Somerset Mortgage Lenders 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

Alta, CA New Home Financing in California

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

Return to new home financing in the state of CA

Bad Credit? click here.

Call for COMPLETE details NOW!

(800) 675-9783

Alta, California News
Oliver running for 4-year term

Even though Lynn Oliver was only appointed to the Placer County school board last year, she has more than a decade of experience from which to draw.

Other Voices: Generous donors make 'On Golden Pond' possible

When we started the Save the Foothill Theatre Company campaign only three weeks ago, the $90,000 we needed to mount our next production seemed all but insurmountable.

The Wine Boom

Winemaking in California has never been an unsupervised industry. The first vines were brought to the Pacific shores by Cortez.

Alberta, CA

"Most governments acknowledge that renewable energy is the only way to prevent dangerous climate change but they are still not giving renewable energy the necessary political, financial and regulatory framework ...

The Residue of Merriment

MENTAL CONFETTI CLEANUP: Summer Solstice is touted and marketed as Santa Barbara's ode to wild abandon, a haven for pagan sun worshippers, temporary hippies, free expressionists, and gonzo suburban fun-lovers ...

South County Beat: Descendant of Captain Dana to speak

The historic Dana Adobe in Nipomo will be the site of a series of educational Saturday talks.

Placer County Republcian Assembly Townhall Blog

Endorsements Announced by the Placer County Republican Party for the November 4th General Election Posted by Aaron F Park on Friday, August 01, 2008 8:21:08 PM The Party will oppose local tax increases, bonds, ...

Police blotter: July 28, 2008

Grass Valley Police Department Friday 2:29 p.m. - A caller reported a wheelchair that was taken from Sierra Nevada Memorial Hospital on Thursday is being ridden by two juvenile boys on Dorsey Drive.

San Francisco Children's Theater Festival to be 7/27

The fifth annual San Francisco Children's Theater Festival, a one-day free event with 20 shows for children will be held Sunday, July 27th, 11:00 am-4:30 pm at Yerba Buena Gardens and the Zeum Theater.

Unforgettable: Rampage

RAMPAGE: THE LIFE AND TIMES OF APOLINARIA LORENZANA Apolinaria Lorenzana lived for around 90 years.

Placer County transit sees record number of passengers

A record number of Placer County motorists are abandoning their vehicles in favor of the county's bus systems.

Pizarro: Happy almost 231st birthday: San Jose starts the party early

San Jose's real birthday isn't until November, but the city is gearing up to celebrate its 231st anniversary a little early with the "Founders Day Fandango" on July 27.

Regional school district discussion surfaces

It's the $6.9 million question that area superintendents are expected to propose to their school boards within the next month: Should we take the next step in researching the idea of unifying into one large ...

School districts in Placer County study feasibility of merging

A number of small school districts in the foothills of Placer County are considering a merger to combat years of dwindling enrollment and shrinking funds from the state.

Patricia Hobbs Hendry: San Clemente residents share some childhood memories. Share yours below.

It's always fun for me when someone responds to one of my columns. The other day I had a call from longtime resident Gloria Rettke Portner saying she'd been having an enjoyable time reading about her youthful ...

Old Town San Diego state park still alive with Mexican history

By CHRISTOPHER REYNOLDS SAN DIEGO - Junipero Serra founded Alta California's first mission here in 1769.But you might need a margarita to help digest what happened after that.

Unforgettable: La Beata

LA BEATA: THE LIVES AND TIMES OF APOLINARIA LORENZANA September 1, 1834: the Mexican brigantine Natalia makes an unscheduled entry into San Diego Bay.

Public safety watch: Use illegal fireworks; face $500 fine

Published 12:00 am PDT Thursday, July 3, 2008 Story appeared in SOUTH PLACER ROSEVILLE section, Page G3 Roseville is reminding citizens that it has a "no tolerance" policy against illegal fireworks.

Fireworks displays closely monitored this ...

Cal Fire Battalion Chief Bill Mendonca displays, Magician, an illegal firework that residents can set in some cities in Placer County.

On the trail of California's Mexican past

Monterey Welcome to Mexicalifornia. And no, I'm not talking about immigration policy or demographic trends or domestic hiring habits.

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.
"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
© 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)