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Antioch, CA New Home Financing in California

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

A sign warns drivers to park at there own risk at the In Shape gym on Lone Tree Way in Antioch, Calif., on Tuesday, Aug.


Candidate gets title demotion for Antioch mayoral race

On the Antioch city Web site, Jim Davis is listed as mayor pro tem. Davis gets the same billing on City Council agendas and other official documents.


Two sentenced to life in Antioch killing

Two East County men were sentenced today to life in prison without the possibility of parole for killing a 20-year-old Antioch man who was shot in an attempted robbery as he left home for work in 2004.


Two children from Antioch have been abducted by their mother.

ON AUGUST 26, 2008, AT 07:13 AM, RAYNA RASMUSSEN AND HER SISTER WERE ABDUCTED BY THEIR MOTHER FROM ANTIOCH, CA.


Mosquito fogging in Antioch, Brentwood

The Contra Costa Mosquito and Vector Control District is scheduled to fog tonight to kill adult mosquitoes in areas of Antioch and Brentwood, the district reported.


Amber Alert issued for Antioch girls, mother

The Contra Costa County Sheriff's Office has canceled an Amber Alert after two young Antioch girls were found safe with their mother, who has threatened to harm herself and the girls.


Antioch opens two specialized high schools

As Antioch students returned to school Monday, nearly 300 teens embarked on a specialized curriculum at two new high schools.


Police search for two girls missing from Pittsburg, Antioch

Police believe that two young girls last seen late Saturday ran away, while their parents said neither girl has ever been away from home for this long before.


Teenager arrested in Aug. 10 slaying in Antioch

Police have arrested a 17-year-old boy in the fatal shooting of an Antioch man earlier this month, which investigators say was driven by a long-standing dispute.


Gas prices posted at 7-11 gas station in Antioch, Calif., on Aug. 14.

A national survey shows gas prices have dropped 15 cents a gallon in the last two weeks.


Pinole Police Dealing With Recent Rash of Robberies

Investigators believe three men arrested earlier this month after a shootout with police in Pittsburg could be responsible for as many as six robberies reported in Pinole since March, Pinole Police Chief Jim ...


No answers in year-old 'hate crime' investigation

Sikwayi Golden is surrounded by family and media in her Brentwood home on Aug. 23, 2007, a day after the house was vandalized and ransacked in a suspected hate crime.


Council race raises variety of issues

It may still be early in the Oakley City Council race, but the candidates have already raised a wide range of issues from economic development to public safety.


Girl learning to drive kills Antioch bicyclist

Ralph Cherry Jr., 23, was riding west in the bike lane of Davison Drive in Antioch about 11 a.m. Tuesday when he was hit by an SUV driven by the girl, Antioch police said.


Injured Antioch bicyclist identified, remains in critical condition

Police have identified a 22-year-old bicyclist who was hospitalized Tuesday after being struck by a student driver.


Antioch Police Calls

The following calls were among those handled by the Antioch police Aug. 12-19 according to information provided by the police department.


Motorist killed after stopping to help another

A man who stopped to help another motorist has died after being hit by a passing vehicle in Contra Costa County.


Police: 15-year-old girl learning to drive a SUV critically injured man riding a bike

A 22-year-old man is in critical condition after being struck by an SUV while riding his bicycle on Davison Drive in Antioch this morning.


Dropping out in droves

Nearly one of every three students who enter high school in Antioch drop out somewhere along the way.


Antioch police investigate shooting

Antioch police are investigating the shooting of a 20-year-old Antioch resident who arrived at Sutter Delta Medical Center early this morning with multiple gunshot wounds.


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