Alachua, FL New Home Financing in Florida
Somerset Investors Corp. can find Alachua, FL residents the perfect loan and start your home purchase off right. With hundreds of loan programs available, we’ll help Alachua, FL residents match your needs with a loan you’ll love for as long as you own your home. Somerset Investors Corp. can find Alachua, FL 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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| Alachua, Florida News |
As Florida budget is cut, hospitals bleed
After weathering back-to-back budget cuts, Florida hospitals now face a $137-million reduction that could soon put the state's health care system into crisis and lead to the closure of some facilities, ...
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Robbers kick their way into Alachua home
Published: Tuesday, January 6, 2009 at 2:30 p.m. Last Modified: Tuesday, January 6, 2009 at 2:30 p.m. Three men, one armed with a gun and all disguised with ski masks, broke into a locked Alachua home and ...
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Florida 4-H to celebrate 100 years
In 2009, Florida 4-H Youth Development will celebrate 100 years of teaching youth to become community leaders with their head, heart, hands and health at the Florida State Fair.
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Applications pour in to Alachua Lowe's
Published: Saturday, January 3, 2009 at 6:01 a.m. Last Modified: Friday, January 2, 2009 at 9:12 p.m. Lowe's Home Improvement has been deluged with applications for its new Alachua store, slated to open in late ...
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Dog days for Alachua cops
Published: Thursday, January 1, 2009 at 6:01 a.m. Last Modified: Thursday, January 1, 2009 at 12:05 a.m. An officer with the city of Alachua Police Department, who had been called out to a report of a dog ...
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Alachua Conservation Trust adds 2 new sites
Published: Tuesday, December 30, 2008 at 6:01 a.m. Last Modified: Monday, December 29, 2008 at 11:42 p.m. Two pieces of southwest Alachua County land that have been host to endangered whooping cranes and harbor ...
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'Harmless' makeshift bomb found in mailbox
Published: Sunday, December 28, 2008 at 6:01 a.m. Last Modified: Saturday, December 27, 2008 at 10:42 p.m. A suspicious metal container found in a Turkey Creek mailbox on Saturday morning was detonated by ...
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Ruby Lee Dukes
Ruby Lee Dukes, 80, of Umatilla, died Friday, Dec. 19, 2008 in Eustis, Fla. She was born in Alachua, Fla.
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U.S. Patent Disclosures
7,456,027, titled "Proteolytic Biomarkers for Traumatic Injury to the Nervous System." It covers a method of determining the presence of neural injury through the measurement of proteolytic breakdown products ...
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Around the Region
Published: Saturday, December 20, 2008 at 6:01 a.m. Last Modified: Saturday, December 20, 2008 at 12:51 a.m. Police Beat Woman in fatal crash identified The driver killed in a firey one-car crash on Thursday ...
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Williston gets first motorcycle patrol officer
Matthew Fortney's 12-year career with the Williston Police Department has included thousands of hours in training for learning things such as methods for defusing domestic disturbances, SWAT team techniques and ...
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Andy Andrews can vote in Chiefland
Chiefland businessman A.D. "Andy" Andrews can vote in Chiefland city elections, but the judge who granted Andrews' request says the ruling is exclusive to Andrews.
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Keep your shorts on for the holidays
Published: Wednesday, December 17, 2008 at 6:30 a.m. Last Modified: Wednesday, December 17, 2008 at 5:43 a.m. Stop dreaming about a white Christmas if you are planning to hang around Florida for the holidays.
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Alachua man arrested for firing gun outside 'for fun'
Published: Tuesday, December 16, 2008 at 10:45 a.m. Last Modified: Tuesday, December 16, 2008 at 10:45 a.m. An Alachua man was arrested late Sunday after he told police he was firing a gun outside an apartment ...
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Weather watches & warnings: Tornado watch canceled for Big Bend
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Alachua police chase ends with two arrests
Published: Friday, December 12, 2008 at 2:46 p.m. Last Modified: Friday, December 12, 2008 at 2:46 p.m. Alachua Police arrested two men after a pursuit of a stolen vehicle where one officer's car was almost ...
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Area needs more rain
Published: Friday, December 12, 2008 at 6:01 a.m. Last Modified: Friday, December 12, 2008 at 2:52 a.m. Area wildfire officials were disappointed Thursday after a line of thunderstorms dropped only a half-inch ...
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Census searching for workers
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McAlpin woman not to blame in fatal High Springs crash
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Road construction around North Florida
Published: Monday, December 8, 2008 at 7:37 a.m. Last Modified: Monday, December 8, 2008 at 7:37 a.m. Road work will be continuing along roads in several North Florida counties this week, the Florida Department ...
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With Somerset's many FHA home loan programs, owning your dream home is more than just a dream.
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"Every other company said they could not help us. After speaking to about five companies, we really believed that no one could. Then we called Somerset, and your company proved us and those other companies wrong. We can't thank you enough for all your hard work and effort in getting us a low fixed rate. We can now breathe easier..." - L. Braun
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