Somerset Investors Corp. Mortgage Refinance, Reverse Mortage, Home Loan
  Reverse Mortgage Divorce Buyouts Debt Consolidation Home Improvement Purchase Refinance
Search Somerset:
Print this page    E-mail this page

Atlantic Beach, FL New Home Financing in Florida

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

Return to bad credit new home financing in the state of FL

Bad Credit? We can help!

Call for COMPLETE details NOW!

(800) 675-9783

Atlantic Beach, Florida News
Mayport Cruise Terminal Debate Takes New Twist

Plans to build a cruise ship terminal in the historic fishing village of Mayport have the Jacksonville City Council faced with the decision whether to change zoning to allow it.


Nice Day in the Sun

BRUCE LIPSKY/Staff Ray Jamrock and Betty Kaszula savor Christmas morning on Jacksonville Beach.


Veterans center focuses on training, benefits

The Veterans Reintegration Center of Jacksonville offers military veterans and their families a variety of services, ranging from computer classes to financial training.


Woman's car, maybe unlocked, hit by thief

BRUCE LIPSKY/Staff Just a matter of a few feet made this truck stuck in the sand Sgt.


More of this story

In May, quadriplegic Dennis McDonnell of Jacksonville is carried from the ocean by volunteers at the a oeThey Will Surf Againa event in Jacksonville Beach.


S-K-A-T-E returns for a session at O.P. Park

DILLON KITCHENS/Special to My Clay Sun Cameron Collette, 15, does a front blunt in November 2008.


For kids' sake, anthology aims to polish hip-hop

By now, hip-hop has become a mainstream part of the cultural landscape for children on shows such as Sesame Street on PBS, Yo Gabba Gabba! on Nickelodeon and Choo-Choo Soul and Handy Manny on the Disney ...


Crist to replace Manuel

A replacement for suspended St. Johns County Commissioner Tom Manuel will be appointed this week, St.


NewYoga: A conflict of religion?

JOHN PEMBERTON/The Times-Union Sara Torbett leads a class at Yoga Life in Southside.


Arrests made in 3 homicides of '08

Chris Viola/The Times Union Old Amelia Trailer Park employee Ed Gardner digs up the piping of a mobile home that was struck by a dump truck about 5:15 a.m. Friday.


Car Accident In Atlantic Beach

Police are investigating after a car accident in Atlantic Beach. The accident occurred at the intersection of Cypress Landing Drive and Magnolia Landing Drive Friday night.


Woman tries to flee undercover officer in prostitution arrest

The following is a compilation of reports from Beaches-area police departments: ATLANTIC BEACH - A 39-year-old woman was charged with engaging in prostitution and resisting an officer following an undercover ...


Arrest Made in Regency Stabbing

The Jacksonville Sheriff's Office has announced the arrest of a man in connection to a Thursday night stabbing.


Thanksgiving spirit at Mission House dinner

Notwithstanding the economic conditions facing our country, the true spirit of Thanksgiving was wonderfully displayed this year by the generous and caring people in the Beaches community.


State legislature: Make wise choices

Others asked for mercy. All hoped their message would somehow stick in the minds of the lawmakers who will represent Northeast Florida in Tallahassee.


Booksellers' Picks For Your Holiday Lists

Small-town America may or may not be the heart of the country, but it sure is at the heart of many of the books suggested by the independent booksellers this year.


Sentencing Delayed for Former Cop Caught with Child Porn

Sentencing is delayed for a former Atlantic Beach cop who says he's fighting an addiction to child pornography.


Atlantic Beach denies fence waivers

Business owners requesting to keep chainlink fences along the Mayport Road and Atlantic Boulevard corridors of Atlantic Beach were denied waivers Monday at the City of Atlantic Beach City Commission meeting.


Wachovia building sold

Harbor Group International LLC announces that it has sold the 22-story Wachovia Tower at 225 Water St.


Autumn on the Beach

A bicycle parade, music, crafts and other free holiday attractions will happen today at Beaches Town Center, where Atlantic Boulevard meets the beach.


Save time with our easy online mortgage application.
With Somerset's many FHA home loan programs, owning your dream home is more than just a dream.
 
"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
© 2006 Somerset Investors Corp. All rights reserved.
home | about us | Mortgage Blog | contact us | privacy policy | state licensing | search | links | link to us | site map
mortgage calculators | refinance | purchase | fha | reverse mortgage | divorce buyout | debt consolidation
Eqaul Housing Lender Member of the Better Business Bureau (BBB) Member of the National Reverse Mortgage Lenders Association (NRMLA)