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

NC New Home Financing in North Carolina

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

Local bad credit new home financing directory for NC :
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Aberdeen Alliance Ararat Atlantic Beach
Advance Almond Arden Aulander
Ahoskie Altamahaw Ash Aurora
Alamance Andrews Asheboro Autryville
Albemarle Angier Asheville Avon
Albertson Ansonville Atkinson Ayden
Alexander Apex Atlantic Aydlett
Alexis Arapahoe

Return to our bad credit new home financing page

Bad Credit? We can help!

Call for COMPLETE details NOW!

(800) 675-9783

North Carolina News
Citigroup Walks Away From Wachovia, Handing Buyout Victory to Wells Fargo

Citigroup Inc. walked away from its attempt to buy Wachovia Corp. , handing victory to Wells Fargo & Co.


Attorney: Marine fighting extradition from Mexico

The attorney for a Marine accused of killing a pregnant colleague says his client is fighting extradition to the United States.


NC community college students to cook for peers

When about 3,000 people gather in Raleigh for a biennial conference of North Carolina community colleges, they'll get a taste of their own food.


Gaining Shear Optimism

A guard stands watch as Darryl Simpson lathers a tattooed neck and drags a straight razor over the dark Chinese characters, practicing the perfect shave.


Financial woes boost Democrats in Congress races

The financial turmoil that has devastated the stock market is also battering Republicans in congressional races, giving Democrats a chance to topple GOP incumbents once considered safe and wrest seats in pivotal districts and states.

Voters' deepening anxiety about the economy following the enactment of a $700 billion financial industry bailout has created the conditions, just over three weeks from the Nov. 4 election, for an anti-Republican tide that could hand Democrats insurmountable majorities on both sides of the Capitol, according to lawmakers and strategists in both parties.


Voter Registration Boom Favors Obama

The surge in new voters that helped propel Barack Obama to his party's presidential nomination is carrying over to the general election _ 9 million newly registered voters who are overwhelmingly Democratic and ...


Billy Graham hospitalized in NC after fall at home

There's word that Billy Graham has been hospitalized after taking a minor fall. A hospital spokeswoman says Graham tripped over one of his dogs at his North Carolina home.


This Weekend, Scuppernong Riverfest - Columbia NC
October 11, 2008 17th Annual Scuppernong River Festival The Scuppernong River Festival celebrates our Youth and Education, the Key to a Greater Tomorrow. Come join the locals for a full day of celebration and fun, followed by evening fireworks. The day starts with the parade at 10:00 AM. Vendors, food, all day entertainment at numerous locations. And, after the fireworks, dance the night away at our street dance with Billy Scott and the Party Prophets.
American heartland suffers from Wall Street's woes

While all eyes Thursday were on Wall Street's plunge, its cause is being felt across America as the snowballing financial crisis sends an already weak economy into an accelerating decline.


McCain needs shift in public opinion

It was a late night for John McCain's campaign - a post-debate repast of karaoke until the wee hours of the rain-soaked morning.


Report Says N.C. Mental Hospital Dysfunctional

A health consultants' report says a North Carolina mental hospital where a patient died and others were beaten had leadership problems and was dysfunctional.


Elections officials deny illegally purging voters

A newspaper report Thursday said tens of thousands of eligible voters have been removed from rolls or blocked from registering in at least six swing states, but election officials quickly lined up to defend ...


Parking Lot Politics Going Too Far?

Parking lot politics in central North Carolina have some people crying foul. A lot owner put up "no parking" signs targeting Barack Obama supporters.


President Declares Major Disaster for North Carolina

The head of the U.S. Department of Homeland Security's Federal Emergency Management Agency has declared a major disaster exists in the State of North Carolina and ordered federal aid to supplement state and ...


Changing state IDs wona t change reality

The new vertical driver's license for North Carolinians younger than 21 years old is sure to help store clerks and bartenders checking identification for people purchasing alcohol.


Pledges to take high road fall short

When the Tennessee Republican Party issued a press release in February titled "Anti-Semites for Obama" - with references to "Barack Hussein Obama" and a picture of the senator in a traditional Somali outfit ...


Statea s politicial landscape is unsettled

As we head into the final weeks of the 2008 election cycle, it's amazing to step back and look at how much the political landscape of North Carolina has changed during the last year.


NC's largest city freezes hiring, expenses

North Carolina's largest city is preparing for an economic decline by putting a freeze on hiring and other expenses.


2 -- not 3 -- NC guv candidates debate again

Pat McCrory and Mike Munger are heading back to a television studio for another debate while Beverly Perdue stays away.


North Carolina has most expensive gas in 48 states

Some parts of North Carolina have the most expensive gasoline in the continental United States, but the prices already are dropping in some areas.


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.
 
"...I was sure that Somerset was the right choice...they couldn't have been more compassionate or understanding...I just couldn't believe that this all happened within a week...Thanks to my loan officer and all the rest of those great people at Somerset, my family will be able to stay in the only home they have known for some time, without fear of being put out." - Tom N.
© 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)