Learn About Loans

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Types of Loans

Integrity Mortgage offers many different types of loans to suit your particular needs.  Finding the right mortgage can be very confusing.  We are here to help and are happy to help in anyway we can.

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Conforming Loans

A conforming loan is a mortgage that is equal to or less than the loan limit set annually by Fannie Mae or Freddie Mac, the government-sponsored agencies that purchase the bulk of U.S. residential mortgages from banks and other lenders. The current conforming loan limit for a single-family home or condominium in most areas of the country is $417,000, with higher limits allowed for designated high-priced markets.

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The terms conforming and conventional are often used interchangeably. Mortgage loans that are higher than the conforming loan limit are called jumbo mortgages or nonconforming loans.

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Non-Conforming Loans

Non-conforming loans are offered to borrowers who do not qualify for conforming loans. They typically have slightly higher interest rates, and may have additional upfront fees and/or insurance requirements.

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Loans can be called non-conforming for several different reasons and the best-known type of non-conforming loan is the jumbo loan.

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Jumbo Loans

Jumbo loans are too large to meet the guidelines of a conforming loan. For example, if you are buying a home and you need a mortgage for more than $424,100, you’ll need to acquire a jumbo loan.

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Since jumbo loans do not meet the guidelines of a conforming loan, they are harder to sell on the secondary market, therefore lenders are less confident in their ability to resell this type of mortgage.  They will offset this financial risk by charging the borrower a higher interest rate.

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Constructions Loans

Integrity Home Mortgage Corporation (IHMC) has a construction loan program to assist you in building your dream home.
• Up to 90% of cost
• Minimum Credit Score of 660
• Construction Consultant to help you with a hassle free process
• Pre-qualifications available upon request with no obligation
• Competitive Rates with an array of products from which to choose for permanent financing

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Loan Programs

Conventional Loans

Conventional Loans are mortgages that follow the guidelines of Fannie Mae or Freddie Mac (government sponsored enterprises).

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Benefits to Conventional Loans:

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• Typically has a 5% down payment
• Allows both owner-occupants and investors to purchase 1-4 units, townhouses, approved condos or Planned Unit Developments (PUDs)
• Allows for the purchase of single family second homes
• Gift funds are allowed after the borrower’s initial 5% contribution
• Seller contributions are allowed depending on occupancy and downpayment
• No first-time homebuyer restrictions
• Co-signers are allowed
• Conforming loan limits apply
• Mortgage insurance required for purchases with less than 20% down

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VHDA Loans

VHDA (Virginia Housing Development Authority) was developed to assist first-time homebuyers or those who have not owned and occupied a home in the last three years.
Benefits to VHDA Loans:
• Up to 97% Financing
• Gift funds allowed

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FHA Loans

FHA (Federal Housing Administration) insures your loan allowing approved lenders the opportunity to provide a better offer to their customers.

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Benefits to FHA Loans:
• 96.5% financing with only 3.5% down
• Higher sales price and income limits allows more buyers to qualify
• Upfront Mortgage Insurance can be financed into the loan
• Typically allows seller paid closing costs up to 6%

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FHA Plus Loans

FHA Plus is a VHDA financed FHA insured loan that assists borrowers who have little or no down payment.

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Benefits to FHA Plus Loans:
• Allows 100% financing through two loans
• FHA guidelines apply
• FHA maximum loan amounts apply
• Seller contribution is allowedUSDA/RD Loans

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USDA/RD Loans

USDA or RD (Rural Development) provides financing for low income rural residents and gives home-ownership opportunities to many families.

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Benefits to USDA/RD Loans:
• NO MONEY DOWN – 100% Financing available
• RD funding fee rolled into loan
• NO limit to seller paid closing costs
• Property eligibility required (to see if property is eligible go to http://www.eligibility.sc.egov.usda.gov)
• Monthly RD fee is .5%

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VA Loans

VA, or Department of Veteran Affairs, assists veterans and eligible surviving spouses in becoming homeowners.

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Benefits to VA Loans:
• NO MONEY DOWN – 100% Financing available
• NO income limits
• NO limit to seller paid closing costs
• NO Mortgage Insurance
• VA funding can be financed
• Seller concessions allowed (ask your mortgage loan originator for details)

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Please Note:
Program guidelines and restrictions are subject to change at any time, without notice . All loan applicants are subject to underwriting and qualification guidelines. NMLS ID #208516 (www.nmlsconsumeraccess.org)