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Atwater, CA New Home Financing in California

Somerset Mortgage Lenders can find Atwater, CA residents the perfect loan and start your home purchase off right. With hundreds of loan programs available, we’ll help Atwater, CA residents match your needs with a loan you’ll love for as long as you own your home. Somerset Mortgage Lenders can find Atwater, 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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Atwater, California News
Body Found Lying on the Road in Atwater

A homicide investigation is underway in Atwater after a man's body was found this morning.


Body Found In Atwater Vacant Lot

North Valley officials are investigating the areas most recent homicide. According to Atwater Police, the body of an unidentified Hispanic male was discovered in a vacant lot around 6:30 a.m. Thursday.


Man arrested after officers spot car on fire

An 18-year-old man was taken into custody by police this week after he tried to light a car on fire, according to Atwater Police Detective Armando Echevarria.


Cal Fire to take over Atwater firefighting services

A divided city council approved a $1.5 million contract with the state to take control of its municipal fire department.


Labor Contractor Gives Up License After Teen Death

A farm labor contractor that employed a pregnant teenager who died of heat stroke while pruning grapes has given up its license to operate for three years.


Guard survives Iraq, dies on job at U.S. prison

Jose Rivera survived two tours of duty in Iraq, but his job as a corrections officer at a high-security federal prison in California cost him his life.


August 25 in Merced history: Lumber mill fire causes $100,000 in damages

August 25, 1958: Fire at the Hess Lumber Mill, on Santa Fe Dr., caused damage estimated unofficially at $100,000 Sunday to sawmill and equipment.


Realtor in '05 case faces child porn charges

Business owner accused of having illegal pictures, movies on computer. Robin Blake The prominent owner of a real estate business was arrested Wednesday on suspicion of possessing child pornography -- and he now ...


Real estate agent accused of child porn charges pleads not guilty

A local real estate business owner who was arrested this week on suspicion of possessing child pornography pleaded not guilty in federal court on Thursday.


Lettuce vs. Houses: Can McCain shed the Shadow of Atwater - or does he even want to?

If the Bush-McCain party wishes to convince Nevadans, and other citizens of the U.S. that it can run a campaign that isn't merely a rehash of Lee Atwater-ism, then it might take advantage of the gaffe by ...


Atwater penitentiary scaling back lockdown

U.S. Penitentiary Atwater has begun lifting a prisonwide lockdown that's been in place since two inmates stabbed and killed a correctional officer there two months ago, a prison spokesman said Tuesday.


Sheriff's: Man who got away twice arrested

A wanted parolee, who was deported to Mexico but returned to the U.S., is back behind bars after his arrest by Merced County sheriff's investigators on Wednesday.


Around Town: Party at the barn

The Le Grand boosters club will host a dinner and dance Saturday. A social hour at 6 p.m. precedes a tri-tip and chicken dinner at 7 and dancing at 9 at Bright's Party Barn, 16120 Buchanan Hollow Road.


Two inmates indicted in killing

Two former Guam inmates may face the death penalty after a federal grand jury indicted them in the June for the stabbing death of a corrections officer at the U.S. Penitentiary in Atwater, Calif., according to ...


Sheriff's department, CHP track down chase suspects

The California Highway Patrol reported the weekend arrest of two men who investigators say led officers in a vehicle pursuit and then attempted to flee on foot.


Officials: UC Merced Student Made 'Super-Drug'

A graduate student at UC Merced used his knowledge of chemistry to brew up a so-called super methamphetamine without some of the drug's most common ingredients, investigators said.


Chemist Arrest Developments

The criminal case of the Ph.D.-bound chemist took another strange twist Monday. A cache of premium lab equipment stolen from UC Merced was among items turned up during a raid of a meth lab near Atwater, police ...


UC Merced Chemistry Student Arrested For Manufacturing Meth

A University of Merced chemistry student has been arrested for manufacturing methamphetamine.


Letter: USP Atwater rally

Editor: The Friends and Family of Correctional Officers, USP Atwater are holding an informational demonstration near Five Corners in Atwater at noon Tuesday.


UC Merced chemistry student arrested on meth charges - Fri -

Call it a lesson in applied science. A UC Merced graduate student close to earning a PhD in chemistry was arrested Thursday afternoon on suspicion of manufacturing methamphetamine.


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