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Applegate, CA New Home Financing in California

Somerset Investors Corp. can find Applegate, CA residents the perfect loan and start your home purchase off right. With hundreds of loan programs available, we’ll help Applegate, CA residents match your needs with a loan you’ll love for as long as you own your home. Somerset Investors Corp. can find Applegate, CA residents the perfect loan and start your home purchase off right. With hundreds of loan programs available, we’ll help you match your needs with a loan you’ll love for as long as you own your home.

Fixed Rate Loans

Several categories of conventional loans exist, the most common and familiar being the fixed rate mortgage. In the cases of fixed rate mortgages, the borrower will lock in an interest rate, and pay down both the principal and interest on the loan at that interest rate every month until the mortgage is paid off. The most typical term of a fixed rate loan is 30 years, though fixed rate mortgages can also be obtained for much shorter terms, the primary difference being in the size of the monthly mortgage payment.

Conforming Loans

Other conventional loans are known as conforming loans. In these cases, an arrangement is made between borrower and lender that comply with the stipulations of two federally run mortgage trading companies (or Government Sponsored Entities - GSEs) Fannie Mae (FNME) and or Freddie Mac (FHLMC).

Fannie Mae and Freddie Mac do not directly approve or deny loans. They buy and sell home mortgages, working with lenders to make home ownership easier for people to attain. Lenders like to sign up borrowers with conforming loan, because they can then sell these loans to Fannie May or Freddie Mac in order to more quickly receive the funds coming to them, and use those funds to make other investments. Fannie Mae and Freddie Mac, in turn, then repackage these loans to sell to investors as securities.

The current guidelines for a conventional Fannie Mae loan set a maximum purchase price for a single-family home at slightly above $415,000 (though residents of Alaska, Hawaii, or Guam may be able to qualify for an even larger loan).

The interest rate as well as the short- and long-term pricing on a conforming loan is determined primarily by the type of loan applied for. Also taken into consideration will be the amount of funds you already have to contribute to closing costs, your credit rating, credit score, and credit history, your employment history, and the type and location of the home in question.

Jumbo Loans

Other forms of conventional loans are nonconforming loan instruments that do not meet Fannie Mae or Freddie Mac loan qualifications, such as jumbo loans, or loans so large they fall outside the Fannie Mae and Freddie Mac loan limits (or purchase limits). Jumbo loans are provided by private investors and as such ordinarily come with much higher interest rates than conforming loans.

FHA Loans

Government entities from a local to a federal level and private entities alike have worked to develop loan programs that make home ownership a reality for many people considered under-qualified for traditional mortgages. These include loans for first-time homebuyers and people with a low-to-moderate income that are insured by the Department of Housing and Urban Development (HUD) via the Federal Housing Administration (FHA).

HUD and the FHA do not make loans directly, rather they insure loans, meaning that the lender still gets paid back even if you default on the home loan. Often, FHA insured loans are available with d

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Applegate, California News
Applegate home on fire

Placer Hills Fire District crew members are fighting a house fire in Applegate. The fire was reported around 3 p.m. Thursday and emergency responders remain on scene at a home on Hillside Drive.


Road report - Christmas - 9 a.m.

All routes are open with no controls with the following exceptions: IR80: - Road closed for 80.5 miles between Applegate California Exit 128 and 0.6 miles west of Garson Road Exit 4. - Snowtires or chains ...


Airports rebound from winter storm delays

CHICAGO - Airports across the country began recovering from winter storms Thursday that caused hundreds of cancellations and disrupted the travel plans of thousands of holiday travelers.


Top dog: Poodle among stars at dog show

Friday was a good day for Dah the poodle. It was different from the usual day, in which Dah has the run of four acres and can hang around the house with 11 other poodles.


Heavy snow forces some Lake ...

Good morning and Merry Christmas from Lake Tahoe, where chain and snow tire controls are in effect throughout the entire region, reports Caltrans and the Nevada Department of Transportation.


CASA offers hope for youth in need

Nadine Ochoa, 15, left bounced around to five different foster homes before she finally was reunited with her family in Auburn.


Cars sliding, power outages

Updated at 10 a.m. Pacific Gas and Electric reports that 1,000 customers in remote areas of Grass Valley and Nevada City remain without power this morning.


Snow closes Interstate 80 to, from Sierras

Snowfall in the Sierra Nevada has forced the closure of the a major highway leading to the mountains.


Bring on the Snow

At the tree farm on Red Feather Road in Applegate, Natomas residents Nichol Leonardo holds onto the tree while her husband, Earl Wright, finishes chopping it down.


Eb I-80 Traffic Held At Applegate

Eastbound traffic on Interstate 80 was being held early Monday afternoon at Applegate because of multiple spinouts in the snowy Sierra, the California Highway Patrol said.


Placer sees winners emerge in 2 tight races

It took almost three weeks to determine the winners in tightly contested races for a two-year seat on the Roseville City School District and the Division 5 seat on the Placer County Water Agency.


Sales and property tax revenue slow for cities

Sonora and Angels Camp aren't seeing the same drop in sales and property tax revenues as many cities across the state are, say city officials.


Supreme Court agrees to hear Prop 8 case

The California Supreme Court announced today that it would hear the three cases challenging the validity of Proposition 8, the same-sex marriage ban 52 percent of voters approved earlier this month.


Peaceful March and Protests Take To The Streets During VillageFest

Local gay and lesbian couples and their straight supportive friends gathered Thursday evening at Frances Stevens Park in Palm Springs and headed down Palm Canyon Drive in a peaceful protest march during the ...


Lowe's EIR is released by the city

The city of Sonora has released a draft document outlining the environmental impacts of a proposed Lowe's home improvement store.


Is Seth Green the New 'Bud Bundy?' - ET

";" src="http://www.etonline.com/media/video/2008/11/65057/et_marriedwithchildrenbts_081213_slate.jpg" style="border-width:0px;" /> In the '80's television sitcom "Married With Children", David Faustino played ...


Wollan shouts - "Fire"

This is all the more remarkable because: The Colfax Fire program he refers to as his reference was funded by $92,000 of Prop 13 grants - of which he personally received $27,000. That's according to tax returns ...


Wollan Strikes Out!!! -- Confirms NO Priority for District 5 Projects

At Thursday's Debate in Colfax, between PCWA Director Candidate Ben Mavy and long-time PCWA Incumbent Otis Wollan -- Former Mayor/Current Councilman Josh Alpine asked Wollan a final question.


jasellers

I also have a fact based web site related to the campaign by Ben Mavy to unseat Otis Wollan as the incumbent PCWA Director of 20 years at at http://groups.yahoo.com/group/benmavy I also run the City of ...


Applegate wows crowd at Emmys

Actress Christina Applegate arrives at the 60th Primetime Emmy Awards held at Nokia Theatre on September 21, 2008 in Los Angeles, California.


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"Our family would like to thank Somerset Mortgage Lenders for getting us out of foreclosure. Without your help we do not know what would have become of our family. When we first called, we were in Chapter 13 bankruptcy...Not only will we now be able to keep our home, but we'll be able to put ourselves on track financially, thanks to all the efforts of the wonderful people at Somerset. We will be forever grateful to you all." - Scott & Amy
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