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Anza, CA New Home Financing in California

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

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Anza, California News
Hamilton K-8 Fall Festival a success

Young festival-goers compete in pig races. The festival enjoyed a great turnout.


UC Research Report: Stripe rust creates continuing challenges for growers

Stripe rust, caused by the fungus Puccinia striiformis tritici, is the most important threat to wheat in California.


Palm Desert stays atop volleyball power rankings

3 in CIF Division III, but league play begins next week, so the Aztecs must prevail.


No roundabout for Anza

The 'no' votes outnumbered the 'yes' votes at the special Anza Valley Municipal Advisory Council meeting Monday, Sept.


Decaying sea sponges foul Mission Bay

MISSION BAY: Gell-like blobs that caused parts of Mission Bay to be closed to body contact for nine days this month turned out to be decaying sea sponges, not human sewage.


Surprising Source Blamed For Fouling Mission Bay

Human sewage was not the cause for this month's nine-day closure of Mission Bay.


Temecula launches radio channel

Eleven months after wildfires raked much of the region, Temecula has launched an AM radio channel to broadcast news alerts, evacuation center locations, detours, road closures and other crucial information.


Name Dropping, Sept. 28, 2008: Ironic Family fights back

Being diagnosed with a little-known, but common genetic disorder called hereditary hemochromatosis HH can be a bit isolating -- from convincing doctors unfamiliar with it to dealing with a variety of seemingly ...


Sentencing delayed in dog attack case

Sentencing for a Bloomington teen accused of siccing his pit bull on a young boy in January was delayed a week because his lawyer wasn't in court Thursday.


Person seriously injured in Anza crash

At least one person was seriously injured today in a single- vehicle crash in the unincorporated Anza area of Riverside County.


Speakers not seen on local stages

Newt Gingrich isn't the person who had me buying tickets for the Celebrity Forum Speaker Series at De Anza College in my hometown of Cupertino for a third consecutive year.


Open space tracts acquired

Separate deals between landowners and public agencies have added large tracts of open space to expanding wildlife corridors in the Temecula, Murrieta and Anza areas.


Radar reveals San Francisco's buried Presidio

The other is Mission Dolores, several miles away. Both were founded by Spanish missionaries and colonists in 1776, just weeks before the American Declaration of Independence.


Annual wellness event Saturday

Friday, September 12th, 2008. Issue 37, Volume 12. Anza's second annual Wellness Day will be held this Saturday, Sept.


Building rules bring red tape

Beefed-up Riverside County planning rules have clouded Carl and Donna Gage's dream of trading their crowded Pasadena confines for Anza's wide open spaces.


Hamilton High revives drama program

Hamilton English teacher Mike Masonis does double duty as drama instructor. Hamilton High thespians will once again be able to present their talent on stage with the revival of the Hamilton High drama program.


Return of bus service possible in Anza

Residents of the Anza Valley could see bus service in the near future. Because of an inquiry at a recent Anza Valley Municipal Advisory Council meeting, talks are in the works to bring bus service back to the ...


Riverside County land now wildlife habitat

More than 2,000 acres in southwest Riverside County, including a parcel where 1,034 homes were once planned, has been carved out as open space for wildlife habitat.


Borrego Ranch Resort Preps for November Debut

Borrego Ranch Resort & Spa, formerly La Casa del Zorro, will make its debut in the Southern California's Anza-Borrego desert in November.


Convention was 'magical,' say local reps

Having recently returned from his third Democratic National Convention, Los Altos resident Jim Thurber said no other political event could ever compare to the week he spent in Denver.


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"...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.
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