following programs through the program:
30 and 15 year Fixed Rates
(You can request a 25, 20, or 10 year term if you like)
3/1, 5/1, and 7/1 Adjustable Rate Mortgages
Note: Integra Mortgage Corp. has programs available for those clients with less than perfect credit.
Loan Amounts
Each year new loan limits are announced
which are important to those buying and refinancing real estate.
If you borrow at or below the conventional loan
limit for non-government mortgages, you would have what is generally known as a
"conforming" loan. If the amount borrowed is above the conventional loan limit,
you would have a "jumbo" loan and face a somewhat higher rate because larger
loans imply more lender risk.
For the year 2009, the loan limits look like
this:
For conventional mortgages (those which may be
purchased from local lenders by national organizations such as
Fannie Mae and Freddie Mac, the loan
limits for owner-occupied properties are:
Single-Family Homes: $417,000
Two-Family Properties: $533,850
Three-Family Properties: $645,300
Four-Family Properties: $801,950
For properties in Alaska, Hawaii, Guam, and the
U.S. Virgin Islands, the loan limits are 50 percent higher.
In practice, local lenders will
generally lend up to $417,000 under the program because this is the maximum loan
amount that Fannie Mae will purchase.
There are also "non-conforming" loans made by lenders. These loans often have
higher loan limits and other attractive standards.
IMPORTANT: All loan programs and loan limits are
subject to property and credit approval. Program terms and conditions are subject to change
without notice. Not all products are available in all states or for all dollar amounts.
Other restrictions and limitations apply. If you have any questions regarding loan
parameters, or would like to request more information on non-conforming loans, please
contact us at
847-794-5066.
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