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Ahwahnee, CA New Home Financing in California

Somerset Mortgage Lenders can find Ahwahnee, CA residents the perfect loan and start your home purchase off right. With hundreds of loan programs available, we’ll help Ahwahnee, CA residents match your needs with a loan you’ll love for as long as you own your home. Somerset Mortgage Lenders can find Ahwahnee, 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 down payments lower than 3% of the total loan amount. There is a limit to how high of a loan the FHA will insure, but the limit is at least high enough to allow people in qualifying circumstances to buy reasonably priced homes pretty much anywhere in the country.

Subprime Loans

A different type of loan was also created to assist people with poor credit in buying a home. These are called Subprime Loans. A subprime loan may come in various forms depending on the loan amount, loan terms, and loan-to-value ratio. Your risk is still determined by grading your credit, but in the case of a subprime loan it is to determine the type of loan and interest rate offered you rather than whether or not to give you a loan at all.

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Ahwahnee, California News
Wild Swine Destroying Yards, Fences

Wildlife experts said something is driving wild pigs amok in neighborhoods around the Sierra Nevada foothills.


Pigs making themselves at home in foothill yards

Wild pigs roaming the Central California foothills are turning rural yards into hog heaven, ripping through lawns and shrubbery as they seek roots, worms and other buried edibles.


Taylor to wed Gallagher

Patricia Taylor of Fresno wed Dan Gallagher of Ahwahnee, Saturday, June 21, 2008 at the Our Lady of Victory Church and a reception followed at the Fort Washington Golf and Country Club both in Fresno.


Wild pigs still causing havoc in Ahwahnee

Late one night three weeks ago, Nancy Harmelin woke to a rustling sound in her yard.


Powered by God

Lakewood looks like a nice enough place to live. A dog cavorts on a lawn, balloons float up from the Dayspring Church carnival and two people greet a stranger and invite him to join the fun.


We're living with fire

It's been a scary summer for the Mountain Area. The fire season kicked off in a hurry when lightning-caused blazes touched down near Ponderosa Basin and Fish Camp in June.


Telegraph Fire Disrupting Yosemite Tourism

Despite heavy smoke shrouding the rocks at Yosemite, the park remains open. Park officials shut off the power Saturday afternoon just as a precaution for firefighters.


Telegraph Fire Disrupting Yosemite Tourism

Despite heavy smoke shrouding the rocks at Yosemite, the park remains open. Park officials shut off the power Saturday afternoon just as a precaution for firefighters.


Telegraph Fire Disrupting Yosemite Tourism

Despite heavy smoke shrouding the rocks at Yosemite, the park remains open. Park officials shut off the power Saturday afternoon just as a precaution for firefighters.


Local: Still air hampers efforts to quell fire

Lack of winds to clear away ground smoke foiled a planned daylong air assault Wednesday on a lightning fire in southern Mariposa County -- but it also stalled the spread of flames toward nearby homes.


One fire contained in Mariposa County

Firefighters continue to make good progress in battling the lightning-caused fires that have been burning since Saturday in Mariposa County in the Sierra National Forest.


Local: Blazes, smoke spread in hills

Lightning strikes put some homeowners at risk of evacuations. By Louis Galvan and Russell Clemings / The Fresno Bee More information Updates on California fires Eight homes were evacuated Tuesday as blazes that ...


She's in it for the animals

This is the second of three articles profiling Oakhurst honorary mayor candidates and the charities they are raising money for.


Supervisors debate usage, jurisdiction of local parks

The Madera County Board of Supervisors Tuesday reeled in an amended ordinance for all county parks, but had to throw it back.


Alcohol may be banned from parks

Alcohol consumption will be banned in Madera County parks as early as September if a measure adopted by the Board of Supervisors on Tuesday becomes law.


Raymond Museum now an historical place of interest

In all that time, no one had altered its basic structure. Northrop said she thought she'd fix it up a little, maybe open a gallery for local artists, but she kept hearing that it was Raymond's oldest home.


Volunteer firefighters praised for service

"They volunteer, sacrifice and do this out of dedication. We need to honor them and their service to Madera. They also spend a lot of additional time training, maintaining certifications and preparing."

John Glueck/Special to the Tribune Volunteer fire Captain Jerome Riggs, center, of Ahwahnee, was honored for 35 years of service to Madera County fire department, Sunday. via Madera Tribune


Ousted cats need homes

"Not only is she losing her home, through no fault of her own, but she is losing her family"

The home foreclosure crisis is about to claim several new victims in Ahwahnee, but the affects of this foreclosure reach far beyond the property owner. via Sierra Star


Candidates take their mark for mayor's race

"We have grown so much and there are still people who don't know we're there"

Three brave and hearty souls have filed their papers and are running for votes so they can be the next Oakhurst honorary mayor. via Sierra Star


'Hazardous' tree removed from town

"Every large limb has had some mortality and been climbed and pruned by tree companies"

The old oak by the drive-through had to be removed. "I would always rather save a tree," said Richard Clark of Tip Top Tree Service. via Sierra Star


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